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You’re undoubtedly aware of the Metaverse because it's all everybody seems to be talking about in recent times. As this online world evolves, so does the demand for metaverse development companies arise. In 2023, the overall market capitalization of Web 2.0 metaverse enterprises was 22.7 billion dollars. It's expected to be the next big thing in technology, with a market size of $119,2 billion by 2028. It's expected to be the next big thing in technology, with a market size of $800 billion by 2024. As our company does not stay away from the trend in this article you can have a deep insight into it.

The Roots of the Metaverse

 The Metaverse idea has recently made headlines with Facebook's attempt to rebrand itself as Meta, yet that's not where the story begins. The conception of the Metaverse originated with writer Neal Stevenson in his 1992 novel Snow Crash. The plot told of a virtual reality world controlled by a single dominant enterprise seeking to regulate the livelihood of the people using the service. Social media established itself as an excellent way for companies to find more clients, boost sales, and strengthen confidence and client loyalties. However, Mark Zuckerberg has centered on the Metaverse to bring us into the Internet's next evolutionary phase, in which virtual reality dominates. Members will be able to operate and act in a digital environment and engage more deeply within the Internet than at any time in the past.

The Metaverse Means the Web

Though Meta's company rebranding and emphasis on the technology suggested a future as anti-utopian as ours, this does not automatically suggest that both virtual reality technology and the meta world vision are intrinsically wrong. The way we use this technology defines its moral implications. 

Tony Parisi of Unity discusses the different regulations of the meta-universe, which Meta itself as well as other companies appear to be neglected as they struggle for supremacy within the field. According to such regulations, the Metaverse must be an open-source effort, created for everybody, and nobody is supposed to be in charge of the project. The Internet operates under those very rules, which is precisely the reason why Parisi argues that the Metaverse stands for the Internet.  

 Metaverse Technology Is Important

Businesses must comprehend the range of technologies contributing to the Metaverse and the effect they might bring to consumers, the natural surroundings, and our communities. Through grasping these enabling technologies, companies have the potential to discover new avenues to enhance our communities through the meaningful utilization of virtual reality capabilities to both enrich the universe and support thriving digital economics. Furthermore, insight into these emerging technology opportunities matters as the estimated $48,000 average price of app creation in the U.S. is sure to rise as smarter methods are evolved for consumption in Metaverse initiatives. Owners of businesses should realize where to put their attention in their future action plans. 

Companies also have to realize the nature of the content will shift as the Metaverse environment moves forward. Building high-quality strategies for promoting content based on these immersive, virtual worlds is imperative to the growth of the sector. 

According to Gartner, 25% of people will spend at least one hour a day in the metaverse world by 2026. So, it comes without surprise that more and more businesses and IT leaders are planning to get in on the lucrative potential of the technology. 

Here are examples of how digital industries can benefit from it.

# Entertainment

The entertainment industry seems to be the most apparent application of the metaverse. Myriad implications in the industry capture and retain user attention: VR theme parks, competitive entertainment, sports betting, and concerts. 

Ariana Grande, Muse, Imagine Dragons, Post Malone, and many other famous musicians have already held VR concerts.

Gaming and entertainment companies power gaming platforms by creating the illusion of a realistic experience, using 3D images, VR headsets, sensory features, etc. 

Ariana Grande Metaverse
Source: The Guardian

# Business Operations

Augmented reality has been already actively used by various companies. Though Metaverse will widen the collaborative environment even more where data will be ever-present. Just as in the physical workplace, you will be able to meet your colleagues for a small talk or stand-up, get immediate assistance, relax in a networking lounge, and much more. 

NextMeet is an avatar-based immersive reality platform based in India. The platform solves the challenges of remote work by engaging your teams in a 3D virtual world. NextMeet includes a presentation screen in a conference hall where participants can share their presentations; a networking lounge where people can interact with each other, a help desk for real-time assistance, and many other features that simulate face-to-face cooperation.

