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What Is Metaverse and How Businesses Can Benefit From It

What Is Metaverse and How Businesses Can Benefit From It

12 min read

Slava Podmurnyi

CEO. 12 years of experience in IT. Wide expertise in management, business development, and software development. My dream is to make the world a better place with art and technologies.

Slava Podmurnyi

CEO. 12 years of experience in IT. Wide expertise in management, business development, and software development. My dream is to make the world a better place with art and technologies.

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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 really appealing and worthwhile since the world is just willing to experience a groundbreaking era with 3D environments.

So what exactly is the metaverse? Let’s take a closer look and explore how it can take business products and services to the next level.

What Does Metaverse Mean?

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

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

One of the most known examples of metaverse creation was in September 2021, the former Facebook named Meta and thus announced adopting its own 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.

In very simple words, for ex-Facebook, the own metaverse is to be built and gathered up with the help of 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 own metaverse for their businesses.

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, extends further and defines the metaverse as a three-dimensional structural notion in terms of place, moment, and product (service), which 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 interconnectability, whereas the moment is about the time people spent in digital world.

It is important to understand that the notion of metaverse relates not only to social media as with an example of Meta but much further. In our turn, we suggest defining every aspect of this brand new notion of virtual world-building in a bit more detail and having metaverse explained further.

What to Consider When Creating a Metaverse Platform - Visartech Blog

Metaverse and Its Core Features

The main features of the virtual reality metaverse are all about digital ownership, extended digital presence, state-of-the-art 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 metaverse, previously futuristic things such as teleporting or avatars are no longer something distant.

So the main features of metaverse include:

Real-Time Persistence

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

Interoperability

It is more about an environment rather than sole characteristics. Interoperability of 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, e.g., hardware and software, which is used for digital assets transfer.

The aim of Interoperability is to blur the line between the physical and metaverse world. It serves the purpose of integrating all the aspects related to it. Interoperability enables the continuation of multiple metaverses, as well as economies and assets therein, or multiple activities, for example developing businesses and trade. Thus, this feature helps to create interconnected projects, metaverses, and assets that can be moved elsewhere, so that the newly created metaverse system would run smoothly. One of the most useful examples is blockchain technology, which we will refer to hereunder.

Digital Metaverse Avatars

For representing themselves there, people can widely apply customized digital avatars. They have been in use as of 80’ by representing the users on the computer screens. So, this is not something brand new. It’s just 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 a 3D participation in anything, just digitally within the metaverse space.

Metaverse Home Space

Home space is another core feature. It is about a metaverse property, perhaps even a 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) that confirm their ownership of 3D items.

With metaverse home space, we will be able to plan and design virtual goods, gather digital assets, and invite guests. As a feature, it is also about spaces for working, gaming, and entertainment.

Teleporting

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 about-to-be real 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 metaverse? As simple as that, metaverse 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 that lead us to various locations and provide us with a 3D experience to visit any location. Aren’t these metaverse experiences wonderful? Especially for those 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.

Privacy and Safety

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 metaverse, a set of structured privacy rules is required.

In the meantime, the metaverse is aimed at giving people and users 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.

Virtual Goods and Markets

Within our increasing metaverse 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.

Interactive app black banner - Visartech Blog

Natural Interfaces

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 not only for visual objects/assets but for actual virtual touching in the same way or even better than ever.

Metaverse vs. Web 3.0

Web 3.0 is a three-dimensional world that enhances the immersive experiences of the metaverse. As an example of Web 2.0 (or what we have now), we can name the world-known game 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.

Nowadays the dimension of the Internet is completely democratized and decentralized. Metaverse is enhancing it by the type of content we produce digitally. In its turn, the emerging Web 3.0 will contribute to the metaverse’s openness and interconnectability.

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.

4 Technologies Powering Metaverse

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

The very metaverse technologies consist of:

#1. VR/AR

Augmented and virtual reality is inevitable tech tools of 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.

Read more: Interactive 2D/3D Graphics for Web Projects

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#2. 3D Modeling

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 world.

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.

Extended reality for commercial use orange banner - Visartech Blog

#3. NFT

With regard to 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, for example, or 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.

#4. Blockchain

Basically, 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 the 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.

How Can Businesses Benefit From Metaverse?

Metaverse comes across as the next evolutionary step. It is supposed to positively contribute to the way business evolves 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 U.S. dollars 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 make an investment and 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

Wondering how much it would cost to create your own stunning metaverse - Visartech Blog

How to Develop Your Own Metaverse?

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 to create your own metaverse!

  • Define the Concept

The idea behind 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 own metaverse and NFTs.

  • Choose a Software Development Partner

In order to get the technical part done, one would need to choose a software development partner. There’s a necessity when a coding solution has to be developed 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. Essentially it means that it is a product or service with minimum functionality (not to be mixed with ‘simple’) 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 those businesses that use agile production and 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 the 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 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?

Check out the comprehensive guide on app development cost

  • 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, usability, and other necessary requirements.

  • 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 being developed according to the reviews or anything that might come up while using it, especially if it is a customized metaverse solution.

How Much Does It Cost to Create Your Own Metaverse?

As virtual metaverse platforms have skyrocketed lately, the question regarding their development cost is arising. The metaverse price entirely depends on a number of 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 expertise;
  • chosen tech stack for creating a metaverse world;
  • the type of selected platform (mobile or standalone);
  • the geographic location of the development team.

Generally, any app development cost is influenced by the number of hours that the team spends for the particular platform development multiplied by the hourly rate of their specialists. The professional expertise rate might vary from $50 to $120 per hour.

To get a comprehensive picture of metaverse cost, let’s consider the main development stages and features of 3D environment platforms in detail.

Basically, the development of a metaverse MVP involves the following:

Tasks/FeaturesOptimistic,
Hours
Pessimistic,
Hours
Time,
hours
Registration/Login8011296
Avatars154332243
Environments272328300
Communication150216183
Sound design425649
Total6981044967

Consequently, the development of MVP metaverse features might take from 698 to 1044 hours. If you take the average rates 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 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, and check its performance, security, and usability. The rest is grouped under several development teams.

RD and Doc Team:

  • Business Analyst

Design Team:

  • Web Designer
  • Level Designer

React Team:

  • React Lead
  • React Developer

Unity Dev Team:

  • Unity Tech Artist

Surely, every metaverse 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.

Final Words

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!

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