The advent of the Metaverse completely revolutionalized the technological space. Although believed to be an emerging technology, the term “Metaverse’ was first coined by Neal Stephenson in his sci-fi novel called “Snow Crash”. It is now one of the fastest-growing segments of the gaming industry. With the help of Metaverse Gaming Platform Development, there are now a plethora of platforms that offer Metaverse Games that provide an unprecedented gaming experience.
According to Fortune Business Insights, the Metaverse market was valued at $63.8 billion in 2021. The market was valued at a whopping $100.2 billion in 2022 and is expected to reach a projected market value of $1,527 billion by the year 2029, showcasing a CAGR of over 47%.
It is quite evident from the above statistics that Metaverse technology will be one of the most lucrative industries in the near future. Moreover, there are a plethora of benefits of Metaverse for businesses and users alike. These platforms are introducing new ways to socialise, play games, attend events and even conduct business.
In this blog, we will highlight the Metaverse benefits for business and also shed some light on the best Metaverse platforms for gaming. So without further delay, let’s get started.
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Metaverse platforms allow individuals to create their own versions of the Metaverse. These platforms are typically interoperable and decentralized. Users can explore the three-dimensional open world with the help of 3D avatars that are digital replicas of the user. These platforms offer an interactive and immersive gaming experience while also allowing users to move or trade items across different Metaverse platforms. Moreover, users can also collect rewards and monetize their content and assets.
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Emerging technology has penetrated various sectors across the world- from gaming to healthcare to real estate. Let’s take a look at the various Metaverse benefits for businesses provided by these Metaverse platforms,
With the implementation of various Metaverse technologies such as blockchain, 3D reconstruction, AR/VR etc. these platforms provide a plethora of Metaverse benefits for businesses.
The main objective of any business is to generate profit and in order to maximize the profit, it is essential to keep your expenses in check. This is where the role of Metaverse Application Development comes in.
Leveraging the power of these Metaverse platforms, organizations can reduce significant expenses including transportation, event management, and even physical spaces for infrastructure. Metaverse Gaming Platform Development has the capability to reduce these additional costs and help businesses increase their revenue considerably.
Before the Covid-19 pandemic, remote working was widely discredited. However, during the lockdown, it suddenly became the norm. Now, the world has shifted into a hybrid model where the majority of employees prefer working from home and collaborating through software like Zoom, Teams, and Google Chat.
With the help of an immersive Metaverse, employees and employers can collaborate better and the Metaverse technology could be pathbreaking for teleconferencing systems. According to experts, working from the Metaverse could very well become the norm in the upcoming years.
Metaverse is based on Web3 architecture. Although Web2 has already reached high levels of awareness and reach, the saturation point will eventually come. Metaverse can be essential for organizations to be a part of the flourishing Web3 community. Various big brands like Adidas, Nike, and Microsoft have already invested in and utilized some aspects of the Metaverse technology.
One of the most prominent benefits of Metaverse for businesses is the ability to earn a steady income from multiple revenue streams, especially in Web3 Metaverses that offer a decentralized and blockchain-based platform. As new-generation users gravitate towards decentralization, organizations will profit from multiple revenue streams and increase their overall profit margin. Buying/selling Virtual Real-estate, Metaverse concerts, advertising on virtual lands, E-commerce Metaverse platform, Art exhibitions, etc. are some of the most lucrative ways to make money from the Metaverse.
The advent of Metaverse Application Development and the Metaverse platform has ushered in a new era of payment methods. Crypto payments have become mainstream in the new Web3 architecture. Crypto payments are a massive improvement over the traditional payment methods that utilised bank translation and credit cards.
One of the best benefits of crypto payments is they’re considerably faster than fiat currency transactions irrespective of the distance between the payee and the recipient. Moreover, NFTs add a new dimension to the transaction process, ensuring true ownership and proper records of in-game assets.
Metaverse Gaming Platform Development is trying to bridge the gap between the physical and virtual worlds. Although virtual environments can’t replace real-world environments, they can transform everyday tasks like commuting, office tasks, services, and appointments. With cutting-edge Metaverse application development and a compact setup, a person can access services on the Metaverse, offering enhanced accessibility and saving a lot of valuable time.
These are some of the best benefits of Metaverse for business which offer an unprecedented experience. Although the Metaverse is beneficial for a wide range of industries, the gaming industry has benefitted the most by adopting this futuristic technology. Moreover, Metaverse Casino Gambling Platform Development has already given rise to various decentralized Metaverse Casinos that offer the feel of an actual land-based casino. Gaming in the Metaverse has become an essential commodity. Let’s take a look at the best Metaverse platforms in 2024.
Metaverse platforms allow users to access a 3D virtual reality and the open-world environment from the comfort of their homes. These platforms are powered by Web3 Metaverse and offer a variety of services like gaming, shopping, exercising, and other daily tasks. Let’s take a look at the best Metaverse platforms to watch out for in 2024.
It is probably the most popular and the very first decentralized platform that runs on the Ethereum blockchain. Decentraland is a virtual 3D platform that was created in 2015 by Ariel Meilich and Esteban Ordano. The Web3 Metaverse platform is operated by a decentralized autonomous organization (DAO). It utilizes the ERC-20 blockchain standard for its native currency called MANA tokens. Moreover, the open-world Metaverse features two additional tokens- LAND and Estate. The native currency called MANA can be used to buy and sell pieces of virtual land, explore, gamble, and attend events in the Decentraland Metaverse.
