Metaverse is a new trend promising to set the bar for conventional games and business practices higher. Approximately 26% of adults in the US regard the metaverse as the future of technology and the next major milestone.

Metaverse market Statistics

It’s interesting that the term “metaverse” was used for the first time by the American writer Neal Town Stephenson back in 1992. In his novel “Snow Crash,” Neal detailed how computer-powered lasers form 3D images of virtual environments. This concept became the prototype for modern-day metaverses.

Let’s find out how to create a metaverse, what advantages it can bring for your business, and how much it costs.

 

What Is a Metaverse and How Does It Work? 

A metaverse is a network of 2D/3D environments in which users can interact in multiple ways through their social avatars. Virtual environments (VR) are accessed via VR headsets or more conventional devices such as computers or mobile phones. It enables users to navigate the metaverse using eye movements, feedback controllers, touch screens, and keywords complemented with mouse controllers. Dynamic VR spaces can be used for entertainment, work, meetings, social interactions, etc. 

Apart from VR, the metaverse has another integral part — the blockchain. This technology enables the protection of digital assets in VR. Blockchain integration also supports the incorporation of NFTs, cryptocurrencies, and other niche-specific features into a metaverse app or game.3д

 

How to Build a Metaverse Virtual World?

Metaverse development

The development of metaverse has some similarities with conventional game creation. Yet, the specificity of the project sets additional requirements, such as interoperability, interactivity, and security. The blockchain integration adds another layer of complexity.

Here are the steps required for the development of a metaverse virtual world:

Step 0: Metaverse Pre-Production

Before even starting to implement a metaverse, it should be properly planned. This is when you write the documentation, outline the vision and goal of the product, preplan UX/UI concepts, determine the visual style, etc. 

Step 1: Select a Metaverse Platform

After pre-production, you need to decide on the metaverse platform you will use. Facebook Meta is one of the examples of successful options for metaverse developers. It is also popular enough to generate enough users for your end-game solution.

Conversely, you may opt for developing your own metaverse platform. This option is ideal for custom virtual realities that have unique requirements.

Step 2: Create the Metaspace

Next, you should proceed with designing the metaspace itself. It can come in multiple forms: an app, a virtual meeting room, a VR home theater, even a whole city. Each form will entail its own set of features. To design a full-scale 3D space and develop the virtual reality environment, you’ll need the help of developers specializing in this niche. 

Step 3: Construct an Interaction Layer

In your metaspace, users should be able to interact with the elements of the virtual environment and each other. The interaction layer will define user control options, access criteria, navigation methods, means of communication, etc. 

Building an interaction layer also includes the use of third-party tools. For one, you may integrate a Zoom API into the metaverse to ensure that users can communicate with each other. External output devices, such as VR headsets, smart glasses, sensors, etc., can be integrated with the metaverse by using the corresponding SDKs. 

Step 4: Add an Interoperability Layer

The interoperability layer is what supports operational processes such as data exchange and sharing between different virtual environments. The data and digital objects should be freely transferable between users and spaces to ensure a real-life-like feel. Just like people in the real world can visit different places and take objects from one place to another, their avatars in the metaverse should be able to do the same.  

Step 5: Determine Standards and Protocols

To ensure that a metaverse is truly interoperable and equally accessible to all the owners, incorporation of standards and protocols is due. 

Several model standards should be used to ensure proper metaverse functioning. These are protocol, identity, locator, and currency standards, each performing its own role in ensuring user interaction and interoperability.

Other standards include media (like Pixar’s Universal Scene Description for creating 3D data) and programming standards (like WebAssembly, WebXR, WebGPU Shader Language, etc.).

Determining the standards to meet and protocols to follow is vital for every metaverse project. Since the concept is still in its nascent stage, these protocols are currently being developed — a Metaverse Standards Forum has been recently launched for this exact purpose.

Step 6: Add Content to Your Metaverse 

The content layer of a metaverse is where your imagination can see no limits. Assets, activities, objects — all these belong to the content of your metaverse. For example, the interior of a virtual room or virtual avatars belongs to the content layer playing virtual games under their owner's control.

Metaverse Development for Various Industries 

Metaverse Development Statistics

Contrary to popular belief, metaverse solutions are not limited to the gaming and crypto industries. Here are the niches metaverse game studios serve:

  • Entertainment. In the metaverse, you can visit virtual concerts or exhibitions, interact with AI-driven avatars, participate in competitions, and more.
  • Gaming industry. Metaverse gaming is a well-established niche offering immersive experiences for thousands of players.
  • Real estate. Metaverse projects like The Sandbox offer virtual real estate options that can be bought and sold just like their real counterparts. 
  • Corporate. Virtual environments offer advanced training and collaboration opportunities.
  • Social interaction. Metaverse offers new ways of communication and socialization without the need for physical presence.
  • Education. Similar to employee training, virtual environments offer new learning approaches and immersive online activities.
  • Economy. Digital assets can serve as a real means of exchange, impacting the global economy directly.

Metaverse developers are greatly needed for businesses in these and many other industries.

