Metaverse Platform Development: Latest Technologies, Cost, and the Benefits

Do you know what is similar in Meta, Google, Nvidia, and Microsoft? If your guess is their involvement in Metaverse development, then Congratulations! You are right. 

Yes, the Metaverse platform development is the new investment of many global giant corporations, and they are investing a lot of time, capital, and other resources in developing these platforms. 

With this, it is evident that Metaverse will be the next biggest thing in the coming years. Considering this, businesses are now planning to shift to it. They have already started developing platforms that act as a gateway to the virtual world. 

If you are someone who wants to know more about Metaverse, how to develop it, and what are its benefits, then this blog is for you. Here, we have provided a complete guide for Metaverse Platform development, that will help you in developing your customized platform. 

So, let’s get started. 

Metaverse Development: Latest Market Statistics 

Source: Statista

1. According to Statista, it is estimated that the global Metaverse market will be $936.6 billion by 2030, rising from $82 billion in 2023. 

2. As per the reports, businesses in the Computer and IT sectors were most likely to have invested in the Metaverse.

3. Reports show that 400 million monthly active users are using Metaverse in 2023.

4. A study stated that there are 41% of metaverse players are women, whereas 59% are men.

5. By the end of the decade, the metaverse will have reached 700 million people, with South Korea having the highest number of users. Gaming is anticipated to dominate metaverse revenue by 2030.

What is Metaverse? 

In layman’s words, we can define Metaverse as a huge interconnected, and immersive virtual world in which people can meet, work, play, and do all their activities with the help of the internet, AR (augmented reality), and VR (virtual reality). 

To enter into Metaverse, you need to create your Avatar (a digital persona), and you are set to go. You can explore different types of virtual worlds, and interact with other avatars (people), using VR headsets, sitting in your home. Isn’t this cool? 

Now, let’s move forward and explore the top features to add to a Metaverse Platform. 

Step-by-Step Guide for Metaverse Platform Development 

Here is a step-by-step process for Metaverse platform development.

1. Define the Purpose of the Metaverse Platform

Before starting the development process of a Metaverse platform, it is important to define the purpose of the Metaverse platform you are developing. Research the market and come up with innovative ideas to use for your platform development. 

2. Design the User Interface 

The designing of a user interface is the next phase in metaverse platform development. Design an engaging and immersive user interface that attracts a large number of users, based on your idea. 

3. Code Operational Smart Contracts

After you’ve decided on a user interface, write the operational smart contracts. It is possible to do so by combining if/then sentences with Blockchain technology. The conditions you want the user to meet, the resulting workflow, and the subsequent action must all be meticulously designed.

4. Build IPFS Storage System 

After you’ve finished creating smart contracts, it’s time to integrate the IPFS (Interplanetary Filing System) storage systems. The benefit of IPFS is that it enables content decentralization, thus data is kept among thousands of peers rather than a central server.

5. Create Metaverse Database

After building the IPFS Storage System, create the Metaverse Database to store vast amounts of data in an organized way that is important to create and operate a Metaverse. 

6. Develop AI and VR Functionalities 

After creating the Metaverse Database, develop core AI and VR functionalities for your Metaverse platform. 

7. Integrate Smart Contracts and IPFS

The next step is to integrate Smart Contracts and IPFS with the frontend and backend of your Metaverse platform.

8. Testing

Now comes the major step of the development process of the Metaverse platform. Test your platform thoroughly to find bugs and functionality errors. Once you find any, fix them and check again. 

9. Release the Beta Version

Once testing is completed, release the Beta version of your Metaverse Platform. The benefit of releasing a Beta version is that you can get valuable information like how is it performing in the market, whether users like it, whether it grow, and more. Also, keep an eye on the feedback of users reacting to the Beta version. 

10. Launch your Metaverse Platform

Review all the feedback you get for your Beta version, make necessary changes, and launch your Metaverse platform in the market for general public use. Market it using different marketing strategies so that many people will know about it. Also, check feedback regularly, make keep updating it to attract new users and retain existing ones. 

Top Features of a Metaverse Platform 

The top features to add to a Metaverse Platform are mentioned below: 

1. Virtual Worlds

The Metaverse is an infinite universe that is always expanding. To facilitate its expansion, you need a strong infrastructure that is quick and has low latency and scalable interfaces. This infrastructure is essential for providing an intuitive and extensive user experience.

2. Digital Avatars

Digital Avatars are the most important component to access the Metaverse. In the virtual world, the users are represented by these distinct digital avatars, while doing various activities, such as gaming, shopping, working remotely, learning, and socializing. They substantially enhance Metaverse’s dynamic and realistic user experience.

3. Virtual Real Estate 

In Metaverse, anyone can purchase virtual real estate or parcels using cryptocurrencies, such as Bitcoin, Ethereum, and more. These virtual lands are non-fungible tokens (NFT), a blockchain asset class that one cannot trade for other things.  The size and location will define the land’s use cases. 

4. Virtual Economy 

The virtual economy is an essential part of Metaverse to carry out economic activities in the virtual world. The virtual economy consists of cryptocurrencies, such as Blockchain, Ethereum, MANA, etc., and the NFTs (Non-Fungible Tokens), that are used to buy and sell digital products in the Metaverse. 

