Metaverse technology is more than a buzzword in today’s technological space. Many Metaverse development companies across the world are investing in this emerging technology. Moreover, with cutting-edge technologies like AR/VR, AI, Blockchain, etc. the development of Metaverse platforms is now a reality. However, the Metaverse development cost is still a gray area that developers are unsure of. This is because different types of Metaverse have varied Metaverse costs and require different technologies.
In the past, the Metaverse was just a concept as we didn’t possess the necessary computations and technologies to build a functional Metaverse platform. However, the Metaverse is more than a concept in today’s world. There are a number of Metaverse platforms that users can access. It is expected to become a trillion-dollar industry by the end of this decade.
With the increased demand for Metaverse platforms, entrepreneurs are speculating about the Metaverse development cost. This blog will shed light on the factors affecting the Metaverse cost and guide you through the cost of developing different types of Metaverse platforms.
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It is a known fact that entrepreneurs are eager to invest in Metaverse technology. But what makes Metaverse platforms so lucrative? Take a look at why investors are eager to leverage Metaverse Development Solutions for their businesses.
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Nowadays, the Metaverse is primarily classified into two segments, Web2 and Web3. Web2 is the internet that all of us normally use. However, Web3 is a decentralized world wide web that eliminates any central regulatory authority and is truly uncensored. Here we have listed the different types of Metaverse platforms that are available to users.
Metaverse platforms that feature a centralized ecosystem are among the most common platforms. Any open-world game that enables users to explore and interact with other users via their 3D Avatars can be categorised under this segment. Popular AAA game titles like GTA, PUBG, Fortnite, etc. are some popular examples of Web2 centralized Metaverses. Since they are based on Web2, they are moderated by a central regulatory authority.
Centralized platforms that leverage NFT and crypto transactions can be defined as centralized Blockchain Metaverses. With a centralized blockchain, a number of users can interact with the system however, the property still belongs to a third party as the platform is not truly decentralized. NFTs are also centralized blockchain Metaverses considering that NFTs use cryptocurrencies for transactions. Some popular examples are Earth2, Moonga, Nestcoin, etc.
Decentralized Blockchain Metaverse platforms enable the users to act as admins. There is no central regulatory authority and the platform is entirely decentralized. It runs on a set of pre-determined protocols that the Metaverse development platforms follow. Smart contracts are digitally implemented into the platform and are responsible for facilitating transactions.
Moreover, users have true ownership of in-game assets and also can also leverage interoperability to trade and move their in-game assets to a different decentralized platform. There are primarily three methods of revenue generation i.e Play-to-earn, create-to-earn, and engage-to-earn. Examples of decentralized blockchain metaverses include The Sandbox, Decentraland, Axie Infinity, etc.
Now that you are familiar with the different types of Metaverse, let’s talk about the Metaverse Development Costs and the factors affecting the Metaverse costs.
Read More:- Discover the Important Metaverse Technology: Metaverse Development
The Metaverse Development Cost is not fixed and is actually influenced by various factors. Innovation and exploring unexplored verticals will require a higher budget. Let’s explore the primary factors that play a major role in determining the overall Metaverse costs.
The features are an essential part of the development of Metaverse. Metaverse is facilitated by cutting-edge technologies like AR/VR, Blockchain, NFTs and more. These features are essential in allowing users to interact with each other and the digital elements in the Metaverse.
In order to access the Metaverse and its virtual elements, users require a virtual reality headset or HMD that transports them into the Metaverse virtual reality. Users can also use smartphones, tablets, laptops, and computers to access the Metaverse platforms.
The infrastructure of the Metaverse requires high-speed bandwidth to function at its maximum potential. With the advent of 5G networks, the Metaverse can take advantage of high speeds, minimal latency, and greater capacity to enable users to experience virtual reality. The Metaverse will be interconnected with millions of users.
Digital Avatars are the users’ persona in the Metaverse. Users can interact with other users in the Metaverse through their Digital Avatars. They can be an exact replica of you or can be customised according to the user’s liking. The users will be able to explore the Metaverse and interact with gamified elements by controlling their Avatars.
One of the biggest concerns of internet users is security as cyber security threats are increasing at an alarming rate. In this scenario, it is essential to provide unsurpassed security and privacy in the Metaverse development platforms. With the utilisation of blockchain technology, the security and privacy issue can finally be solved. Blockchain technology provides a decentralized ecosystem that protects from external cyber security threats and also grants users anonymity so they can make transactions without any hassle. Moreover, all the transactions are stored on the blockchain and can be accessed by the users in case of any discrepancies.
As mentioned above, Metaverse leverages different types of technology to provide an immersive virtual reality experience. Some of the most essential Metaverse technologies are listed below.
VR technology creates a virtual open world where users can connect with other users and interact with virtual elements. It emulates realistic situations and provides an immersive user experience in the Metaverse.
AR technology is responsible for augmenting a real-world setting with virtual elements. Augmented Reality overlays audio, video, and other sensory stimuli onto the real world to enhance the user experience. In collaboration with AI, AR lenses and glasses can provide an unprecedented AR experience in the Metaverse.
Virtual transactions are made possible with blockchain technology. Blockchain technology also offers a decentralized environment that is safe and secure and eliminated the central regulatory authority. Moreover, it provides enhanced security, interoperability, digital possession, transferability, availability, and governance in the Metaverse platforms.
Creating a 3D open-world Metaverse requires a lot of designing and developing. With the 3D modelling technology Metaverse game developers can enable the same with computer graphics and image collection. 3D modelling is also essential in creating lifelike 3D avatars that can be customised according to the user’s requirements.