Advantages of Metaverse Business 

Metaverse development can significantly advance any business toward engaging more users and, as a result, willing buyers. Here are some of the business advantages of the metaverse:

  • AR/VR environments, virtual goods, and gaming experiences will give you a competitive edge and help reach your target audience more successfully. 
  • A virtual conference or live show in the metaverse will turn a boring Zoom video into an immersive VR experience, which can mean lots of impressed investors, partners, and clients. Concert halls, galleries, and museums can also benefit from this option, offering live concerts and showcasing art pieces in the virtual world. 
  • With various real estate options available in the metaverse, you can open virtual stores, display your products there, and have your customers check them out using VR technology. 
  • Metaverse will allow you to enhance your advertising activities by transforming storytelling into “storyliving,” where your audience will act as participants as opposed to listeners. 
  • The metaverse and cryptocurrencies are closely connected, and your business can benefit from the transparency and affordability of crypto transactions.

Basically, a business with a metaverse is already a few steps ahead of its competitors.

Metaverse Gaming Statistics Growth Expectations

Metaverse Statistics gaming

The gaming industry has gradually increased in its market size over the years. The tendency remains unchanged, but the contribution of the Metaverse to it becomes more and more meaningful. 

The market size equaled solid $274 billion as of 2020 and is expected to exceed $400 billion in 2024 already. The statistics show that in-game sales and ads combined together make up roughly 70% of the current market. Consequentially, the virtual realm is likely to constitute 50% of the entertainment business or $200 billion roughly, emphasizing the importance of metaverse development.

Besides, 3D VR contributes to the Gaming industry in several other ways. As such, it is expected to multiply the market of AR/VR hardware by nearly nine times, to $40.6 billion from $4.7 billion, by the year 2024. In-game ads, game hardware, and software & services markets also experienced positive growth due to metaverse impact.

Cost of Creating a Metaverse Virtual World

Metaverse and NFT development pricing is formed based on the standard metrics — the rates of developers involved multiplied by the number of hours spent. From a development perspective, a metaverse project is similar to a game or app. It requires a designer, a backend programmer, VR developers, cloud engineers, blockchain and marketing specialists, etc.

If the metaverse virtual world is a DIY project, it may cost a few thousand dollars you will spend on different licenses, blockchain integration, etc. If you need to hire a development team, it may cost anywhere from $30,000 to as much as $1-2 million. 

While a metaverse project may seem to be costly, some real-life examples show that it is totally worth the trouble. A world-famous metaverse — The Sandbox — already sold 70% of its 155,000 parcels of land. In 2022, the total sales of digital properly on the market reached $500 million, which is quite impressive.

Why You Should Outsource Metaverse Solutions 

Here are the reasons why outsourcing is the way to go in metaverse development:

  • Reduction of upfront costs. By outsourcing, you eliminate expenditures on hiring specialists, equipping a studio, and many others. 
  • Reduction of licensing costs. Since the work is not done by your in-house team, you’re subject to no software licensing expenses. 
  • Saving time. By requesting services from a trusted provider, you receive a complete team controlled professionally by their project managers. You do not have to perform management tasks yourself. 
  • Flexibility. You do not have to hire a full-time team: you can pay only for the time of specific specialists that you need for your exact number of tasks. You also do not have to worry about losing one of your specialists in the middle of the project. 
  • Niche-specific expertise. Once you decide to outsource your project, you may choose among multiple providers offering metaverse services. This way, you can find one with substantial experience specifically in your niche. 

Outsourcing your metaverse project may be the right call for you if your goal is cost- and time-efficient development with high-quality outcomes.



iLogos Metaverse Development: Company Benefits

Metaverse development company

iLogos is a market-leading game development and metaverse studio that excels in the creation of metaverse solutions. Here are some of the benefits you can take full advantage of by requesting our services:

  • Product expertise. We offer solutions that no one else does due to our vast experience in game development. We do not just complete Jira tasks — we proactively generate and bring the best ideas to life together with our analysts and game designers. 
  • Extensive knowledge base. Over the course of our existence, which is more than 14 years of successful operation on the market, we have worked with multiple development pipelines and can always offer a perfect-fit solution to our clients. 
  • Not just a head count. We do not just offer human resources — we offer complete solutions based on our unique expertise. 
  • Strict quality assurance in place. Among all European game vendors, we feature the most scrutinized approach to testing our digital solutions.

And let us showcase several of our successful projects in metaverse development:

  1. Tiny colony. It is an expansive pixelated metaverse and a simulation game developed for the Solana blockchain. This NFT game development project required the work of our complete team, including producers, game designers, level designers, animators, front-end and back-end developers, QA engineers, and more. The metaverse is still under development but already showing promising results.
  2. The Rumble Kong League. It’s an NFT collection comprising more than 10,000 unique tokens falling under the trends of CryptoPunks, Bored Ape Yacht Club, and others. Collectibles, avatars, algorithmic gameplay, and other blockchain and gaming features were incorporated into this project. 
  3. BitBrawl. It’s a skill-based, online PVP game based on the Solana blockchain. This NFT project offers competition with real players and P2E rewards. 

Allow a trusted metaverse development company like iLogos to create just the virtual space you need.

Want to develop a Metaverse? Ensure its success with iLogos team!
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FAQ

Why Do You Need a Metaverse?

It’s a brand new way of showcasing and selling products and service lines, which is proving highly effective. Moreover, it is a new way of building social relationships that do not depend on a user’s physical presence. Developing or using a metaverse project can be beneficial for any user or company. 

How Long Does It Take to Create a Metaverse?

The answer heavily depends on project requirements, its innovativeness, the tech stack involved, the number of developers, the amount of content needed, and many more factors. The creation of a working prototype may take from several months to up to 2-3 years. 

How to Create a Metaverse Mini-Game?

You should choose a metaverse platform, create a virtual room, add third-party tools, add means of data exchange and sharing, and fill your game with the content by using a gaming framework.