5. Security

Security is crucial in the metaverse, and ethical and privacy regulations have been developed to address cyber security concerns in the metaverse. Compliance with these standards will boost user confidence, leading to an increase in the number of users embracing your metaverse platform with comprehensive user protection and hackproof user identities.

Now that you know the top features to add to a Metaverse Platform, let’s dive into the step-by-step guide for developing a Metaverse Platform.

Benefits of Developing a Metaverse Platform 

The benefits of developing a Metaverse platform are: 

1. Addressing Remote Work Challenges

Metaverse has proven to be the finest technology for addressing all of the existing remote work challenges. Enterprises and businesses use Metaverse to build a virtual environment in which all employees (avatars) meet, talk, work, and maintain in-person interaction. 

2. Global Connectivity

Another major benefit of Metaverse is its potential to allow global connectivity. Businesses can connect and collaborate with other companies across the world effectively using Metaverse. 

3. Environmental Sustainability

Climate change is a major concern of all countries. With Metaverse platform development, we can address the issue of global climate change and also reduce it. When we use this immersive technology on a daily basis, we stay indoors and use transportation less, which are the major causes of global warming. 

4. Enhanced Immersive Experiences

Metaverse provides the most advanced immersive experiences to the users. We do experience immersive experiences with augmented reality and virtual reality, but with Metaverse, we can go a step further and have an enhanced level of immersive experiences. 

5. Personalization 

Last but not least, personalization is another benefit of getting into the Metaverse. In the virtual world, we can customize our digital avatars, our surroundings, places, and more, according to our preferences. Thus, it would be right to say that Metaverse provides the highest level of personalization as compared to other technologies.

Latest Technologies to Use in Metaverse Platform Development

Now, let’s explore the top technologies for Metaverse platform development. 

#1. Artificial Intelligence

Artificial Intelligence plays a significant part in making every process that occurs in the metaverse immersive. It can help handle data at breakneck speed using machine learning techniques. It is also used to create life-like non-player characters (NPCs). 

Furthermore, AI is utilized to develop more realistic-looking and accurate avatars and add more character by assisting in the creation of varied facial expressions, haircuts, outfits, and attributes to enhance the appearance of the avatars. 

#2. Blockchain

As most applications operate on blockchains, blockchain technology serves as the metaverse’s foundation. It essentially provides the decentralization and transparency required for the metaverse to function. 

Blockchain technology enables developers to integrate features such as digital ownership verification, governance, accessibility, digital collectability, value transfer, and interoperability during metaverse platform development. 

#3. Augmented Reality/ Virtual Reality

The Metaverse is supported by Augmented Reality and Virtual Reality. In the future, the Metaverse might grow beyond VR to include other cutting-edge technologies. 

Augmented Reality gives users a real-time view of their surroundings and augments it with digital sensory input such as text, audio, graphics, and video. AR apps allow users to see their surroundings in real time and make virtual changes to them using their smartphones and smart glasses. 

The Metaverse, according to supporters of Metaverse AR solutions, will be a merger of the physical and digital worlds. Virtual Reality, on the other hand, uses 3D computer modeling, one of the most intriguing types of graphic design, to immerse you in a 3D virtual environment. 

#4. Internet of Things 

The Internet of Things is a technology that uses sensors and gadgets to connect the physical world to the internet. IoT improves the connectivity between the metaverse and real-world items or devices. 

When these devices are connected to the metaverse, they may easily share and receive information, allowing the metaverse to be a more efficient imitation of the real world.

#5. 3D Reconstruction

While 3D reconstruction is not a new technology, its use has increased in recent years. We can create realistic and natural-looking settings using 3D reconstruction. 

We can bring our environment online by producing accurate 3D photorealistic models of buildings, physical locations, and things using special 3D cameras. 

And then process them to create a virtual counterpart in the metaverse for people to explore. 

#6. Edge Computing and 5G

Edge computing allows for speedier data flow with fewer delays, resulting in more enjoyable experiences. It is one of the key aspects that has made Metaverse possible, as computers must be able to handle high stimulations efficiently.  It has eliminated lag and ensures that users enjoy an immersive and uninterrupted gaming experience. 

The availability of 5G networks is another essential element that is frequently paired with edge computing. With the introduction of 5G, more users will be able to access the metaverse from their PCs and other devices without coming across network difficulties or lag. 

What is the Cost of Developing a Metaverse Platform?

The cost of Metaverse platform development depends on various factors, such as complexity, its purpose, technologies used, size and location of the development team, and more. 

How Quytech Can Help in Developing a Metaverse Platform?

Quytech is the best Metaverse development company, with 12+ years of experience in providing Metaverse development services to various industry verticals. 

We have built many top-notch Metaverse platforms for companies and businesses across the globe. We provide end-to-end Metaverse development, Digital Twin, 3D Space development, Metaverse Marketplace development, and 3D avatar creation solutions tailored to your needs. 

For more information, feel free to get in touch with our Metaverse experts.

Conclusion

Metaverse is just around the corner. Many major companies are investing heavily in technology and businesses are looking forward to entering the virtual world. We can easily say that the next 5 to 10 years will be the Metaverse years. 

So, we advise you to get in touch with a leading Metaverse development company to develop a Metaverse platform before your competitors read this guide on developing a Metaverse Platform Development and make any move before you. 

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