What Is Metaverse and How Businesses Can Benefit From It

Widely discussed, metaverse capacities are encouraging more and more businesses to embrace virtual world solutions. Digital products along with virtual brands’ presence seem to be appealing and worthwhile. The world is just willing to experience a groundbreaking era with 3D environments.

So let’s provide the metaverse definition and explore how this virtual world can advance business products and services.

Metaverse is a virtual space that merges physical and digital worlds where users interact through 3D avatars. It’s a virtual platform supplemented by several interactive & 3D technologies that provide users with completely immersive experiences.

However, is it a business opportunity? Let’s define the metaverse by studying its vivid examples.

One of the most known examples of virtual world creation was in September 2021. The former Facebook was named Meta and thus announced adopting its metaverse and extending social media to a brand new level.

Meta itself defines this as “the next evolution of social connection”. The purpose of name-changing was to adapt to the shift in further Digital World development. As well as to boost social interaction or future.

Putting it simply, for ex-Facebook, the own virtual world is to be built with the help of technology. Namely, Virtual reality (VR), Augmented Reality (AR), and numerous smart devices, such as Google Glasses. So to enter the metaverse, one would need some bulky virtual glasses. This is just one of the most notable examples of how globe-known companies create their metaverse for business purposes.

World-famous entrepreneurs define the metaverse as follows:

Mark Zuckerberg stated that this transformation will define the new internet itself. The World Economic Forum, however, defines metaverse as a three-dimensional structural notion in terms of place, moment, and product (service). That is more relevant to the world economy.

The place can be understood as a metaverse network that allows people to interact globally. The service/product reflects the meaning of interconnect ability, whereas the moment is about the time people spent in the digital world.

The main features of the virtual reality world are all about digital ownership, extended digital presence, and innovative technologies. And just endless ways of providing business products and services in 3D space.

Naturally, the metaverse is tightly connected with technological opportunities. Therefore by having virtual space, previously futuristic things such as teleporting or avatars are no longer something distant.

So the main features of metaverse include:

About the metaverse, real-time persistency is about virtual reality and having new, extended virtual reality experiences there. For example, by playing games, watching films, or getting in touch with other people. Thus, one of the core features of the emerging metaverse is to allow those experiences to be met in real-time. Yet, digitally on a higher level than ever before.

It is more about an environment rather than sole characteristics. The interoperability of the metaverse is the capacity to move away from the simple virtual ecosystem towards a more cohesive environment. And when we mention the environment, we mean technical capacities and technical infrastructure (hardware and software). That is used for digital assets transfer.

The aim of Interoperability is to blur the line between the physical and virtual world. Interoperability enables the continuation of multiple virtual worlds, as well as economies and assets therein or multiple activities. Thus developing businesses in the metaverse.

Thus, this feature helps to create related projects, 3D platforms, and assets. They can be moved elsewhere so that the newly created virtual world system would run smoothly. One of the most useful examples is blockchain technology, which we will refer to hereunder.

For representing themselves, people widely apply customized digital avatars. Those have been in use since of 80’ by portraying the users on the computer screens. So, this is not something brand new.

Nowadays, in the metaverse, avatars are enhanced with the help of virtual reality. They may be as customized or realistic as the technology only allows. To be more precise, 3D metaverse avatars may provide users with a digital presence at events and gatherings. Generally, they provide 3D participation in anything, just digitally within the metaverse space.

Home space is another core feature. It is about a metaverse land, perhaps even the possibility to create a dream home there. However, the difference with the notion of property we used to have is in the inner decorations.

In this case, they are virtually designed and chosen from the Non-Fungible Tokens (NFT). These tokens confirm their ownership of 3D items.

Unbelievably, but can it even be possible? As the ambitious next big tech thing of the nearest future, it aims to deliver teleporting into real use. In this case, this feature is driven by augmented reality in addition to having metaverse experiences. For example, with the help of teleporting, one can visit real-world locations, like a museum or exhibition.

How exactly can one be teleported into the virtual space? The technology suggests we do it with teleporting tools and devices, as well as a 360 camera. In this case, teleporting is carried out with the help of digital gateways. They lead us to various locations and provide us with a 3D experience.

It would be especially beneficial to users, who have faced some strict social restrictions during pandemics, or any other circumstances. It’s a truly precious business opportunity to help customers keep on discovering the world and visit its most prominent places.

Data sharing and privacy are some of the most topical discussions, especially when we are still in the pre-metaverse state. To connect lives in the virtual world, a set of structured privacy rules is required.

In the meantime, the virtual space provides people and users with the whole control and responsibility for their data and privacy. The most distinctive feature of the metaverse and its positive impact is that users will have complete data protection.

