Everything you need to know about Metaverse Development: 2023 Edition
The ever-rising popularity of Metaverse has been creating quite a buzz around the business landscape. Its emergence has opened new horizons for businesses enabling them to grab customer attention on a whole new level. Metaverse is a promising example of technological evolution that holds the potential to transform traditional business practices.
Institutional adoption of Metaverse also corroborates its rising popularity among business owners and investors. Leading financial institutions such as Standard Chartered and HSBC collaborating with The Sandbox and JP Morgan partnering with Decentraland to enhance their brand experiences have highlighted the importance of Metaverse.
According to the report published by Statista, it is estimated that by 2026, globally, 25 per cent of people will spend at least an hour a day in the Metaverse for many activities like shopping, education, social interaction or entertainment.
Source: Statista
Therefore, business leaders must craft a strategy to take advantage of the current opportunities that Metaverse offers, or it will be too late. So without further ado, let’s dive into the world of Metaverse and find out how to create a Metaverse and the benefits it offers.
What is the Metaverse?
Metaverse was first coined in the 1992 sci-fi novel Snow Crash by Neal Stephenson. The author talked about human avatars and software agents interacting in a 3D virtual space in the book. However, this fictional idea of the past is becoming a reality today.
The Metaverse is a shared virtual space blended with real-life attributes. It virtually connects users in every aspect of their lives, creating a confluence of enhanced physical and digital reality. It combines features of social media, online gaming, augmented reality (AR), virtual reality (VR), NFTs and cryptocurrencies enabling users to utilize all these features at the same time and interact with each other virtually through their social avatars.
A few famous examples of Metaverse are:
- The Sandbox
2. Decentraland
3. Axie Infinity
Upsides of Metaverse Business
Metaverse development can have a profound impact on brand identity. It can significantly advance any business towards engaging more users and potential buyers. Numerous famous brands and governmental institutions are entering the metaverse space to enhance their customer experience and brand image.
To name a few, Hypercar manufacturer W Motors joined hands with Tokengate to drive customer engagement through Metaverse, Indian eCommerce giant Flipkart also launched its metaverse shopping space in collaboration with Polygon, and even the Norwegian government partnered with Ernst & Young (EY) to build a metaverse tax office. Therefore, businesses that want a competitive edge should consider developing a metaverse.
Here are some prime business benefits of the Metaverse:
1. Broader Market Reach
Today developing a metaverse will help you stay one step ahead of your competitors. Introducing metaverse experiences to the customers will definitely draw more attention, and with the use of AR/VR showrooms, you can increase your brand footprint in the market.
2. Innovative way of advertising
Metaverse has surely introduced new ways of brand storytelling and advertising. By leveraging the Metaverse, brands can implement their marketing strategies on metaspaces, including audio and video advertising, organizing conferences or live shows of famous artists and more. The Metaverse will allow businesses to enhance networking and user engagement by providing more participation opportunities.
3. New way of showcasing and selling products
Using the Metaverse, you can set up virtual stores and outlets to offer your products and services. The Metaverse enables customers to try on clothes, footwear, glasses etc., through their metaverse avatar. Furthermore, you can showcase your outlet interior aligned with your brand guidelines, giving customers a real-life experience.
Process of Metaverse Development
The development of a metaverse is not much different from developing a mobile application, game or website. It includes similar steps followed in building conventional games or applications with fulfilling some additional requirements such as security, interoperability, interactivity and integrating blockchain technology.
Step 1 — Ideation
Like every other software development process, Metaverse development also starts with forming and analyzing ideas and concepts. The development process should be comprehensively planned and documented, including defining the vision and goal of the project.
Step 2 — Choose a Metaverse Development Company
After the project ideation, you need to find a metaverse development partner who can understand your unique requirements and create a metaverse as per the defined specifications.
Step 3 — Craft the Metaspace
Now proceed with designing the metaspace that may come in multiple forms — like a virtual meeting room, a school, or even a whole city. Designing an extensive 3D virtual space and virtual reality environment will require dedicated developers specializing in each niche you want to penetrate.
Step 4 — Creation of an Interaction Layer
After designing the metaspace, add an interaction layer to allow users to interact with elements in your virtual reality environment. This layer will also define user control options, access criteria, navigation methods, means of communication and other possible aspects of interaction.
Step 5 — Integrate the Interoperability Layer
The purpose of adding an interoperability layer is to develop a real-world user experience. This layer contributes to operational processes such as sharing between different virtual environments and data exchange. In order to offer a realistic experience, users and spaces must seamlessly exchange data and digital objects.
Step 6 — Dictate Standards and Protocols
Incorporating standards and protocols within the Metaverse is important as it ensures flawless interoperability and equal accessibility to all the owners. These standards and protocols can be defined with the help of the Metaverse Standard Forum, which assists in developing interoperability standards for metaverse creation.
Step 7 — Add a Content Layer in the Metaverse
The content in your Metaverse will tap the hidden potential of your creativity. The content of your Metaverse consists of assets, activities, objects, etc., which is only limited to the extent of your imagination and creativity. For instance, the activities user perform in the virtual rooms and more.
Cost of Metaverse Development
The cost of development always depends on the requirements of the projects. Its pricing is based on the accustomed metrics, including developers’ rates, the number of hours spent, hardware requirements, etc., as metaverse projects are similar to a game or mobile application projects. Therefore, to determine the definite cost of development, you should consult a metaverse development company that will guide you through the complete development process.
Summing up
While the metaverse space is still in nascent stages, the success of numerous use cases highlights the worthiness of the Metaverse. On top of that, the Metaverse is gaining popularity among the Millennials, Gen Zs and Gen Alpha, making it necessary for businesses to enter into the metaverse world if they want to stay connected with their future buyers. Hence, for companies, businesses, and brands, who are reluctant to adopt this technology, there is no better time to act than now!
