A report on companies working on the meta-verse

Over the course of a year, the number of companies working on the meta-verse has grown from 200 in July 2021 to over 500 today. This is according to a report from market researcher Newzoo on the metaverse.

A year ago, many people could probably say they had never heard of the meta-verse. But after the pandemic we saw an explosion in the demand for virtual life. And today, pretty much all major technology companies, brands, influencers and gaming companies engage in the meta-verse. According to Dutch market researcher Newzoo, more than 500 companies are building the meta-verse.

The Newzoo report indicates that digital shopping sessions in the store will likely become more realistic and mainstream as XR and VR technologies evolve. Mihai Vicolhead of metaverse at Newzoo, said interest in the technology is growing as natural successor to the Internet Web2.

Newzoo explained that transition from Web2 to Web3 decentralize the technological economy. And that will change how brands interact with users and technological intermediaries. The same goes for how consumers live, work and experience entertainment.

According to Mihai Vicol presents the evolution of simulated 3D worlds a huge opportunity for brands, with a transition from diffuse physical spaces to virtual worlds. It gives them a chance to reach a lot of hard-to-reach users through other forms of advertising.

Newzoo remains optimistic about the success of the best NFT projects

By 2021, NFTs have become a multi-billion dollar market. But they suffered a crash along with the cryptocurrency market due to fears of a global recession. Coin valuations and public interest have decreased in recent months. But Newzoo remains optimistic about the success of the best projects. The report examines the major trends in the metaverse and blockchain space.

blockchain

The report also notes that the industry have not agreed on a single metavers definition. Epic Games CEO Tim Sweeney called it one 3D social media in real time where people can create and participate in shared experiences as equal participants in a societal impact economy. Newzoo describes it more as un interconnected and interoperable networks of enduring virtual worldspopulated by a large number of players interacting with each other through 3D digital avatars.

Metaverse, Blockchain and Cryptocurrency

Newzo’s metaverse head believes that blockchain games will only grow when the best developers launch entertaining high-end games. If they want to succeed, games must find a new tool for NFTs. Only then will they appeal in addition to crypto investors and attract traditional players. Trading card games like Gods Unchained may have found the right tool for NFTs, according to Vicol.

” You must have a sustainable ecosystem. And in 90% of cryptocurrencies, I do not think that has been the case, ”said Vicol. ” I believe it sustainable blockchain-based economies can be built in six months or maybe two years. But we are not there yet “.

cryptocurrencies

It is also not clear whether metaverse also needs cryptocurrency to succeed. Gabby Dizon, CEO of Yield Guild Games, predicts that we will 10 million crypto-wallets this year. However, the crypto faces challenges where Bitcoin falls to less than half of its most recent value.

The future of Metaverse is not necessarily linked to the success of blockchain gaming

Vicol did not say when he expects blockchain games and the meta-verse to hit the mainstream.

“The real question is whether if people actually want to play these games said Newzo’s metaverse manager. “It’s still too early to say. You can throw billions and billions into the industry. And you might get at least a few decent games that will be played by millions of players … I really do not think the future of metaverse is necessarily associated with the success of blockchain games “.

He added: “It’s an ongoing question whether you need a blockchain to create an open metaverse. There are people on both sides of the argument. But I think titles like Roblox or Fortnite have shown it. you do not need blockchain “.

Blockchain

Vicol believes it is necessary common standards so that the metaverse can get the whole platform off the ground. It sees brands getting into virtual real estate and virtual applications such as Decentraland and Sandkassen. These worlds do not have many users, but they are also at a very early stage of development.

Newzoo did not make its own prediction for income associated with the metaverse or its possible value. “So we do not have any metaverse revenue estimates yet, but we are looking at potentially creating the estimates,” he explained.

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