HOW MUCH DOES IT COST TO BUILD METAVERSE?

HOW MUCH DOES IT COST TO BUILD METAVERSE?

by Alex Hales
Metaverse Software

The idea of the metaverse has been causing quite a stir in society, but why? According to a recent Precedence Research report, Metaverse Software Development was valued at $40 billion and is expected to reach $1,607.12 billion USD by 2030. The CAGR (compound annual growth rate) from 2022 to 2030 is 50.74 percent.

The metaverse combines the physical and digital worlds for those unaware of it. Consider it a superset of virtual ecosystems akin to sci-fi movies, where the characters enter the virtual world. Consider the scenario of a virtual office. The employee-owned avatar will sit in the digital conference rooms and office spaces provided by Metaverse, attend meetings, and perform all necessary gestures for realistic workplace interaction. The idea of the metaverse isn’t just useful in the workplace; it can also be used for social gatherings like online clubs, meetups for video games, and casual parties.

That illustrates how engaging and immersive a metaverse software can be, enabling individuals to engage in various interactions within a virtual setting. What does it take to create a metaverse now; how much time and money does it cost to develop a metaverse? With that said,

o, let’s understand the metaverse and how much it costs to build it in a better way.

  • What do you understand by a metaverse?
  • What role does blockchain play in a metaverse?
  • What are the benefits of a metaverse?
  • What are the technical elements of a decentralized Metaverse?
  • How much does it cost to develop a metaverse virtual world?

What do you understand by a metaverse?

Converging enhanced virtual and digital realms created the metaverse, an interactive virtual environment. The metaverse has become more dynamic as a result of the development of the Internet, and social interaction based on video has replaced text-based messaging. And right now, we’re entering a period in which social connections are made via the metaverse. This virtual environment aims to offer a highly immersive, state-of-the-art online interface that allows us to participate in various activities rather than just observe them.

A metaverse illustrates a combinatorial invention because it depends on numerous technologies and trends to function. Some of the technological developments that support the metaverse’s ecosystem include augmented reality (AR), artificial intelligence (AI), head-mounted displays (HMDs), an AR cloud, adaptable work methods, and the Internet of Things (IoT), 5G, and spatial technologies.

Consider the idea of a metaverse as the next development of the Internet, which started as various online forums and communities. These eventually developed into locations in a communal virtual setting. Most hype surrounding the metaverse is caused by technology companies claiming to be metaverse businesses or creating metaverses to complement or improve peoples’ physical and digital worlds. Additionally, tasks currently performed in different metaverses can be combined into a single metaverse.

Now that we are familiar with the metaverse concept let’s take a quick look at how blockchain integration enables the metaverse to be decentralized.

What role does blockchain play in a metaverse?

Blockchain is essential as the metaverse’s backbone to build a decentralized metaverse or an open environment that a single company does not own. There will be many different technologies used in the multi-layered metaverse. To create a decentralized metaverse, blockchain technology helps address issues like digital proof of ownership, collectability of digital assets (like NFTs), governance, transfer of value through cryptos, interoperability, and more.

With the help of AR or XR technology, users can access various interconnected virtual worlds in the metaverse. Take the multiverse games as an illustration. Users who spend more time in metaverse game worlds, travel through virtual spaces, own digital identities and in-game assets, and participate in gaming activities now require a reliable currency to power their actions within the metaverse. A distributed ledger system and smart contracts are also necessary for users to automate their transactions and maintain transaction records. Because they uphold strict security, cryptocurrencies and blockchain technology are ideal for addressing these metaverse requirements.

The metaverse, on the other hand, is a collection of various virtual environments and 3D objects. Therefore, tailored interoperable blockchains are crucial for a fully decentralized metaverse to operate effectively. The characteristics of a decentralized metaverse are as follows:

  • The metaverse is hosted by a high bandwidth decentralized computer network independent of any organization or centralized body, enabling decentralized data transmission for permanent, real-time connections.
  • Public and interoperable media standards are required to enable 3D applications, such as text, photos, music, videos, 3D objects, 3D sequences, and vectors.
  • HTML, JavaScript, WebXR, WebAssembly, WebGPU Shader Language, and others are standards for open programming languages.
  • Extended Reality (XR) tools that interact with the metaverse include XR Smart glasses, Omni treadmills, haptic gloves, VR headsets, industrial cameras, and scanning sensors.
  • Blockchain technology and smart contracts make censorship-proof, permissionless, and transparent transactions possible.
  • High computing power for projection, artificial intelligence, and data processing, among other things.
  • Three-dimensional simulations of actual ecosystems.
  • Payment gateways make it easier to trade and pay with fiat and cryptocurrencies.

