The metaverse is much more than a gaming platform—or at least it will be. Billion-dollar investments are being poured into this reimagination of our digital world by huge companies like Meta Platforms, Inc., Microsoft Corporation and Alphabet Inc. So, what value do they see in the metaverse?

The Future of the Metaverse

In 2021, the global metaverse market was valued at $209.77 billion. It is expected to grow to $716.5 billion by 2027—a compound annual growth rate of 22.7%. Other reports claim the generation of $5 trillion by 2030.

So, what’s the appeal? Why is the value of the metaverse so high for all of these big tech companies to devote so much time and money to it?

Our physical world presents many limitations—monetarily, physically, authoritatively, etc. The metaverse offers ways to travel the world without leaving your home, ways to communicate with others in a life-like setting and ways to be yourself without conforming to projected ideals. The combination of all the latest technologies shaping the 21st century allows a once fictional idea to become a reality: virtual reality, augmented reality, 4D audio and eye-tracking all give it that life-like resemblance.

There are opportunities to break the barriers of the world as we know it. Cities can be reimagined with better infrastructure and public service offerings. Access to education, healthcare and employment is possible within this universe.

Those working to provide a twin world aim to make it decentralized. No single group of people will have majority ownership of the metaverse—allowing the idealistic standards to never be at risk.

Working on the Metaverse

This concept of a decentralized online area in which the possibilities are endless is not new. A company called Linden Lab is known for creating Second Life, an online multiplayer game launched in 2003. This platform is a simplified version of the metaverse in which a player creates an avatar and can explore the online world while interacting with other players. It even has digitized currency.

Another company in the virtual space is Pixowl, which designed and created a popular mobile game called The Sandbox. Within this, players create their own virtual worlds and have the opportunity to monetize their creations—called NFTs—using their digital currency: SAND.

There is a plethora of tech companies that recognize the value of the metaverse and want their technologies to be recognized for its creation. Matterport, Inc. is joining the metaverse by way of digitizing the physical world. They are a spatial data company that offers a 3D platform for the design, operation, promotion and understanding of spaces. In collaboration with Meta Platforms, the largest-ever dataset of one thousand high-resolution 3D indoor spaces was built. It is based on real environments.

There are plenty of other companies with similar goals in mind. Roblox Corporation focuses on player interactions throughout the metaverse. Unity Software Inc. is working with Insomniac Events to coordinate virtual music festivals—in a few years, you’ll never have to miss a performance by your favorite artists. The options within the metaverse are endless!

Change is Near

These options may not be available yet, but with the money being poured into the metaverse’s creation, these updates will come quickly. The value of the metaverse is already high, and growing exponentially.

We cannot predict how ingrained the metaverse will become once entirely created and implemented into society. If previous trends have taught us anything, we’d suppose that the world will change course.

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