Within our increasing virtual reality world, there will be naturally virtual goods. It is transforming how we interact, live, buy, and sell. Thanks to immersive metaverse technologies businesses can deliver digital items or create their virtual shops, banks, galleries, malls, etc. Thus companies could provide services and keep their business community in 3D space.

Natural interfaces’ main goal is to enhance the most convenient and natural interaction. For instance, it refers to voice recognition and the ability to use objects with hands. It is expected that natural interfaces will immensely influence UX/UI for their more extensive usage in the metaverse.

The key is to enable interaction on a level never seen before. And to do it for visual objects/assets and for actual virtual touching in the same way or even better.

Web 3.0 is a 3D world that enhances the immersive experiences of the metaverse. As an example of Web 2.0, we can name Roblox (metaverse game) or Warcraft (persistent online role-playing worlds). Whereas the new generation of Web 3.0 games are decentralized and crypto-fuelled, using the approach of play-to-earn.

The current dimension of the Internet is completely democratized and decentralized. Metaverse is enhancing it through the type of content we produce digitally. In its turn, the emerging Web 3. will contribute to the metaverse’s openness and interconnectivity.

Read more: How the Emerging Web 3.0 Transforms the Existing Business Models

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Being decentralized and powered by blockchain, Web 3.0 is to be accessible everywhere. That means everyone can use it at any place with full control over privacy and their data.

Businesses are to use innovative technologies to boost their metaverse development. Technologies for the metaverse are unique combinations of virtual assets, devices, and improved security. That results in the unique mechanisms of human interaction.

The very metaverse technologies consist of:

Augmented and virtual reality is inevitable tech tools of the metaverse. These technologies are aimed at creating an environment that brings virtual interaction and collaboration to a higher level.

They assist in creating and building real-life experiences. Thus AR enables users to have embedded virtual objects in the real physical world. Meanwhile, VR provides immersive experiences with enhanced 3D graphics.

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This feature can improve the actual design of objects and assets, as well as create an atmosphere and realistic experiences. This way physical objects might be able to have an extension in the metaverse virtual reality.

Probably, 3D modeling will be the next generation of digital twins – a smart technology, which is currently on the rise. However, in the case of 3D modeling, it will not be just a replication. it will be more about the actual ability to create something new and unique within the metaverse.

About NFT, it is also one of the components of the metaverse. Non-fungible tokens are so-called certificates that verify ownership of digital assets that exist on the blockchain. These assets can be even in the capacity of real estate. They could also boost the marketing of any digital products and represent them there.

NFT will keep digital avatars and any digital objects as unique digital assets. Ownership can be transferred or sold within the metaverse.

The virtual world environment is fuelled and running with the help of blockchain. Decentralized technology provides digital verification of ownership, value transfer, governance, accessibility, and interoperability. It also assists in securing ownership of virtual real estate and digital assets through NFTs.

The metaverse ecosystems powered by blockchain will be safer and more transparent delivering the best conditions for investment and growth.

Metaverse comes across as the next evolutionary step. It is supposed to contribute to how business evolves positively and interacts with customers. Moreover, lots of companies are already seeking the best ways to enter the virtual world. Meanwhile, others have created the first metaverse solutions in their industries. Such a fast-moving pace of the metaverse market can exceed all expectations and rise to $ 678.8 billion by 2030.

Because metaverse is boosted with Web 3.0, it is going to be opened and decentralized. It will improve access to the markets globally, thus, increasing the opportunities for business to successfully shape their future. This time, the business will indeed become cross-border and global. As a result, they will be growing by providing unique solutions and having better access to the markets.

Overall, we can define the following metaverse advantages businesses can benefit from:

• Great opportunity to invest in the metaverse and make profits
• Enormous pool for business ideas implementation
• Riding on the top of the evolution wave and being able to shape the future
• Reaching a global market to a new level
• Improved and enhanced working conditions as never before
• Getting technological advancement, as well as improved interaction with customers or audience

There are few metaverse platforms to create metaverse rooms or spaces for interaction. Namely, Roblox, Decentraland, The Sandbox, etc. They serve to help us participate in virtual communities, metaverse events, or games.

However, we are not able to get more of that and create something of our own. For instance, virtual e-learning marketplaces, networking platforms, shops, galleries, etc.

Let’s find out what are the steps on how to build your own metaverse!

• Define the Concept

The idea behind this is to understand all the conceptual aspects of own metaverse creation and its usage. For example, a virtual marketplace, or an interactive platform for remote collaboration. It’s limited to your imagination only, as well as achieving your business goals. Perhaps, you might like to create a game with its metaverse and NFTs.

• Choose a Software Development Partner

To get the technical part done, one would need to choose a software development partner. It’s necessary when you need to define a Minimum Viable Product (MVP), UX/UI solution, as well as beta testing. A professional team with proven virtual world development experience is required.

