As we step into a new era of borderless digital connectivity, the Metaverse offers users a chance to step into a ‘virtual world’ without any constraints. Currently, over 160+ Metaverse companies are working to harness the full potential of the Metaverse.
Since the Metaverse is an emerging technology, there are numerous opportunities available for companies to contribute to enhancing the virtual world. The Metaverse market size is expected to grow to up to $5 Trillion by the year 2030.
With large companies such as Meta and Microsoft committing themselves to create technologies that can help transform the virtual world, the future of the Metaverse seems very exciting.
What Is The Metaverse?
The Metaverse has been referred to as “the future of social media” by Mark Zuckerberg. It aims to provide users an opportunity to socialize, work, interact with engaging environments, shop, and explore virtual worlds. Virtual Reality (VR) and Augmented Reality (AR) play a major role in making the entire Metaverse experience immersive and interactive, which is why there are many companies such as Meta working on creating the best VR hardware for users.
There are several different metaverses currently being built by different companies, such as Decentraland, Sandbox, and the Pavia. Each metaverse provides its benefits such as 3D Creators, in-built marketplaces, the ability to host events, and much more!
What Is a Metaverse Company?
A metaverse company is a business that focuses on creating and managing virtual worlds, usually for the purpose of entertainment or education. These companies often develop the necessary software and hardware to make their virtual world accessible to users. In many cases, they also create and maintain the content within these digital environments.
For example, companies working on Metaverse can focus on developing VR hardware, creating new platforms, creating virtual marketplaces, establishing data security, creating 3D modeling tools, and much more!
The Metaverse is much more than just a space to interact with other users; Metaverse companies are endeavoring to establish a full-fledged virtual economy. Users can utilize ‘avatars’ to move around the Metaverse and explore different ‘virtual worlds.’
List of The 7 Best Metaverse Companies
Several companies are working within the Metaverse space to facilitate providing solutions for users. Here are some of the top ones:
Formerly known as Facebook, Meta’s CEO Mark Zuckerberg announced their commitment toward “the future of social media” in October 2021. This metaverse company rebranded itself to ‘Meta’ to signify its strategic plan to create their own Metaverse to change the way users interact, work, play, and shop online.
The announcement generated massive awareness for 3D virtual worlds and many individuals and businesses began exploring the vast potential that this digital realm provides. Facebook has been planning this for quite a while, as demonstrated by their purchase of Oculus back in 2014.
The Meta company has now braced for some difficult years ahead as they focus on developing affordable headsets and an immersive virtual world. Amidst large losses, Mark Zuckerberg has stated that Meta will lose a lot more money before they’re able to complete everything they’ve aimed to do for the Metaverse.
Meta is definitely not the only Metaverse company working in this space, as they have plenty of competitors who have already made significant headway into the Metaverse space. For example, Sandbox company has already generated massive interest from users and celebrities alike.
There is also plenty of research being done within the hardware space, where Meta is working on robotic ‘skin’ that utilizes sensors to provide feedback to users when they interact within the Metaverse. This is a strong indicator of the incredible potential that this Metaverse company has to offer!
Microsoft is another tech giant that has set its eyes on leading the next digital revolution. With their focus on “mixed reality,” Microsoft aims to utilize its HoloLens to combine AR with real-life applications.
This has now been applied to several industrial use cases as well; for example, Kawasaki has now partnered with Microsoft to utilize their industrial Metaverse to allow factory workers to utilize HoloLens to help build robots and manage supply chains.
Microsoft launched its HoloLens back in 2016, which helps users experience AR in real-world settings. The concept of industrial metaverses is relatively new. It is still evolving, but with the HoloLens, factory workers can interact through visual cues to perform tasks such as repairs and more.
Microsoft also recently acquired Activision Blizzard for around $70 billion, with Microsoft CEO Satya Nadella stating that Activision Blizzard will help Microsoft build their Metaverse. Activision Blizzard has released some iconic games over the years, such as Call of Duty, Diablo, Candy Crush, Warcraft, and many more.
Decentraland is a Metaverse platform that provides users with access to tools to shape their virtual experiences. The platform is decentralized, which means that no user data is held by third parties. Users create their own customized avatars, which allow them to explore the different landscapes that this platform has to offer.
