- What exactly is the Metaverse?
- How Much Does it Cost to Build 3D Space in the Metaverse?
- C-Suite Guide To Metaverse 3D Space Development Process
- Benefits of Metaverse 3D Space Development
- The Future of the Metaverse
- How Can Appinventiv Help You in Developing 3D Space for Metaverse?
- Frequently Asked Questions
The year is 2021. The entire world is wobbling from wave after wave of COVID-19. However, Facebook, and its helming charm-boy, Mark Zuckerberg, is onto something. On October 28, 2021, Facebook announced that it is rebranding itself to Meta. Why? To quote it directly in their words, simply because “We [Facebook/Meta/Mark] believe in the future of connection in the Metaverse.” This and prior development from various companies opened up numerous opportunities for Metaverse 3D space development.
According to Bloomberg estimates, the market size of Metaverse may reach $800 billion by 2024. But the growth of the Metaverse is less epic than expected. With Tencent scrapping its VR hardware plans and the lingering ambiguity about the future of Metaverse, it is difficult to pinpoint where the Metaverse will be a decade down the line. That said, despite the seemingly faltering bet, Metaverse continues to garner eyeballs and pique the interest of entrepreneurs and developers alike.
Creating opportunities for content creators, developers, and entrepreneurs to enter the realm of Metaverse 3d space development. In an investor call with Activision Blizzard, Microsoft CEO Satya Nadella said, “When we think about our vision for what a Metaverse can be, we believe there won’t be a single, centralized Metaverse, and there shouldn’t be. We need to support many Metaverse platforms, as well as a robust ecosystem of content, commerce and applications.”
QUOTE: “There won’t be a single, centralized Metaverse and there shouldn’t be”
After witnessing fashion weeks in the Metaverse and its industrial and corporate applications, the potential technologists see in the Metaverse are endless. Therefore, we have developed this article to help you understand the nuances of Metaverse 3D space development cost, which will be approximately $50,000 to $200,000, depending on multiple factors. We will also be taking you through the technical standpoint and the BizTech POV that come into play. If you want to dip your toes in the Metaverse or enhance your offerings, this article we’ve written for you.
What exactly is the Metaverse?
We’ve all played video games, some more often than others. Metaverse is a 3D game-like environment where you’re inside the world as a 3D avatar of yourself. To be simple, it is a term used to describe a world made inside the internet. People can interact with and transact in digital objects like the real world. It is like an advanced video game that you are immersed in, is always online, and the only limit of what you can do is the imagination.
Some of the applications for the users are creating their avatars, exploring the metaverse, socializing with other people, attending events, playing games, and even conducting business or meetings.
Extended reality (XR), which contains a range of immersive technologies, is the umbrella term used to describe all possibilities. The three main components of XR are Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR).
Augmented Reality: Augmented Reality augments the real world with the digital world. They are usually resulting in overlaying information and content over or in support of the real world. One use case would be to see a 3D model of a car inside a showroom.
Virtual Reality: Virtual reality refers to a completely virtual world, an artificial digital environment that users can experience through a VR headset that tracks their head movements and renders a 3D environment they can explore and interact. Also, having applications in training and education, VR is primarily used currently for gaming and entertainment. This is the version in which metaverse is being built.
Mixed Reality (MR): Mixed reality blends elements of both AR and VR to create a hybrid experience. In MR, digital objects are anchored to the real world and can interact with it in real time. For example, you could use MR to see a 3D model of a chair in your living room and move it around using hand gestures.
Other emerging forms, such as Cross Reality, describe a seamless blending of physical and digital environments. Now that we know the key difference, let us understand the cost of developing a 3D space in the metaverse.
How Much Does it Cost to Build 3D Space in the Metaverse?
Metaverse 3D space development service cost varies according to the enhancements and advancements you require from the experience. Typing between $100,000 to $200,000 (approximate estimate), here is a breakdown of the various costs and associated factors:
Basic 3D space: A primary VR environment with limited functionality, scope, and interactivity will cost you something between $25,000 to $40,000. There will be little programming involved, and the features will be of a minimum viable product.
Intermediate 3D Space: Having better functionality and features, this metaverse 3D space cost will range between $40,000 to $120,000. Custom programming, a moderate level of graphics, and a fair degree of complexity and interactivity will be the key features of such a metaverse 3D space.
Advanced 3D space: The cost of developing a cutting-edge 3D space in the metaverse will range between $120,000 to $300,000. Having advanced animation, graphics, and programming, this will be the extreme version of the metaverse possible with today’s technology.
