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Explore the latest trends and actionable insights on the Metaverse market to inform business strategy and pinpoint opportunities and risks

Metaverse - Changing the Technology Landscape

Industry: Consumer Electronics
Current: Other Industry Indicators

Metaverse seeks to create an interoperable identity that can be used across virtual platforms
Companies with prior experience in the gaming and 3D simulation business, such as NVIDIA will find a better launchpad for the Metaverse
According to GlobalData, Winklevoss IP has filed the highest number of patents related to the Metaverse from 2019 to 2022

Metaverse - Changing the Technology Landscape

The term ‘Metaverse’ has dominated investment and tech discussions since the turn of the decade. It refers to a digital parallel economy where users can develop goods/services and engage in transactions. Although the overall functionality of such an economy and its impact on the current socio-economic paradigm is unclear, several companies have already entered the space.

Recent Corporate Activity

In terms of the proposed vision for Metaverse, it will allow users to take assets such as clothes or cars from one digital platform to another. Currently, most virtual identities are tied to specific platforms and are not interoperable. Metaverse seeks to create a persona that users can carry across platforms.

At the start of 2022, NVIDIA announced that it will grant free licenses for its Omniverse software to creative professionals, who will help build virtual worlds for Metaverse. NVIDIA has vast expertise in gaming and 3D simulation, which facilitates a suitable launching pad for venturing into the Metaverse. With the help of these licenses, NVIDIA is encouraging creative artists and designers to create multiple types of content for virtual environments, from NFTs to music, and is adopting a bottom-up approach to the Metaverse.

On January 18, 2022, tech giant Microsoft Corp. announced plans to acquire Activision Blizzard, one of the world’s largest gaming and interactive entertainment companies, in a deal valued at $68.7 billion. In addition to strengthening Microsoft’s position in the video gaming space, this acquisition will pave way for the company’s entry into Metaverse. Gaming is set to play a crucial role in the development of Metaverse platforms, according to Satya Nadella, CEO of Microsoft. On January 27, 2022, tech innovator Together Labs announced the launch of ‘MetaJuice’, a new blockchain initiative to power the Metaverse economy. The aim is to unlock blockchain-driven markets that will allow anyone to modify and shape Metaverse. The assets will launch first in Together Labs’ platforms, although MetaJuice eventually seeks to allow users across all Metaverse platforms to develop connections, own assets, and engage in transactions.

Road Ahead: Capitalizing on the ‘Buzz’ and Developing a Good User Experience

Metaverse entails a combination of tech-driven innovations, requiring the smooth functioning and interaction of multiple technologies. Some of the contributing technologies would be augmented reality, head-mounted displays (HMDs), artificial intelligence, and IoT.

Similar to the development of any instrument of mass usage, there are some initial limitations to the development of the Metaverse. For example, Metaverse should ideally be backed by servers with the power to incorporate thousands or even millions of users at any point in time. There are more complicated limitations such as longer use of VR headsets for a Metaverse experience, which might cause discomfort and a poor user experience.

However, with many of the tech giants making substantial investments in the development of Metaverse, the space is showing a lot of promise. To develop an all-encompassing Metaverse, it will be more important than ever for all market participants to facilitate knowledge transfer alongside innovation.

Explore the latest trends and actionable insights on the Metaverse market to inform business strategy and pinpoint opportunities and risks Explore the latest trends and actionable insights on the Metaverse market to inform business strategy and pinpoint opportunities and risks Visit Report Store