In January 2023, Google recorded 1.9 million searches globally for the word "metaverse." As we progress through 2024, the metaverse continues to evolve, driven by innovative companies that are pushing the boundaries of both tech and UX. Here are 7 companies still building and investing.
1. Meta and Horizon Worlds
Meta Platforms Inc., the parent company of Facebook, rebranded itself in 2021 to reflect its commitment to building the metaverse. At the forefront of Meta’s efforts is Horizon Worlds, a social VR platform that allows users to create, explore, and interact within a vast virtual universe.
Key Innovations
User-Generated Content: Horizon Worlds emphasizes user creativity, enabling participants to build their own worlds and experiences using intuitive tools.
Social Interactions: The platform fosters a sense of community through social VR experiences, where users can attend events, play games, and collaborate on projects.
Cross-Platform Integration: Meta aims to integrate Horizon Worlds with other services, such as Facebook and Instagram, to create a seamless digital ecosystem.
Impact
Meta’s vision for Horizon Worlds is to create a new social paradigm where people can connect and interact in ways that transcend physical boundaries. By leveraging its vast user base and technological expertise, Meta is poised to be a major player in the metaverse landscape.
2. Microsoft and Mesh for Teams
Microsoft is leveraging its extensive experience in enterprise solutions to create Mesh for Teams, a platform that combines mixed reality with collaboration tools to enhance remote work and communication.
Key Innovations
Mixed Reality Collaboration: Mesh for Teams allows users to interact with 3D content and holograms, making remote meetings more immersive and engaging.
Integration with Microsoft 365: The platform seamlessly integrates with Microsoft 365, providing users with familiar tools and workflows in a mixed reality environment.
Accessibility: Microsoft is committed to making Mesh for Teams accessible on a variety of devices, from VR headsets to smartphones, ensuring broad adoption.
Impact
By focusing on the enterprise market, Microsoft aims to transform remote work and collaboration. Mesh for Teams offers a glimpse into the future of work, where physical presence is no longer a limitation and collaboration is enhanced through immersive technologies.
3. Decentraland
Decentraland is a decentralized virtual world built on the Ethereum blockchain, where users can buy, develop, and monetize virtual land and assets.
Key Innovations
Blockchain Integration: Decentraland utilizes blockchain technology to ensure true ownership of virtual assets, allowing users to buy, sell, and trade land and items securely.
User-Generated Content: The platform encourages users to create and share their own content, from virtual art galleries to interactive experiences.
Economic Ecosystem: Decentraland features a thriving economy driven by its native cryptocurrency, MANA, which is used for transactions within the virtual world.
Impact
Decentraland represents a shift towards decentralized, user-controlled virtual environments and land. One plot of land on Decentraland sold for an incredible $2.4M in 2021. By empowering users to own and monetize their creations, Decentraland is paving the way for a new digital economy within the metaverse.
4. Roblox
Roblox is one of the most popular online platforms (especially amongst younger players), allowing users to create and share games and experiences, making it a cornerstone of the metaverse. As of Q1 2024, Roblox Corporation had over 77.7 million daily active users of Roblox games worldwide.
Key Innovations
User-Friendly Development Tools: Roblox provides intuitive tools that enable users, including those with little to no programming experience, to create their own games and experiences.
Social Gaming: The platform fosters a strong sense of community, with social features that allow users to play together, chat, and collaborate on projects.
Monetization Opportunities: Roblox offers various ways for creators to monetize their content, including in-game purchases and premium memberships.
Impact
Roblox has democratized game development, allowing millions of users to unleash their creativity and share their creations with a global audience. And it’s worked. With over 3 million developers on Roblox, community developers have made over $701 million in the first 3 quarters of 2023 alone. Its success highlights the importance of user-generated content in the metaverse.
5. NVIDIA
NVIDIA, a leader in graphics processing technology, is developing Omniverse, a platform designed to enable real-time collaboration and simulation in 3D environments. You might have heard of NVIDIA, they’ve recently surpassed Apple to become the second most valuable company in the world with a market cap of $3 trillion.
Key Innovations
Real-Time Collaboration: Omniverse allows multiple users to work together on 3D models and simulations in real-time, enhancing productivity and creativity.
Interoperability: The platform supports a wide range of industry-standard tools and file formats, ensuring compatibility with existing workflows.
AI and Simulation: NVIDIA leverages its expertise in AI to power advanced simulations, enabling users to create highly realistic and dynamic virtual environments.
