Over the course of a year, the number of companies working on the metaverse has grown from 200 in July 2021 to more than 500 today. This is according to a report by market researcher Newzoo on the metaverse.
A year ago, many people could presumably say they had never heard of the metaverse. But after the pandemic we saw an explosion in the demand for virtual living† And today just about every major technology company, brand, influencer and game company get involved in the metaverse† According to the Dutch market researcher Newzoo, more than 500 companies are building the metaverse.
The Newzoo report indicates that the digital shopping sessions in the store will likely become more realistic and mainstream as XR and VR technologies evolve. Mihai Vicolhead of metaverse at Newzoo, said interest in the technology is growing as natural successor to the internet Web2†
Newzoo explained that the transition from Web2 to Web3 decentralization of the technological economy. And that will be the . change how brands interact with users and technological intermediaries. The same goes for the way consumers experience life, work and entertainment.
According to Mihai Vicol presents the evolution of simulated 3D worlds a huge opportunity for brands, with a transition from diffuse physical spaces to virtual worlds. It gives them a chance to reach a mass of hard-to-reach users through other forms of advertising.
Newzoo remains optimistic about the success of the best NFT projects
By 2021, NFTs will have become a multi-billion dollar market. But they suffered a crash alongside the cryptocurrency market, due to fears of a global recession. Coin Valuations and Public Interest decreased in recent months† But Newzoo stays optimistic about the success of the best projects† The report examines key trends in the metaverse and blockchain space.
The report also notes that the industry has not agreed on a single metaverse definition† Epic Games CEO Tim Sweeney called it a real-time 3D social media where people can create and participate in shared experiences as equal participants in a social impact economy. Newzoo describes it more like youn interconnected and interoperable network of persistent virtual worldspopulated by a large number of players communicating with each other through 3D digital avatars.
Metaverse, Blockchain and Cryptocurrency
Newzoo’s metaverse head thinks blockchain games will only grow if the best developers are launched entertaining high-end games† If they want to succeed, games must find a new utility for NFTs† Only then will they appeal to crypto investors and attract traditional players† Collector card games like Gods Unchained may have found the right tool for NFTs, according to Vicol.
“You must have a sustainable ecosystem† And in 90% of crypto games, I don’t think that’s been the case,” Vicol said. ” I believe that sustainable blockchain-based economies can be built in six months or maybe two years. But we’re not there yet.”
It is also not clear whether the metaverse also needs cryptocurrency to succeed† Gabby Dizon, CEO of Yield Guild Games, predicts that we 10 million crypto wallets this year† However, the cryptocurrency faces challenges, with Bitcoin dropping to less than half of its recent value.
The future of the metaverse is not necessarily linked to the success of blockchain games
Vicol did not say when he expects blockchain games and the metaverse to reach the mainstream.
“The real question is whether if people actually play these games said Newzoo’s metaverse manager. “It’s too early to say. You can throw billions and billions into the industry. And you could at least get some decent games that will be played by millions of players … I really don’t think the future of metaverse is necessarily linked to the success of blockchain games”†
He added: “It is an ongoing question whether you need a blockchain to create an open metaverse. There are people on both sides of the argument. But I think titles like Roblox or Fortnite have shown that you don’t need blockchain †
Vicol thinks it is necessary shared standards for the metaverse to get the whole platform off the ground. It sees brands engaged in virtual real estate and virtual world applications such as: Decentraland and the sandbox† These worlds do not have many users, but are also in a very early stage of development.
Newzoo did not make its own prediction for the income associated with the metaverse or its possible value. “So we don’t have metaverse revenue estimates yet, but we’re looking at enabling the estimates,” he explained.