Imagine being in the comfort of your house, yet you are able to attend a meeting being held in your office. What about attending an event in any country of the world – from your house – without having to catch an exhausting flight. These are just a few use-cases that the metaverse offers. For those who don’t know, I’d tell briefly what the metaverse really is. Stay with me.
The metaverse is a 3D virtual world in the web3 blockchain space that works more like the universe we all know. It is a shared online space, combining physical, virtual and augmented reality. It is a space where no single person can make claims of ownership or control. At the moment, the metaverse is gradually becoming an integral part of our day-to-day lives as people can now study, work and game within the space. Blockchain technology, cryptocurrency, and NFTs serve as the foundation of the metaverse. According to a report by Brandessence Market Research, the global metaverse market was valued at $209.77 billion in 2021 and is expected to grow to $716.5 billion by 2027 at a compound annual growth rate of 22.7%. Some businesses in the tech space are massively investing in this new space because they see a future and a potential. In no particular order, below are a list of some of the big guys right now.
Roblox Corporation (NYSE:RBLX)
Roblox is one name that is seldom anonymous in the metaverse space. Roblox runs an online entertainment platform, which allows users to make friends, share experiences, bond over similar interests, and go on digital adventures together. They offer a free studio service that allows developers and creators to build, publish, and operate 3D worlds. The company’s Roblox Client enables users to explore 3D digital worlds created by other users. In addition to gaming, Roblox Corporation also offers Roblox Education which allows users to learn in a virtual space and maximizes user interaction with the interface. The content on Roblox is almost entirely user generated, the engine that powers the developer studio is provided by Roblox and developers/creators share in almost all the money that users spend on the platform. Roblox currently has a market Capitalization of $27.05 Billion and many consumer facing brands/content are partnering with Roblox to ensure a virtual presence.
Animoca is a gaming software and capital venture company based in Hong Kong. It was founded in 2014 by Yat Siu. It is a pioneer in digital entertainment, blockchain, and decentralized gaming. Their chain of enterprises include The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Bondly, Lympo, and Grease Monkey Games. Sandbox is what Animoca is most famous for. As of March 2022, The Sandbox reports having over two million registered users. Animoca Brands boasts an impressive portfolio of more than 150 investments in NFT-related companies and decentralized projects that are contributing to building the open metaverse, including Axie Infinity, OpenSea, Dapper Labs, Yield Guild Games, Harmony, Alien Worlds, and Star Atlas among others.
Matterport, Inc. (NASDAQ:MTTR)
Matterport, Inc. is a spatial data company that focuses on the digitization of the physical world. The company offers a 3D data platform to design, build, operate, promote, and understand spaces. This platform is known as the Matterport Digital Twins. With a market capitalization of $2.33 Billion, the company also offers solutions for real estate, photography, travel and hospitality, retail, insurance and restoration, industrial and facilities management, architecture, and engineering and construction industries. There’s been a collaboration between Matterport and Facebook since June 2021. The goal of this collaboration is to develop Meta Platforms, Inc.’s (NASDAQ:FB) AI simulation platform, Habitat, and to make robots and virtual AI assistants better understand how to navigate the physical world.
Meta Platforms, Inc. (NASDAQ:FB)
Facebook is the plug behind most of the popularity the metaverse is enjoying today. This happened when Mark Zuckerberg, the CEO of Facebook, announced that Facebook would change from a social media company to a metaverse company and that its name will become Meta. With a market Capitalization of $612.03 Billion, the company is dedicated to building the digital world and has been reported to have already spent $10 billion on the development of the metaverse. Most of the notable metaverse projects that the company has built includes Horizon Worlds, Horizon Workrooms, and the company’s cutting edge Oculus Quest 2 VR headset, the magic glasses that will make you a part of an immersive virtual experience.
Other prominent companies that are leading the innovation in building the metaverse are Alphabet, Microsoft, Nividia, Tencent, Unity Software, Autodesk, Qualcomm etc.