# Education and Training

The Metaverse will revolutionize training and education development, drastically cutting down the amount of time needed to gain new knowledge. Every object such as a manual, laboratory item, etc, can be interactive in Metaverse. Role-play exercises and simulations, 3D anatomy models to train medical students, quest headsets to train technicians on electric vehicle maintenance, and gamified learning will significantly accelerate skills development and make the learning process more engaging and interactive.

Wanderer, for example, uses 360° photos to transport users to any place in the world. You can get to your childhood home, visit the abandoned Chornobyl or Pripyat, Machu-Picchu, or any other place you want in the blink of an eye. The platform also gives you an ability to “time travel” seeing the past with older photo data, gives access to curated tours, multiplayer support, etc.
Source: Pinterest

# Customer Experience

A wide number of brands are planning to reimagine customer experience through Metaverse. Services like Fortnite and Roblox are already paving the way for various virtual worlds with their own economies. In Metaverse, users will be able to take the products on a digital test run, try out different items, chat with the support team, and move objects around.

Nike acquired RTFKT, a company that sells in the Metaverse different items, for example, digital snickers that cost $70k per pair. At the same time, Nike created its own Metaverse studio on the Roblox platform, named Nikeland. In Nikeland, visitors choose their own avatars, dress up in Nike clothes and sneakers, and play different sports games together. When you jump or run in the real world, you get rewards in the game.

Source: CNBC

# Advertising, Branding, and Marketing

Marketers also need to keep up with the Metaverse and its potential. Creating marketing experiences that tie in with the real world through virtual billboards, branded installations, and events, and engaging with customers in virtual reality will give marketers and advertisers plenty of room for innovation.

In 2021, Burberry applied product placement to the virtual world. The company designed two outfits for the protagonist character of the Honor of Kings video game. Both outfits included the Burberry logo so players could easily recognize the brand and then search for them online and offline and buy.

Source: BBC

Our company assists businesses in launching a future-ready Metaverse by facilitating your project's technical and development needs. 

inVerita Metaverse Development Services

Decentralized Platforms

 Our specialists provide decentralized platforms for socializing, trading and gaming according to your project's needs. Our facilities cover everything from UI/UX design to frontend and backend programming.

Metaverse NFT Development

Non-fungible tokens or NTFS and virtual items are being used by businesses to engage consumers, particularly the youth. We  build NTFS for the Metaverse world to help you grow your reach internationally, and we're using our knowledge and skills to do so.

Gaming Metaverse

The gaming sector particularly has embraced Metaverse technology. With live game streaming services, our  gaming engineers will help you give greater playability and an appealing 3D virtual environment to your gamers. With NFT and crypto trading solutions, we can assist you in creating a Metaverse play and earning ecosystem.

Metaverse Marketplaces

We can assist you with the technical and development aspects of building a Metaverse marketplace comparable to Decentraland or Axie Infinity. At inVerita, we deliver end-to-end software solutions, from idea to analysis to total potential.

Third-Party Integration Services

Connecting any Metaverse project with various APIs, data, ecosystem utilities, and SOA may create functionality and an excellent customer experience. 

Metaverse Social Media Platform

We assist you in developing a social media Metaverse that delivers good connectivity, natural and vivid virtual experiences, and next-level 3D ecosystems for virtual social connection, conveying more realism into how users interact, socialize, and share, aligned with the innovative economic principles of simulated socialization.

3D Space Development

We support Metaverse organizations to grow existing use cases by providing scalable 3D space design and development capabilities. 3D visualization, 3D modeling, and interoperability are all included in our offerings.

Metaverse Applications

inVerita creates user-friendly apps with Blockchain-specific qualities like privacy, automation, user sovereignty, and transparency to give users a superior interface to enjoy Metaverse.

Wrap Up

Metaverse is the next stage of the Internet and businesses have to remember a golden rule “disrupt or be disrupted”. The world of the Metaverse is limitless, offering plenty of room for innovation and providing your customers with new immersive experiences. Drop us a line to discuss the possibilities for your organization.
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