The more complex 3D space in the metaverse is, the higher its cost will be. Factors such as hosting, platforms, timeframe, quality of assets, etc will all come into play while determining the cost of metaverse 3D space development.
C-Suite Guide To Metaverse 3D Space Development Process
Requiring cutting-edge technology, the development of the metaverse calls for sharp development and entrepreneurial skills. Here are the steps that one could follow.
Establish clear goals and vision: A clear idea of the metaverse will enhance the business’s offerings. This will follow thorough research and planning. The existing technologies must be evaluated and keep the market demand and user preferences in mind. The development agency will be shortlisted for the best metaverse development services.
Develop a roadmap and allocate resources: The step will have you define the key milestones and achievements that teams can track to gauge the Metaverse 3D Development Services being developed. Business owners should also manage the allocation of resources, including funds and workforce, before commencing the metaverse 3D space development process.
Monitor, engage and evaluate: Keeping track of the project’s progress, taking the various stakeholders such as partners and investors on board, and assessing performance against the set timelines will be the next part of the process. Ensuring that the metaverse being developed is in line with the expectations is a crucial aspect to be considered.
Innovate and improve: Keeping yourself abreast of emerging trends and user preferences will be an ongoing job that will continue for a relatively long time since the technologies in this space are updating exponentially.
Benefits of Metaverse 3D Space Development
Apart from the obvious business benefits that metaverse offers, there are numerous other benefits of Metaverse 3D space development, some of which are listed below:
Realistic simulations: Offering the capabilities to design and develop realistic simulations, the metaverse can be used in incredible ways to benefit the business, such as training, education and research.
Cost-effectiveness: Testing, developing, and monitoring the design of products can be much more cost-effective in the metaverse than in the real world.
Collaboration: The metaverse allows people to collaborate with others in their team or company on real-time projects, regardless of the physical locations.
Accessibility: The only requirement for accessing the metaverse is an internet connection and VR hardware. Therefore, anyone from any part of the world can join the metaverse offering high accessibility to its users.
Customizability: The virtual world you create can be customized according to your specific needs and requirements, making the virtual world truly a representation of your real world.
Immersion: Offering an immersive experience, the metaverse allows users to feel as though they are truly present in the virtual environment.
Marketing: The Metaverse offers innovative ways for companies to market their products and services through virtual experiences and immersive advertising.
The Future of the Metaverse
A Pew Research Center research report mentions that “its [metaverse’] rapid evolution is likely to benefit all aspects of society – education, health care, gaming and entertainment, the arts, social and civic life, and other activities.”
54% of the participants surveyed by Pew Research expect that by 2040, the metaverse will be a sophisticated digital environment that will benefit all aspects of life for half a billion people, approx.
The research further mentions that profit motive will drive significant investments in the metaverse. According to Pew Research Center, the capacity to create a fully immersive universe will be available by 2040.
The CEO for the XR Association, founded by Meta, Google, HTC Vive, Microsoft and Sony Interactive Entertainment, Elizabeth Hyman mentioned in the report that, “already, colleges and universities are teaching students in the metaverse. Human Resources professionals at companies like Walmart, SAP, Delta and many others are using the tool to train workers – some of the fastest-growing job categories in the U.S. are in industries that are rapidly adopting XR technologies. Uses of XR include warehousing and inventory management, product engineering and design, immersive job training and upskilling and virtual health care patient monitoring.”
How Can Appinventiv Help You in Developing 3D Space for Metaverse?
Being at the forefront of the technological revolution for nearly a decade now, Appinventiv is one of the most preferred metaverse development companies reshaping the technological landscape, one app, one tool, and one software at a time.
Having an army of 1000+ developers and product managers, we are fully equipped to handle projects of the largest of scales. And with the various projects we’ve done for world-leading clients, we will happily assist you in your metaverse 3D space development requirements. Get in touch today to discuss your requirements.
Frequently Asked Questions
Q. What are metaverse virtual spaces?
A. Created inside the internet, metaverse 3D spaces are virtual realities that users can access via immersive technologies.
Q. What are the user benefits of metaverse 3D space development?
A. From events to conferences, from meetings to fashion weeks, virtual reality can be integrated into our everyday life easily.
Q. What is the future of metaverse 3D space development?
A. According to Pew Research Center, the capacity to create a fully immersive universe will be available by 2040.