The idea of the metaverse has quickly gained popularity, but it has a long way to go before becoming a reality. Despite this, some of the biggest companies in the world have begun to be ready for the Metaverse’s eventual arrival, and on top of that, the cryptocurrency industry is responding with its own vision of the Metaverse. There are innumerable participants, some of whom are investing enormous sums of money to profit.
The idea of the metaverse is not new. Forecasters and science fiction authors both predicted it as a way out of a dystopian society long before the idea became commercialized. This does not imply, however, that rivals are not keen to bring the fiction to life. Facebook’s rebranding and attempts to corner the market have brought attention to it recently, but there are a number of rivals looking for alternative markets.
The idea will require collaboration between titans of the tech industry, which may take more than a decade to fully realize. An exchange-traded fund (ETF) was established by investment company Roundhill Investments in June to monitor and capitalize on the efforts of the metaverse facilitators. A different company introduced its own metaverse ETF hours before Facebook announced its redesign.
A handful of the businesses involved are listed below:
The computer game Fortnite, created by Epic, has expanded beyond its original focus as a shooting game to include social activities like dance parties and virtual music festivals. Users can create their own islands and video games as well as pay to dress up their avatars in various costumes. Unreal, a sizable gaming engine owned by Epic is also used to create games and other visual effects, such as backdrops for television programs. The CEO of Epic, Tim Sweeney, has stated that the metaverse must be a shared, participatory environment. Sweeney has been an outspoken opponent of major platforms like Apple and Alphabet’s Google.
Along with Decentraland, another metaverse platform that saw early success was The Sandbox. The Sandbox, a video game owned by Hong Kong-based Animoca Brands, has received over 40 million downloads and has one million monthly active users. The Sandbox is another Ethereum-based community-focused metaverse that issues the SAND cryptocurrency, which is presently trading for about three dollars. On The Sandbox, there is also digital real estate that takes the shape of an NFT, called LAND. For a profit, Sandbox participants can purchase, sell, or lease LANDs.
Owners of the LAND and SAND tokens have voting rights in The Sandbox’s decentralized autonomous organization (DAO), which plans and controls the platform’s destiny. The Sandbox also offers users a great deal of freedom in terms of building and constructing their own games and worlds. Some players refer to The Sandbox as Minecraft meets crypto. The Sandbox has received praise from numerous well-known intellectual property (IP) owners worldwide. The Smurfs, RollerCoaster Tycoon creator Atari, Japanese video game publisher Square Enix, and most recently, SM Entertainment, one of the largest K-pop music labels, are among its partners.
Additionally, SoftBank contributed US$93 million to The Sandbox in December. In order to integrate K-pop musicians into The Sandbox and create a new music metaverse, Animoca Brands and K-pop agency Cube recently joined forces to create AniCube Entertainment.
NVIDIA is one of the most significant corporations targeting the Metaverse market, which should come as no surprise given that it is one of the most well-known names in the gaming industry. It is in charge of an application called Omniverse that is made for producing content that is compatible with the Metaverse. By assisting them in developing virtual items, landscapes, and customized avatars to bring their ideas to life, the well-known corporation NVIDIA is assisting artists and content creators in the development of the Metaverse. The business is a part of various partnerships that are bringing the Metaverse to life.
In case the name wasn’t obvious enough, Meta is the main organization participating in the Metaverse. In order to allow users and gamers to join in a huge network of real-time 3D virtual worlds while keeping their identity and payment history, the business is building Horizon Worlds. The business has said that it is developing a world-beating supercomputer that can perform quintillions of operations per second in order to power the Metaverse. In order to increase employment creation in Europe, it has also chosen the European Union to develop Metaverse Technology.
The metaverse is an environment where “people can come together within millions of 3D experiences to learn, work, play, create, and socialize,” according to video game platform Roblox Corporation, which went public this year. Roblox intends to provide developers and users with tools for building virtual worlds. The platform, which has its own virtual economy driven by its “Robux” currency, has its own virtual economy that its CEO has also discussed potential shopping and business transactions.
Any company can use the decentralized platform Decentraland to provide clients with a Metaverse experience. Decentraland is creating a selection of tools and applications to enable users to produce three-dimensional content, games, applications, and more that can be used, sold and traded within the platform. Decentraland provides access to virtual reality, app development, game production, cryptocurrency, and 3D art and design.
In the gaming business, Unity is one of the most well-known, popular, and admired platforms. For years, Unity has been assisting game developers in bridging the technological gap between their imagination and their gamers, honing their skills. That they would succeed in the Metaverse is hardly a surprise. For the development, administration, and monetization of interactive, real-time 2D and 3D content for mobile devices, tablets, PCs, and gaming consoles, Unity provides a full toolkit of Metaverse software solutions. Over 1,800 individuals work in Unity’s research and development department, which stays current with industry trends.