• Create an MVP

MVP refers to a Minimum Viable Product. It means a product or service with minimum functionality but is valuable for users to be attractive to them. It is normally used to collect opinions and test them to develop further. This feature is useful for startups and businesses that use agile project development, as it saves time and effort. For that, there are several substeps to be done:

• develop a business need or idea, which refers to market research to find out a value for customers
• defining a vision of the product or service, gathering resources for that
• design and core features
• creation and testing

The capacity of the metaverse provides an enormous business opportunity to deliver products and services. Defining MVP is essential to embrace that potential.

• Work on UX / UI Design

UX/UI Design is serving as an extension to the interface interaction we would normally use now. In the case of developing metaverse, there has to be a special user interface developed in its upgraded version. The work on UX/UI is an integral part of the metaverse, it is aimed at making enhanced and improved designs. Later on, UX/UI can be applied to the end product.

• Develop Your Metaverse Solution 

The coding stage is a step necessary to develop and apply back-end and front-end solutions to the metaverse. For example, it can be integrated with other metaverse projects. The process of code creation and writing is done in blocks.

Read more: How Much Does It Cost to Make an App for Business?

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• Make Beta Testing

This step is done by Quality Assurance specialists. Their task is to be sure that everything created under the metaverse project corresponds to the announced functionality.

• Deploy and Release

Once everything is tested properly, the virtual world or digital metaverse services are ready to be released. Then end-users can dive into the immersive 3D world.

• Analyze & Upgrade

Normally, any product or service requires an after-sales update after deployment. The same goes with metaverse. New versions are developed according to the reviews or anything that might come up while using it. Especially if it is a customized metaverse solution.

As virtual metaverse platforms have skyrocketed lately, the question regarding their development cost is arising. The metaverse price entirely depends on several aspects, including your business goals.

To determine the cost of your virtual world project, the following metaverse development factors influencing its cost should be considered:

• the development team structure and their development skills;
• chosen tech stack for creating a metaverse world;
• the type of selected platform (mobile or standalone);
• the geographic location of the development team.

Any app development cost is influenced by hours for the particular platform development multiplied by the hourly rate of their specialists.

To find out the metaverse cost, let’s consider the main development stages and features of 3D environment platforms in detail.

The development of a metaverse MVP involves the following:

Tasks/Features	Optimistic, Hours	Pessimistic, Hours	Time, hours
Registration/Login	80	112	96
Avatars	154	332	243
Environments	272	328	300
Communication	150	216	183
Sound design	42	56	49
Total	698	1044	967

Consequently, the development of MVP metaverse features might take from 698 to 1044 hours. If you take the average rate of $50-120 per hour, the development cost of such a metaverse platform will be from $48,350 to $116,040.

The virtual world can be complemented by other metaverse features such as a presentation board, admin analytics, and event management. That also affects the final metaverse development cost.

What is the structure of an app development team that can create a metaverse platform?

Optimally, the engineering staff that assists in developing the metaverse is led by the Project Manager. To get the virtual world platform as close to flawless as possible QA Engineers are to test the metaverse solution. They check its performance, security, and usability.

RD and Doc Team:

• Business Analyst

Design Team:

• Web Designer
• Level Designer

React Team:

• React Lead
• React Developer

Unity Dev Team:

• Unity Tech Artist

Indeed, every virtual world-building project is unique therefore the number of key roles required might be different. Still, this estimation provides a general understanding of metaverse development cost along with the app development team needed.

The pandemic forced lots of educational establishments to embrace online learning. Yet keeping students engaged in a virtual classroom can be challenging. Visartech understands the difficulties of online education, so we helped a client to create an immersive eLearning platform.

The web-based virtual platform was made to improve traditional online learning. It offers engaging classroom management and creative study spaces for students, teachers, and schools.

Our development team used various technologies, such as Unity, React, Node.js, AWS, and Firebase, to simulate an interactive classroom environment. This resulted in a metaverse that offers an unparalleled level of immersion and interactivity.

The educational platform has been recognized by top teachers in the US for its effectiveness in enhancing student engagement and collaboration. Moreover, it was featured at SXSW EDU, which showcases its commitment to innovation in education.

Metaverse is an outstanding way for businesses to provide services and interact with customers. Virtual worlds assist in crafting engaging experiences and digital items. Thus businesses keep their presence in both real and 3D worlds.

The metaverse opportunities are endless because virtual world solutions can be implemented in different industries. Moreover, there’s a great variety of things companies can create there. From a line of digital items to a metaverse platform with a range of different services.

Wanna find out the details on how to make smart moves into a metaverse market, contact us now!