The development of Metaverse is not an overnight task and requires the collective effort of a full team of developers, designers, programmers, testers, etc. Here is the optimal team requirement for NFT Metaverse Development.
These are the major factors that influence the overall Metaverse Development Costs. Moreover, the location of the Metaverse development company also affects the Metaverse price significantly.
Also, around 20% of your budget must be allocated towards the upgradation and maintenance of the Metaverse platform yearly. Marketing strategies are another big factor that must be accounted for as it eats a big chunk of your Metaverse price.
Read Blog: Benefits of Metaverse Platforms: How It Can Aid Businesses?
Metaverse technology is witnessing a surge in demand as it provides a plethora of benefits to various industries. Be it gaming, fashion, social media, real estate, etc. various industries will benefit from the Metaverse. In order to understand the overall Metaverse Development Cost, it is important to understand the type of Metaverse platform you are developing.
Online gaming is the fastest-growing industry in the world and with the emergence of advanced technologies like Blockchain, AR/VR, etc. it is now possible to tokenize in-game assets and provide true ownership to players.
The Metaverse game Development cost will ultimately depend on the scope of the gaming application. While some games take years to develop, some gaming titles can be developed by an indie developer in a couple of weeks. On average, it takes 6 months to develop a game from scratch. Metaverse developers usually take around $50-$100 per hour depending upon their location.
If you use a team of 5 members with 50 hours a week, the Metaverse game app development cost will be
| Developer Cost | $50- $100 per hour |
| Team Members | 5 |
| Weekly Hours Contributed | 50 hours |
| Total Hours Contributed | Weekly Hours x Number of Team Members x No. of weeks in a month x Number of Months(50x5x4x6)= 6000 hours |
| Minimum Development Cost | $50 x 6000 hours=$300,000 |
| Maximum Development Cost | $100 x 6000 hours=$600,000 |
Keep in mind that this is just an average Metaverse cost and the actual cost may differ according to your requirements.
As mentioned above, there is no fixed cost and it ultimately depends on your project requirements and the features you include. Developing and sustaining a Metaverse Social Media platform requires constant upgradation and integration of new features to stand out in the competitive market. Facebook rebranded as Meta and spent over $10 billion in 2021 to transform its Metaverse concept into reality. The Facebook Metaverse development cost will range from.
| Developer Cost | $50-$100 per hour |
| Team Members | 10 |
| Weekly Hours Contributed | 50 |
| Total Hours Contributed | Weekly Hours x Number of Team Members x No. of weeks in a month x Number of Months(50x10x4x6)= 12000 hours |
| Minimum Development Cost | $50 x 12000 hours= $600,000 |
| Maximum Development Cost | $100x 12000 hours= $1,200,000 |
Keep in mind that social media platforms require a bigger team as it has more verticals to work on.
One of the most profitable sectors after the advent of Metaverse is real estate. With the introduction of virtual real estate, the industry is booming and Metaverse Real Estate Development is highly sought-after. Moreover, with AR/VR, realtors can give virtual tours of the properties to the consumers.
After careful estimation, we concluded that it would take around 3 months to develop a Real-estate Metaverse. Let’s take a look at the Real Estate Metaverse Cost.
| Developer Cost | $50-$100 per hour |
| Team Members | 5 |
| Weekly Hours Contributed | 50 hours |
| Total Hours Contributed | Weekly Hours x Number of Team Members x No. of weeks in a month x Number of Months(50x5x4x3)= 3000 hours |
| Minimum Development Cost | $50 x 3000 hours=$150,000 |
| Maximum Development Cost | $100 x 3000 hours= $300,000 |
Real Estate Platforms require minimal 3D modelling, hence the lower real estate development cost.
The Metaverse has the potential to revolutionalize the education sector and promote interactive learning. Many tech giants are already talking about Metaverse Educational Platform Development. It will take around 6 months to develop an interactive and engaging Metaverse Educational Virtual Reality.
| Developer Cost | $50-$100 per hour |
| Team Members | 5 |
| Weekly Hours Contributed | 50 |
| Total Hours Contributed | Weekly Hours x Number of Team Members x No. of weeks in a month x Number of Months(50x5x4x6)= 6000 hours |
| Minimum Development Cost | $50 x 6000 hours= $300,000 |
| Maximum Development Cost | $100x 6000 hours= $600,000 |
The average cost of developing a Metaverse Educational Platform ranges from $300,000 to $600,000 depending upon the features and functionalities.
Read Blog: Metaverse Education Platform Development
| Industry | Average Metaverse Costs |
| Gaming | $300,000 to $600,000 |
| Social Media | $600,000 to $1,200,000 |
| Real Estate | $150,000 to $300,000 |
| Education | $300,000 to $600,000 |
Read Blog: How to Start A Business in The Metaverse
BR Softech is a veteran Metaverse Development Company that excels in developing highly sophisticated and robust Metaverse Development Solutions for our clients. We have prior experience in developing Metaverse gaming platforms and work with advanced technologies like Blockchain, IoT, AI, AR/VR, etc. Our Metaverse Development Services are built with the highest industry standards and strive to provide the utmost customer satisfaction. We offer-
If you want to develop a high-end and feature-packed Metaverse platform, contact BR Softech.
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To create a Metaverse game you will need a full team of developers that have experience in working with advanced technologies. Or, you can hire a Metaverse development agency and outsource your game project to them.
The cost of virtual land in the Metaverse is dependent on the Metaverse platform and the location of the land. It is impossible to provide an exact cost as every land has a varied price.
Metaverse development leverages a wide range of technologies including Blockchain, IoT, AR/VR, AI, 3D modelling, 5G network, and more.