Decentraland has also gained recent popularity due to celebrities such as Paris Hilton performing in festivals within the virtual space. The community-led platform allows users to purchase virtual ‘land’ to shape their own experiences.
Users can host parties, rent out spaces, build skyscrapers, and more! Decentraland utilizes ‘MANA’ as its in-game currency, which can be traded out for other forms of virtual currency on crypto exchanges.
Decentraland also offers an in-built marketplace where users can list their creations and sell them to earn money. It is also widely known for its valuable virtual real estate. Real estate in the Metaverse is gaining a lot of popularity amongst investors, with land in Decentraland being sold for as high as $3.5 million.
NVIDIA is a very prominent company within the gaming industry, widely known for its graphical processing units. However, the company has also been making big waves in the Metaverse market by gearing up to make a tool to facilitate 3D creations.
NVIDIA’s ‘Omniverse’ offers developers a chance to collaborate on 3D models by enhancing communication and productivity. This tool helps foster innovative creations by providing a framework to create Metaverse-related materials.
Many Metaverses companies are utilizing NVIDIA’s Omniverse to create digital assets, avatars, virtual environments, buildings, and much more. These companies include Kroger, PepsiCo, Amazon, and many more. Omniverse enables these metaverse companies to develop immersive experiences for their target audiences.
NVIDIA also launched NVIDIA OVX, which allows companies to run intricate simulations within the Omniverse. This enables developers, engineers, and strategists to create 3D simulations of real environments.
Unity is a very prominent name in the gaming industry, where it has helped bridge technology gaps across various games for developers alike. With thousands of developers preferring the Unity engine over other competitors, Unity has now enabled developers to create immersive, interactive experiences to connect with users in the Metaverse for any industry.
This Metaverse Company offers a wide variety of tools for developers to utilize to create software solutions to monetize 3D and 2D content for the Metaverse. It is also preferred by developers due to its native C# programming, which is widely known by most developers. Its ease of use is what makes it a preferred option over competitors such as Unreal Engine.
Examples of Metaverse-based Unity games include Fantasy World and Bomb Crypto, which allow users to explore different metaverses according to the game’s storyline. For example, Bomb crypto enables users to control superhero avatars to complete campaigns and earn prizes. A major incentive of this game is that it rewards users with NFTs to simply play the games.
With the ability to create VR/AR games using Unity, this Metaverse Company is going to play a pivotal role in shaping the future of the metaverse.
The Sandbox Metaverse has gained a lot of popularity in recent years, with celebrities such as Snoop Dogg creating their own metaverses within the game to connect with their audience. ‘Snoopverse’ was also recently featured in Snoop Dogg’s recent music video ‘House I Built’, with the rapper showing off his virtual mansion within the Sandbox Metaverse.
This Metaverse platform allows users to create their own 3D virtual assets using an in-game 3D editor called VoxEdit. After creating unique assets, users can list them on the in-game marketplace, thus facilitating creator monetization.
Similar to Decentraland, the virtual real estate market within the Sandbox Metaverse has also gained a lot of traction. For example, an investor purchased the ‘LAND’ plot next to Snoop Dogg for $450,000. The game utilizes ‘SAND’ as its Metaverse currency, which can be swapped out for other forms of currency on online crypto exchanges.
Another very popular metaverse gaming platform, Roblox, aims to facilitate the creation of a creator economy by allowing users to create their own virtual spaces. The platform has gained a lot of popularity in the past few years, where players are allowed to utilize avatars to explore different spaces and enjoy various games.
There have also been several festivals organized within Roblox, such as the Electric Daisy Carnival (EDC) in 2021. Users have been able to fully immerse themselves into the game, and with a wide variety of games catering to almost every demographic, the platform has gained over 37 million daily active users.
Big name brands such as Nike have also decided to build their own metaverses within the platform. ‘Nikeland’ offers users the chance to take part in sports-related games, explore the latest Nike collections, and purchase items for both the virtual and real-world spaces.
What Do The Best Metaverse Companies Work On?
The primary objective of the best Metaverse Companies is to contribute towards enhancing the user experience for the digital world. There are various fields that Metaverse-related companies are currently working in. These include:
Building Immersive Metaverse Hardware Solutions
While Meta currently dominates the VR headset market with their MetaQuest2, several other companies involved Metaverse are working on creating hardware for the Metaverse, such as Samsung, HTC, Sony, and more!
