A more inclusive metaverse driven by Meta, Microsoft and Alibaba?

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Several metaverse heavyweights have decided to form a group called the Metaverse Standards Forum. Goal: to promote the emergence of standards aimed at aligning the virtual worlds of these companies.

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Will it ever be possible to easily switch between universes in the metaverse? In any case, this is the intent of an initiative of several players in this nascent industry, who have decided to create a group called the Metaverse Standards Forum. The goal: to promote the development of standards aimed at aligning the virtual worlds of these companies.

Among the founding members we find notably Adobe, Alibaba, Epic Games, Huawei, Ikea, Meta, Microsoft, Nvidia, Qualcomm or Sony. The World Wide Web Consortium and Web3D Consortium are also stakeholders in this initiative, which aims to address the lack of interoperability that hinders the deployment of the metaverse. The group’s first meetings are scheduled for July 2022.

Apple, noticeably absent

On the other hand, no trace for the moment from Apple, which is nevertheless working on a virtual reality helmet expected in 2023, or from platforms already advanced in the metaverse, such as The Sandbox, which relies on the blockchain and its decentralized nature to hold out. However, things may change, the consortium indicates that any organization working directly or indirectly in the construction of the metaverse can participate for free. A speech that reflects an evolution towards more inclusiveness in the position of Meta, who has taken the media space in recent months.

Not content with rebranding itself as Meta last year to mark its shift to this parallel world, Facebook’s parent company isn’t skimping on the resources to establish itself as a global leader in this market, its division dedicated to virtual reality and the metaverse has already gobbled up $13 billion in just fifteen months. Mark Zuckerberg has set himself the goal of welcoming a billion people to the metaverse by the end of the current decade, the horizon on which this parallel world, considered the “future of the Internet,” could become profitable, the boss said. from the social media giant.

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Building an open and inclusive metaverse at scale requires a constellation of open interoperability standards.

Metaverse Standards Forum

With broad support, the Metaverse Standards Forum will seek industry-wide collaboration to define and align the requirements and priorities of Metaverse standards. “Several industry leaders have stated that the metaverse’s potential would be best realized if it is built on a foundation of open standards. Building an open and inclusive metaverse at scale requires a constellation of open interoperability standards.”says the organization.

In this context, the Metaverse Standards Forum, organized by the Khronos group, will be present to carry out projects such as prototyping tests, hackathons or even the deployment of open source tools, to accelerate the adoption of standards in the metaverse. The challenge is immense, as the sector is at the confluence of different domains such as interactive 3D graphics, virtual and augmented reality, digital twins, geospatial systems, the online economy, gaming or e-commerce, which must be seamlessly integrated into this real – world digital double achieve “new levels of scale and immersion”

A $5 Trillion Market by 2030

Market still in its infancy, the metaverse should bring in $5 trillion by 2030, according to a report by McKinsey. In this document, the US firm reveals that corporates, venture capital firms and private equity funds have already invested more than $120 billion in the sector since the beginning of the year, more than double the $57 billion invested in all of 2021.

It must be said that expectations are growing. 95% of executives surveyed by McKinsey believe the metaverse will positively impact their industry within five to 10 years, and 31% say it will fundamentally change the way their industry works. From a financial perspective, a quarter of executives believe the industry will generate more than 15% of their organization’s revenue in the next five years. According to a Gartner study, by 2026, one in four people will spend at least one hour a day in the metaverse.

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