A Metaverse is a virtual reality space in which users can interact with one another in a computer-generated environment. The metaverse has numerous applications, such as healthcare, real estate, education, military, gaming, etc. Individuals increasingly utilize the metaverse, primarily for work, art, or investment purposes. According to a PC Magazine study, 52% of global Internet users join the metaverse for job opportunities, 48% for art and live entertainment, 44% for financial investment, 40% for education, 32% for online dating and socializing, and 29% for gaming.
The metaverse market size in 2022 was USD 47.48 billion in 2022, and by 2030 it is predicted to reach USD 678.80 billion at a CAGR of 39.44%. In 2021 North America held the largest market share, over 45%.
- The growing adoption of new technologies in the metaverse industry, such as artificial intelligence (AI), mixed reality (MR), and blockchain, contributes to market growth. Companies such as Facebook, Fortnite, NVidia, Microsoft, epic, USM, and Google are incorporating extended metaverse reality (XR) systems and other new technologies. According to a study, LG Group filed for 688 extended reality patents across 455 patent families, Sony filed for 87 XR patents across 78 patent families, and Qualcomm Incorporated filed for 80 metaverse patents across 28.
- On the metaverse, cryptocurrency pays for everything from non-fungible tokens (NFT) to avatar shoes. According to one study, 53% of companies invest in cryptocurrencies, while 44% invest in non-financial instruments (NFTs). According to a CNBC survey, one out of every ten people invests in cryptocurrencies, mostly used for trading commodities such as NFTs.
Because its users lack awareness of service and security options, the industry may face growth constraints. Cyber-attacks have targeted market participants, raising high sensitivity and security concerns. According to SonicWall, nearly 500 million cyber-attacks were reported through September 2021, with over 1700 attacks reported per organization.
The metaverse’s career opportunities are expanding. More jobs are being created in the metaverse due to increased demand for various products and services, which could lead to market growth. According to one study, the metaverse will soon create 10,000 jobs in research, planning, development, safety, world-building, storytelling, ad-blocking, and cybersecurity.
What Are Metaverse companies creating
Companies in the metaverse are developing projects as vast as the human imagination. However, most of their work falls into one of the metaverse’s seven layers. In general, metaverse projects can be defined in seven layers.
- The Network Implementations and hardware that power the metaverse are called infrastructure. WiFi, 5G, cloud systems, and MEMS are examples of networking implementations in the metaverse infrastructure.
- People interact with the outside world in a variety of ways. A human interface is created when that interaction is extended to the metaverse. Gestures, vocal commands, and neural interfaces are examples of communication methods.
- No Single organization owns the metaverse is referred to as decentralization. Companies can create elements that rely on or collaborate. It is most prevalent in the metaverse’s economy.
- The 3D elements of the metaverse are referred to as spatial computing. This section focuses primarily on the 3D engines and components used to model the multiverse.
- The Ability of the average person to create and sell goods is referred to as a creator economy. A creator economy includes design tools or asset materials used to create metaverse content.
- The Methods to find new content are referred to as discovery. It can include elements such as AI or ad networks seeking people interested in specific goods or services.
Major Companies such as Meta, Microsoft, Bytedance, Sony (Epic Games), Roblox, Niantic, Nvidia, Binance, Magic Leap, and others are engaged in developing and launching new products. They offer various metaverse solutions to serve the demand and needs of the market.
Recent Development in the Metaverse
- The Sandbox announced a partnership with Warner Music Group in January 2022 to launch the first music-themed world in The Sandbox metaverse. With this alliance, Warner Music Group (WMG) will take its first steps into the metaverse and NFT sectors.
- In November 2021, Tencent partnered with The Asian Institute of Digital Finance. The companies will work together to support Asia’s fintech industry through education, research, and entrepreneurship.
- Epic Games, Inc. purchased Harmonix Music Systems, Inc. in November 2021. While supporting existing products such as Rock Band 4, the Harmonix team will collaborate closely with Epic Games, Inc to develop musical adventures and Fortnite gameplay.
- Epic Games, Inc. acquired Sketchfab, Inc. in July 2021. Sketchfab is a 3D asset marketplace where users can publish, download, view, share, sell, and buy 3D models.