Metaverse is a three-dimensional virtual world that imitates the real world. When you enter the metaverse, you get a life-like experience of performing several actions. It gives a sense of immense pleasure and satisfaction because you get the power of doing so many things that won’t be possible for you in reality. As metaverse development technologies are evolving, their features and functionalities are changing rapidly with time. Today, businesses are allowing potential customers to shop inside the metaverse. Similarly, training courses can be conducted through the metaverse. Wouldn’t you like to know how it is made possible?
Technologies that support metaverse application development
There is a diverse range of technologies that are helpful in developing a metaverse. Let’s discuss it!
- Augmented Reality (AR) and Virtual Reality (VR): AR & VR technologies enable users to have an immersive experience of interacting with computer-generated objects and environments.
- Animation & 3D Modeling: There are tools and technologies for creating 3D animation of human beings, worldly objects, and environments that are highly realistic.
- Edge Computing & Cloud Computing: These are the two most significant technologies that support metaverse application development. Cloud computing helps to build a centrally controlled remote infrastructure that can store, process, and distribute data and applications. On the contrary, edge computing enables decentralization, which means that there will be no central authority and there will be a local infrastructure that will process data and applications for the users. Both these technologies work together for metaverse development that is featured high performance and scalability.
- Artificial Intelligence & Machine Learning: AL & ML work together to create smart and responsive virtual characters inside the metaverse.
- Blockchain: Although metaverse can exist without blockchain, if you want to create a secured platform for shopping or doing business activities, then blockchain-enabled transactions will provide greater security.
- 5G: The metaverse needs high-speed internet connectivity. 5G ensures nonstop fun in exploring the 3D virtual worlds, and also makes it easier to handle growing data.
- WebVR: Employing WebVR helps to access the digital world directly.
- Extended Reality (XR): VR+ AR+ MR)=XR, and it can be experienced with the help of smart glasses, VR headsets, scanning sensors, industrial cameras, and hepatic gloves.
- Smart contracts enable automatic, error-free, censorship-proof, transparent, and transactions.
What Purposes Can a Metaverse Solve?
- Allowing people to enter the virtual world in the form of their 3D avatars.
- Allowing the metaverse owner to receive, store, and make use of data.
- Maintaining higher standards of digital asset management.
- Leveraging the benefits of data analytics.
Earnings Inside Metaverse
According to an estimation by Global Data, the growth of the metaverse industry can take a leap from $22.79 b in 2021 to $996.42 in 2030, with a CAGR of 39.8%. There will be more diversity in the verticles, which may include retail, BFSI (Banking, Financial Services, and Insurance), manufacturing, healthcare, aerospace & defense, media & entertainment, education, gaming, and much more.
Launch your own Metaverse app
Big Business Players Who Moved To The Metaverse
The list of companies that have ever tried metaverse for one or more purposes can be very long, we will try to understand how this wonderful technology is being used by different industries:
- Gaming giant, Unity & Roblox.
- Crypto giants Sandbox & Decentraland.
- Producers of semiconductors and computer parts.
- Cloud storage providers.
- Media houses and education institutes.
- Fashion brands & healthcare providers
- Banking, Financial Services, and Insurance
Approximately 200 global brands have dived deep into the virtual world, and the number is expected to keep rising in the coming future.
Here are some of the famous brands that have set their digital footprints inside the metaverse:
- Nike: Nike launched NIKELAND in collaboration with Roblox, and it helped the famous apparel brand to expand its market inside the digital space.
- Louis Vuitton: The luxury brand released its NFT collection for its game to celebrate its 200th anniversary.
- Gucci: The famous fashion brand, Gucci’s NFT collection ‘The Vault’ collection is there on The Sandbox and is a part of the treasure-hunting game.
- Samsung: Tech giant Samsung chose Decentraland to launch its first metaverse store.
- Hyundai: Hyundai enabled the digital automotive experience for its customers in collaboration with Roblox.
The estimated cost of metaverse application development
The cost of metaverse development depends on several factors, which include:
1.) The design
A complex design will be expensive, as it will require more technical resources and consume extra time too. The number of virtual worlds you want o to include, and the level of interactivity defines the complexity of a project.
2.) The size of the team
The more the number of developers in a team, the greater will be the cost of the metaverse application development.
3.) Internal or external team
Hiring full-time developers with extensive experience will not only be a tough process but also be expensive. Therefore, it is better to seek the help of a metaverse development company of repute. It will save your time, effort, and cost.
4.) Maintenance & Upgrades
Sometimes, businesses like to make a few changes in their metaverse platform to make it more attractive and interactive before launching, and after launching the project. It also enhances the cost of development.
Final Thoughts
Do you believe in the future of the metaverse? We do, and that’s why Antier offers its exclusive services for metaverse application development and will feel happy to start your metaverse development project, perfectly aligned with your business needs. Contact our team of SMEs today!