What are the benefits of a metaverse?

More people are using virtual communities, and technological tools like video and web conferencing to network and communicate online. To improve their current digital experience, the metaverse provides a variety of real-world capabilities in a 3-D immersive world. The main benefits that metaverse provides are as follows:

  • Dealing with the issues of remote work
    Metaverse can resolve all issues through remote work. Managers can access a virtual environment where they can communicate with employees (represented by their avatars), pick up on nonverbal cues, and practice face-to-face interactions. The business may be able to prevent problems like time theft and goldbrick inside the office by managing the staff inside a virtual office.
  • Benefit monetization
    The metaverse is experiencing an increase in interest. Some are programmers looking to use the ecosystem to build products tailored to particular industries, while others are looking for ways to make money. Fortunately, the metaverse can meet the needs of both parties. Anyone can build a useful project on top of the ecosystem because the metaverse is open-source. Similarly, anyone can join the ecosystem as an ordinary user, produce NFTs, and trade them for cash.
  • Providing a virtual tour experience
    Traveling is exciting, but not everyone can go where they want to go. The metaverse fills this gap by enabling people to view places virtually that they are unable to visit physically. Using the combine abilities of Metaverse, AR, and VR, a more enhance virtual environment with a first-person experience is create.
  • Immersive online gaming
    Most metaverse games today are decentralized and support play-to-earn gaming through an integrated economic system. Users in these games have the ability to buy, sell, and trade in-game goods using NFTs. Gamers also find the idea of avatars exploring the vast virtual universe appealing.

What are the technical elements of a decentralized Metaverse?

Virtual reality (VR) and augmented reality (AR) technologies frequently define the metaverse. The development of the metaverse goes beyond these two fundamental technologies, though. Axie Infinity and Decentraland are two projects that serve as excellent examples of how to connect the real and virtual worlds using standard technologies.

One of the many technologies powering the metaverse is blockchain. By offering a decentralized infrastructure and facilitating the development of compelling use cases for its environment, blockchain technology can help metaverse projects comply with Web3, the next iteration of the Internet. The technical components of a decentralized metaverse are as follows:

  • Decentralized storage database
  • Data security with authorization keys
  • Decentralized ecosystem
  • Smart contracts
  • Interoperable environment
  • Non-fungible tokens
  • Cryptocurrencies
  • Self-identity authentication
  • Frontend and backend development
  • AR and VR technologies
  • Artificial Intelligence development
  • 3D reconstruction
  • Internet of things

Now that we are familiar with the core components of a decentralized metaverse let’s move on to the next section, where we’ll examine an estimate of the cost of developing a metaverse.

How much does it cost to develop a metaverse virtual world?

Businesses are discussing the many advantages of the metaverse. They are prepare to invest in developing immersive environments with digital enhancements to stay current with industry trends and effectively market their goods and services.

No matter what industry they are in, every company should be aware of the various aspects of the metaverse because it is crucial to comprehend how it connects the physical and virtual worlds, drives business ecosystems, and influences users.

It is also crucial to comprehend the technological components of metaverse development to investigate the many facets of this shared, open, and permanent virtual environment and estimate a generalized metaverse development cost. This price is variable and subject to the platform’s features and user’s metaverse needs. As their functionality and utility vary, platforms like Decentraland, Axie Infinity, STARL, and Metavesal have different development costs.

A fundamental blockchain-based metaverse ecosystem development necessitates the following, according to a generalized analysis of the metaverse Virtual World development cost:

  • Decentralized database
  • 3-4 full-stack developers well-versed in React.js and Node.js
  • 1 UI/UX developer
  • 1 UNITY/UNREAL/CRYENGINE developer
  • 3 3D modelers(Blender, Max3DS developer)
  • 1 decentralized wallet developer
  • One decentralized dApp developer.

At an estimated 15-20k dollars per month, the aforementioned generalized cost components are enough to create a fully decentralized metaverse with around 5 virtual rooms and 20 users for the visiting rooms. Based on changes in user requirements and metaverse features, this cost estimate varies.

Conclusion

The evolution of the metaverse has still not reached its full potential. Tech professionals are investigating methods and evaluating various technologies to create concepts that will provide the world with more interesting and practical metaverse initiatives.

Some well-known examples of contemporary live metaverse projects include Axie Infinity, Sandbox, and Decentraland. These product designers extensively use metaverse technologies like blockchain, cryptography, and NFT development services.

Leading tech futurists predict that new technologies will improve the metaverse’s real-world functionality. The cost of developing the metaverse will depend on how people use it in their daily lives and businesses.

Please contact us if you need help developing a metaverse project or would like to improve one already in progress. We are eager to discover more about the specifications for your project.

 

 

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