Newzoo: More than 500 companies are building the metaverse

by | Jun 28, 2022 | Technology

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Over the course of a year, the number of companies working on the metaverse grew from 200 in July 2022 to more than 500 now, according to a report on the metaverse by market researcher Newzoo.

A year ago, a lot of people could plausibly say they never heard of the metaverse. But with demand for virtual living exploding thanks to the pandemic, the metaverse quickly spread as a vision for life in persistent, 3D spatial worlds that were all interconnected in an online universe.

Now just about every major tech company, brand, influencer, and gaming company is getting involved in the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One. It’s the way to reach the younger generations of the future. Last week, McKinsey said that the metaverse will have a $5 trillion market value by 2030. And the Khronos Group announced a coalition of groups and companies to come up with standards for the metaverse.

Roblox is one of the world’s most popular games and it’s become a platform where players can create their own games and capture their value for it. Roblox and Epic’s Fortnite have added features such as virtual concerts, and influencers are staking their claims.

The metaverse is giving rise to virtual runway shows hosted by the most popular fashion and luxury brands. And the early iteration of blockchain games focuses more on the economic aspect and lacks the “fun” element to sustain new players. But the hope is such games will become stepping stones to the metaverse by bringing interoperability and true digital ownership.

Newzoo said that digital in-store shopping sessions will likely become more realistic and commonplace as XR and VR technologies evolve. Virtual land — which is essentially 3D ad space — has taken the non-fungible token (NFT) space by storm.

Newzoo’s view of the metaverse.Mihai Vicol, metaverse lead at Newzoo, in an interview with GamesBeat that the hype has cooled in recent months due to the global macroeconomic slowdown, but he said that interest in the metaverse …

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