Based on the Ethereum blockchain, The Sandbox is a decentralized Metaverse platform that allows users to build, own, and monetize their gaming content. It also has its own ERC-20 token called SAND which is the primary currency of the Sandbox Web3 Metaverse. It is the driving force behind the transactions in the Sandbox. The popular Metaverse platform has collaborated with various brands and artists over the past years including SnoopDogg, Ubisoft, Bored Ape Yacht Club, and more.
It is a play-to-earn game based on the Ethereum blockchain. It is inspired by the popular video game franchise Pokemon and uses NFTs to represent digital characters and in-game objects. Users must connect their digital wallets to get started in Axie Infinity.
It features a native currency called Axie Infinity Shards(AXS) that facilitates transactions in this Web3 Metaverse platform. AXS allows players to breed Axies, compete in battles, and buy virtual lands.
Launched in 2006 in the form of a website, Roblox is a socially multiplayer online platform which registers millions of users and can be accessed from a variety of devices. Roblox incorporates social media, gaming, and e-commerce. The platform allows players to build their own space, earn, and trade Robux. Robux is the official currency of this digital Web3 Metaverse platform. One of the best features of Roblox is that it is absolutely free to start playing on Roblox and doesn’t require any monetary transactions.
MetaHero is a decentralized platform that is based on the Binance blockchain. Since its launch in 2010, the platform has gained massive traction by combining utility tokens with 3D technology to develop 3D virtual objects. These 3D objects are used for gaming, social media, and other uses within the Metaverse platform. HERO is the native token of this Metaverse platform that facilitates transactions.
Currently, these are the most notable Metaverses that are dominating the gaming and gambling industry. Metaverse platforms utilize the Web3 architecture in order to provide a decentralized and interoperable platform to enhance the user experience. Let’s talk about the various business trends of Web3 to gain insight into Metaverse technology.
We have been using the Web2 internet for many decades. However, with the introduction of Web3 which allows users to have true ownership of their content, many tech giants and brands have moved towards adopting this technology to facilitate their business operations. The Web3 and Metaverse technology go hand-in-hand and provide plenty of Metaverse benefits for businesses. Let’s take a look at how Web3 can transform the industry in 2024.
Our top pick for the emerging Web3 business trends in 2024 is NFTs and AI. The Web3 architecture allows the creation of interoperable NFTs that offer true ownership. Couple that with Artificial Intelligence technology and you get a technology that allows creators to expand their art into storytelling. Imagine playing a social mini-game where your NFT evolves after reaching a new level and interacting with other artists.
It will be possible with Artificial Intelligence that not only helps in designing and developing games but also assists in populating the game environment with different assets. World-building in games that took weeks or months can now be finished within a fraction of the time.
Read More: Web3 Game Development – A Complete Guide
NFTs are the primary currency of the Web3 and Metaverse. Worldwide adoption of the Web3 Metaverse technology will allow NFT creators to open up new possibilities for the use cases of NFTs. This will be a new step in the foundation and future of Web3 and NFTs. The idea is to develop a platform that removes the limitations of creating and launching NFTs.
The Web3 technology massively improved in 2022 with experimentation by big tech brands and companies. It is estimated that this advancement will continue in 2024 and tech giants like Meta will be at the forefront of this development. Tech companies like Meta and Reddit are all set to introduce Web3 in some form or another. Reddit already had over 5 million new users creating NFTs in the previous year. It is estimated that this figure will reach over 20 million by the end of 2024.
Popular social media website Instagram already allows the creation and purchasing of NFTs from posts inside the application. However, it is only limited to a number of creators. It is no doubt that other competitors like Snapchat, Amazon, and Google will also follow in their footsteps and adopt the wide use of NFTs.
In 2024, with the increased adoption of Web3 and Metaverse, NFTs will be used for various other purposes than art. We have already seen what NFTs are capable of offering utility and accessibility to their owners. However, in 2024, various renowned brands will also be dabbling with blockchain technology to create their own exclusive NFTs to provide a variety of perks to users such as membership, event access, and ownership of physical assets to elevate the user experience to the next level.
For example– Alfa Romeo- an Italian manufacturer of Luxury Sports Cars introduced their new SUV-Tonale which comes with its own NFT that provides information about the car’s life cycle and maintenance records.
These are some of the most prominent adoptions of Web3, NFTs and blockchain technology we can witness in 2024.
BR Softech is a leading Metaverse Application Development Company that provides end-to-end Web3 Metaverse Development Services across various business verticals. Our developers are well-versed in Metaverse technology and have hands-on experience in working with other technologies like AR/VR, AI, NFTs, and 3D reconstruction technology in order to develop highly engaging and immersive Metaverse platforms.
We provide development services that cater to a wide range of industries from gaming to fashion to real estate. Our customized solutions are bespoke and tailored according to the client’s requirements. Partner with BR Softech and reap the following benefits-
Connect with us and avail the benefits of our cutting-edge Metaverse technology and Web3’s development which has the potential to attract millions of users.
The Metaverse offers plenty of benefits to businesses and users. These are the most common benefits of the Metaverse-
1. Decentralization
2. Multiple Revenue Streams
3. Enhanced Reach
4. Effective Payment Methods, and more
Metaverse application development with basic features and native platform support ranges from $50,000 to $60,000. However, if you want to develop a cross-platform app with sophisticated features, you will have to invest over $100,000.
It takes around 6 to 8 months to complete the development process of a Metaverse application.