The current primary goal of these companies is to create lighter VR sets at affordable prices to enhance customer experiences online. The AR space is dominated by Microsoft’s HoloLens, Apple, Google, etc.
The role of hardware is not limited to just VR/AR headsets; these Metaverse Companies are also working on incorporating haptic feedback through sensors for when users interact with objects in the Metaverse. Incorporating sensory feedback enables users to have a completely immersive experience.
For example. Meta is currently working on robotic skin that works with sensors and AI to provide feedback whenever a user touches anything in the virtual world. These devices help blur the lines between the virtual world and the digital world, which is what makes the Metaverse so attractive.
Metaverse hardware can be split into 2 further subcategories. These include:
- Visual and Audio Hardware: VR/AR headsets are being worked on by various companies such as the ones mentioned above. Metaverse Companies are working on improving user experiences by creating high-quality optic displays and working on creating lighter headset designs.
- Wearable Sensors: Sensors are going to play a huge role in enabling users to interact fully with their virtual surroundings. These sensors would need to be worn by users, and while this technology is currently still in development, users can still currently experience haptic feedback through controllers.
- Creating Interactive Virtual Worlds: Metaverse Companies are continuously working on creating and improving virtual spaces for users. There are several companies such as Sandbox, Decentraland, and more that are already very well known. Metaverse Companies working on these platforms aim to create an interactive virtual world that allows users to interact, create 3D NFTs, sell digital assets on inbuilt marketplaces, and much more.
These virtual worlds offer users a chance to fully immerse themselves and attend virtual events such as concerts, fashion shows, and more. By incorporating an in-game economy, these Metaverse Companies have created several opportunities for users to earn and be involved in building the Metaverse to its full potential.
Creating 3D Metaverse Software
The Metaverse is meant to be an immersive 3D space, similar to our real-life world. Metaverse companies are working on creating robust software to allow for seamless 3D object creation. These 3D objects could be virtual landscapes, skyscrapers, or simple 3D avatars.
Companies working on Metaverse development such as NVIDIA and Unity are already working on creating solutions for developers to build real lifelike worlds. This software would enable Metaverse developers to easily create realistic landscapes and environments for end users.
Providing Data Storage for the Metaverse
Metaverses are vast, rich virtual worlds with a lot of 3D-designed objects that would require a large amount of data storage options. Undoubtedly cloud storage is the best option for Metaverses, which creates an opportunity for Metaverse companies to create customized storage solutions that would be able to fulfill the storage requirements needed for a large virtual space.
There would also be additional storage required by NFTs and other user-created objects such as Avatars. These could be stored on decentralized systems that are Blockchain-based. That way, these user digital assets could be stored securely, as no 3rd party would control the data.
Additional storage would be required for data generated by Metaverse users while interacting with businesses online. Storing this data is extremely important as it can facilitate future marketing strategies for businesses. For example, tracking eye movements while inside virtual stores could help businesses understand which product is generating more interest.
Providing Metaverse Connectivity
Exploring the Metaverse would require users to have access to a high-speed internet provider. This is due to the fact that the vast landscapes and environments would require a large amount of data to render.
Users will be looking for the best connectivity providers, and Metaverse companies such as Starlink are an excellent choice for fast-speed internet. This also creates an opportunity for other internet providers to step up and provide lightning-fast connectivity to be a part of this digital revolution.
Why Are Companies Getting Involved in Metaverse?
With the Metaverse set to change the way users interact online, more and more companies are looking for ways to get involved with the Metaverse. By incorporating virtual reality and augmented reality, the Metaverse has created many opportunities for businesses and individuals to earn online. Tech giants such as Meta, NVIDIA, and Microsoft have the talent and resources to revolutionize the “future of social media,” and several businesses are contributing toward making the concept a success.
There is still a long way to go for Metaverse companies to fully harness the potential that the Metaverse has to offer. Exciting feats such as playing table tennis online with a friend and relaxing by a pool, as shown in Facebook Connect, may still be years away. With the world’s largest tech companies collaborating to make this concept a success, the “future of social media” seems closer than ever before.