Not long ago, the world witnessed one of the biggest rebranding campaigns of the decade when the biggest social media platform decided to change its name to suit its ambitions for an emerging technology. If you have not been completely cut off the grid, you know we are talking about Meta, formerly known as Facebook.
When Mark Zuckerberg decided to change the course of its ventures, the world believed in the idea of Metaverse and a lot of projects emerged globally. From virtual shopping malls to metaverse cafes, everything was garnering space in the decentralized Web 3.0 space when the weather was nice and sweet and King Crypto was kissing its peaks.
Soon after, when the crypto winter came knocking at the doors, things got worse than bad for newborn projects and the Metaverse took the worst hit possible. The projects started dying out of funding, people shifted their focus towards the next big thing (LLMs) and the money started flowing outwards from the blockchain space.
Today when we stand at the brink of an about-to-end crypto winter, we are examining the current status of the metaverse and its potential during the upcoming Bitcoin bull run. And how can we possibly forget those projects that continue to build when things were as silent as they could be? So without further ado, let’s get started.
As per the data, companies operating within the Web 2.0 Metaverse hold a staggering market capitalization of around $14.8 trillion, reflecting the immense economic potential and investor confidence in this virtual space. Despite the vast financial scale, the user base for Web 3.0 virtual worlds remains relatively modest, with approximately 50,000 users engaging with these next-generation platforms.
This suggests that while the concept is still in its nascent stages, there is a growing curiosity and a foundational community being established. In the United States, the interest is palpable, with 12% of internet users expressing a keen interest in exploring and utilizing the Metaverse as of March 2022. This interest is indicative of the Metaverse's potential to reshape online interactions and experiences, pointing towards a future where digital and physical realities increasingly converge.
Despite a decline in the popularity of the Metaverse trend, the technology is far from dead and some leading projects are still building in silence. Here is a list of companies which are venturing into the Metaverse and continue to build while the trends seem to fade away in the mainstream.
Meta (Formerly Facebook)
Meta, led by CEO Mark Zuckerberg, is heavily investing in creating a comprehensive metaverse experience. Their vision includes virtual reality (VR) spaces where people can interact, work, play, and socialize in a fully immersive digital environment.
Leveraging its Oculus VR technology, Meta aims to blend social networking with advanced VR, offering a platform for virtual meetings, gaming, and social interactions, creating an interconnected digital world.
The rebranding of the social media giant had brought in a major pivot point for its development with some of the leading tech magazines such as Verge labelling the step as irreversible for Zuckerberg.
Apple
Apple, while typically secretive about future projects, is rumoured to be developing its own metaverse venture. Speculation suggests they are focusing on augmented reality (AR) and mixed reality (MR) technologies.
This venture may integrate with their existing ecosystem of devices and services, potentially offering a seamless, user-friendly metaverse experience. Apple has also announced its Vision Pro AR/VR devices which are seen as a stepping stone for the brand to enter the premium metaverse experience market.
Apple's approach is expected to emphasize privacy, quality, and integration with everyday life, possibly changing the way AR and MR are used in personal and professional spaces.
Decentraland
Decentraland is a decentralized virtual world powered by the Ethereum blockchain. In this virtual world, users can buy, sell, and build on virtual land parcels, creating an economy based on digital real estate.
It's a user-owned platform where participants can create experiences, games, and social spaces. Decentraland offers a VR experience where digital assets are owned as NFTs, providing a unique blend of gaming, e-commerce, and digital ownership, making it a prominent player in the blockchain-based metaverse space.
Decentraland is one of the OGs in the Metaverse space and despite the fizzling out of the Metaverse saga, Decentraland is one of those projects which still continues to build the project. Decentraland’s native token is named MANA and currently trades at $0.443 per token.
The Sandbox
The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences using the Ethereum blockchain. The Sandbox focuses on user-generated content, allowing users to create and trade virtual assets.
In The Sandbox, players can create digital assets as NFTs, develop interactive games, and engage in a virtual economy. The platform combines elements of decentralized governance with gaming, creating a unique ecosystem where players have a significant stake in the platform's development and direction.
The Sandbox has its own token named SAND which is currently trading at the price of $0.43 apiece.
Axie Infinity
Axie Infinity is a blockchain-based game that has elements of a metaverse. It's centred around collectable digital pets called "Axies," which players can breed, raise, and use in battles. The game operates on the Ethereum blockchain, allowing players to truly own their Axies as NFTs.
It has a robust economy where players can earn blockchain’s native token AXS through gameplay. AXS is a solid crypto token that is valued at more than $6.41 a piece. Axie Infinity stands out for integrating blockchain technology with gaming, creating a play-to-earn model that has gained significant popularity in the crypto and gaming communities.
The Metaverse is on the cusp of substantial expansion, with projections indicating that its market value could surge to $936.57 billion by the year 2030. This growth trajectory is underpinned by the confidence of technology experts, 68% of whom anticipate a boom in the Metaverse within the next half-decade.
This optimism is not unfounded, as specific sectors within the Metaverse are expected to experience substantial growth. For instance, the virtual fitting room market, which allows consumers to try on clothes virtually, is predicted to grow to a $13 billion industry by 2028.
Moreover, the broader field of extended reality (XR), which encompasses virtual reality (VR), augmented reality (AR), and mixed reality (MR), is also forecasted to witness a significant increase in market size, reaching $252 billion by 2028.
This suggests a future where immersive digital experiences become commonplace, extending beyond gaming and entertainment into practical applications in retail, real estate, and beyond. The Metaverse's potential seems boundless, with these projections painting a picture of a rapidly maturing domain that could redefine how we interact with technology and each other in the digital world.
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