A report on companies working in the metaverse

Within a year, the number of companies working in the metaverse increased from 200 in July 2021 to 500 today. This is according to a report by market researcher Newzoo in the metaverse.

A year ago, many people would probably say they had never heard of the metaverse. But after the pandemic, we saw an explosion of demand for virtual living. And now, almost every major tech company, brand, influencer, and game company join the metaverse. According to Dutch market researcher Newzoo, more than 500 companies have built the metaverse.

The Newzoo report shows that in-store digital shopping session is likely to become more realistic and mainstream as XR and VR technologies evolve. Mihai Vicolhead of the metaverse at Newzoo, said interest in the technology is growing as natural heir to the Internet Web2.

Newzoo explains that the transfer from Web2 to Web3 the technological economy is decentralized. And that will change how brands interact with users and technology intermediaries. This is also true of how consumers live, work and experience entertainment.

According to Mihai Vicol, the evolution of simulated 3D worlds presents a huge opportunity for brands, with a transition from scattered 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 most NFT projects

By 2021, NFTs will become a multi-billion dollar market. But they are suffering a crash alongside the cryptocurrency market, for fear of a global economy. Coin values ​​and public interest are there decreased in recent months. But Newzoo remains optimistic about the success of most projects. The report examines major trends in the metaverse and blockchain space.

blockchain

The report also says the industry disagree in a metaverse definition. Epic Games CEO Tim Sweeney calls it a real-time 3D social media where people can and do share shared experiences as equal participants in a social economic impact. Newzoo describes it as more un interconnected and interoperable networks in continuous virtual worldsinhabited by multiple players interacting with each other via 3D digital avatars.

Metaverse, Blockchain and Cryptocurrency

The metaverse head of Newzoo thinks blockchain games will only grow if the best developers launch fun high-end games. If they want to be successful, they have to find games a new utility for NFTs. Only then will they appeal beyond crypto investors and attracting traditional players. Collectible card games like Gods Unchained may have found the right use for NFTs, according to Vicol.

“You have to a sustainable ecosystem. And in 90% of crypto games, I don’t think that’s what happened, ”Vicol said. “I believe that sustainable blockchain -based economies can be built in six months or maybe two years. But we are not there yet “.

cryptocurrencies

It is also unclear if the The metaverse also needs cryptocurrency to succeed. Gabby Dizon, CEO of Yield Guild Games, predicts we will have 10 million crypto wallets this year. However, crypto faces challenges, with Bitcoin falling below half of its recent value.

The future of the metaverse need not be tied to the success of blockchain games

Vicol did not say when he expected blockchain games and the metaverse to hit the mainstream.

“The real question is whether if people really play these games said the metaverse manager at Newzoo. “It’s too early to tell. You can throw billions and billions into the industry. And you can get at least some decent games to be played by millions of players … I never thought about the future of The metaverse should be linked to the success of blockchain games ”.

He added: “It’s an ongoing question whether or not 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 show up. it you don’t need blockchain “.

Blockchain

Vicol believes it is necessary shared patterns to get the metaverse the entire platform off the ground. It sees brands entering virtual real estate and virtual world applications such as Decentraland and The Sandbox. These worlds don’t have many users, but they are also in the early stages of development.

Newzoo did not make its own prediction for we are related to the metaverse or its possible value. “That’s why we don’t have any metaverse revenue estimates yet, but we’re looking at the potential to make estimates,” he explains.

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