Impact
NVIDIA’s Omniverse is set to revolutionize industries such as architecture, engineering, and entertainment by providing powerful tools for collaboration and simulation. Its focus on real-time interaction and AI-driven capabilities makes it a key player in the metaverse.
6. Epic Games
Epic Games, the creator of Fortnite and Unreal Engine, is a major force in the gaming industry and a key contributor to the development of the metaverse. Fortnite alone generated $4.4 billion revenue in 2022, accounting for about 85% of Epic Games total revenue.
Key Innovations
Unreal Engine: Epic’s Unreal Engine is a leading game development platform that powers a wide range of immersive experiences, from video games to virtual reality simulations.
Fortnite: Beyond being a popular game, Fortnite has evolved into a social platform where users can attend virtual concerts, participate in events, and explore custom worlds created by the community.
Metaverse Ecosystem: Epic is building an ecosystem that integrates its various products and services, offering a comprehensive solution for creating and experiencing the metaverse.
Impact
Epic Games is leveraging its technological prowess and creative vision to shape the future of the metaverse. By combining powerful development tools with a vibrant social platform, Epic is creating a dynamic and interconnected digital universe.
7. Readyverse Studios
Readyverse Studios, a collaboration between Futureverse and Ernest Cline (author of Ready Player One), aims to bring the world of Ready Player One to life with “Open”, creating an immersive platform that blurs the lines between fiction and reality.
Key Innovations
Integrated Experiences: Readyverse Studios offers a third-person battle royale experience that combines physical and digital realms, allowing players to explore familiar environments and engage in thrilling competitions.
Exclusive Content: The platform features exclusive skins, items, and events that enhance the immersive storytelling and gameplay.
Community Focus: Readyverse Studios emphasizes community-driven experiences, encouraging users to participate and contribute to the evolving narrative.
Impact
Readyverse Studios is set to revolutionize the metaverse by offering a unique blend of immersive storytelling and interactive gameplay. Readyverse Studios is creating a new standard for virtual experiences, where fiction and reality seamlessly intertwine.
Challenges and Opportunities in the Metaverse
As these companies push the boundaries of what is possible in the metaverse, they also face significant challenges and opportunities:
Technological Advancements
Hardware and Infrastructure: High-quality metaverse experiences require advanced hardware and robust internet infrastructure. Companies must continue to innovate in these areas to ensure widespread accessibility and adoption.
Interoperability: Creating a seamless metaverse experience requires interoperability between different platforms and technologies. Standardization and collaboration are key to achieving this goal.
Privacy and Security
Data Privacy: The metaverse involves the collection and processing of vast amounts of personal data. Companies must prioritize data privacy and security to build user trust.
Cybersecurity: As the metaverse grows, so do the potential threats. Companies must invest in cybersecurity measures to protect users and digital assets.
Economic Models
Monetization: Developing sustainable economic models is crucial for the growth of the metaverse. Companies must find ways to balance profitability with providing value to users.
Digital Ownership: Defining and protecting digital ownership rights is a complex issue that requires innovative solutions and regulatory frameworks.
Conclusion
The metaverse is an exciting and rapidly evolving digital frontier, driven by the efforts of pioneering companies. These companies are not only creating immersive and interactive experiences but also addressing the challenges and opportunities that come with building a new digital reality.
The metaverse promises to revolutionize the way we work, play, and interact. But will it deliver? Is it just hype? By continuing to innovate and collaborate, these companies are shaping a future where the digital and physical worlds seamlessly converge, offering endless possibilities for creativity, connection, and exploration. The journey into the metaverse has just begun.
Disclaimer
The information contained herein has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial, legal, or investment advice. Wirex and any of its respective employees and affiliates do not provide financial, legal, or investment advice.
The value of cryptoassets may fluctuate significantly over a short period of time. The volatile and unprecedented fluctuations in price may result in significant losses over a short period of time. Any Cryptoassets may decrease in value or lose all its value due to various factors including discovery of wrongful conduct, market manipulation, change to the nature or properties of the Cryptoasset, governmental or regulatory activity, legislative changes, suspension or cessation of support for a Cryptoassets or other exchanges or service providers, public opinion, or other factors outside of our control. Technical advancements, as well as broader economic and political factors, may cause the value of Cryptoassets to change significantly over a short period of time.
Content not intended for UK customers.
