Tech giants such as Meta and Google are among the companies using Metaverse and have invested in developing the Metaverse. Often called the next-generation internet, the Metaverse is where the physical and virtual worlds meet. It offers limitless connected virtual communities through various devices such as smartphones, augmented reality glasses, and more.
Statistics show that the metaverse market was worth $478.7 billion in 2020 and is likely to reach $800 billion by 2024. Additionally, experts are expecting that a quarter of individuals will spend an hour on the metaverse platform. 30% of companies will offer services and products for it. As a result, there has been an increase in interest in metaverse development services, with many companies offering such services, making it challenging to choose the right one.
The metaverse sector is rapidly growing due to increased investment and spending on virtual experiences such as concerts and events, with 400 million active users. This article will examine top metaverse companies and their projects.
At the top of the list of leading metaverse companies is Meta, formerly known as Facebook, which has been working on Project Cambria and developing hardware like Oculus VR. The company is dedicated to various software projects related to the metaverse, including its notable projects under the Horizon division. These include Horizon Marketplace, which enables users to trade within the metaverse economy, and Horizon Home and Horizon Worlds, which offer two different scales of exploration: a cozy setup with Home and a vast digital world or universe with Worlds.
Roblox, a global online gaming platform, is a major player in the metaverse gaming industry, creating and pioneering metaverse gaming experiences. With Roblox, users can design and share their games and experiences, program games themselves and play those developed by other users. With over 1,600 employees and millions of talented developers and creators, the company produces immersive multiplayer interactive experiences in its Roblox metaverse using the Roblox Studio and desktop tools. The Roblox platform provides online media and digital entertainment.
Unity is a game development engine that helps other companies and individuals build their metaverse platforms, virtual worlds, and games. With 71% of mobile games and half of all PC and console games powered by Unity, over 2.5 billion people play games developed with its engine. Since gaming is a well-beaten path into the metaverse world, Unity is a fitting choice for a leading position in both the metaverse and gaming industry.
Metavesal is an enterprise-focused company that provides pre-built metaverse spaces for rent, allowing users to host virtual meetings, events, conferences, NFT exhibitions, product launches, and even e-commerce. Its hyper-realistic visuals, 3D spaces, and avatars provide immersive and personalized virtual experiences. Metavesal offers nine distinct spaces, accommodating different numbers of visitors, ranging from 50 people in the cozy meeting space to 200 in the music concert space. Instead of building their dedicated metaverse projects, businesses and enterprises can leverage Metavesal’s services to conduct meetings and events.
Accenture is a top-tier company with almost 15 years of experience in web3 and metaverse technologies. It offers a broad range of metaverse services and solutions. Businesses can rely on Accenture to create advanced web3 solutions, including NFT marketplaces, blockchain development, metaverse development and more. Accenture has the ability to tailor its services to meet specific project requirements. With over 600 patents and a team of approximately 800 experts, Accenture is well-equipped to support businesses on a metaverse journey.
The concept of e-commerce might not immediately come to mind when discussing the metaverse. But fact is, it is a sector that will undergo a significant transformation due to the metaverse. The metaverse is a sought-after avenue for virtual shopping experiences. Shopify is taking a particular interest in the area of AR shopping and has been making significant investments.
Google is placing significant investments in advancing the metaverse, with a focus on AR & VR teams to build a shared virtual space. The company’s initial metaverse investments were made in January 2022 and have continued to expand. With a specific focus on augmented reality technologies. Notably, Google has invested $39.5 million in a private equity fund dedicated to metaverse projects.
Microsoft, a multinational corporation that specializes in computer software, personal computers, consumer electronics, and other services. They too actively participate in Metaverse development. The company has a dedicated team working on creating Metaverse applications on top of the Mesh platform. It is collaborating with Qualcomm to build a new augmented reality chipset for accessing new features in the Metaverse. In addition to these efforts, Microsoft is also enhancing AltspaceVR to create a safer virtual space for users and players in the Metaverse.
The Sandbox is an Ethereum blockchain-based metaverse that enables users to produce and monetize digital assets and games. Unlike other metaverse companies, no single entity has complete ownership of The Sandbox. Instead, users can own and earn revenue from their own sections of The Sandbox called LAND. The Sandbox offers VoxEdit, a 3D object creation tool. The Sandbox Game Market, which allows users to create 3D games for free. The company has secured significant investments from sources ranging from Snoop Dogg to the government of Dubai. As of April 2022, The Sandbox had more than 2 million registered users and 350,000 monthly active users.
Infosys, also, has been serving businesses of all sizes and industries since 1981, covering a wide range of business domains. The company has jumped on the opportunity to develop Metaverse projects and has already delivered hundreds of successful ones. Infosys has a team of over 5,000 professionals. They have mobile app developers, designers, quality assurance personnel, and testers who collaborate to provide excellent business solutions. While the cost of Metaverse application development can be high, Infosys is a reliable option. Particularly for those with sufficient budgets as they offer Metaverse development services.
Having gained knowledge of the leading metaverse companies, you now know who to associate with for your metaverse requirements. The massive investments made by these technology giants into the metaverse market have heightened people’s expectations and hopes. With this optimistic outlook, the only course of action is to observe the upcoming virtual experiences these companies will bring forth in the Metaverse in 2023.