The idea of the Metaverse has been causing quite a stir in society today. Many businesses throughout the world are investing in and discussing its future.
It is currently anticipated to grow to a market size of $800 billion by 2024, making it the biggest breakthrough in technology.
The Metaverse is now more than just an idea. Anyone can access this universe since it is already present. Even though the idea is not brand-new, this innovative approach is exclusive and constantly evolving.
Metaverse is nothing but surpassing the limits by creating a comprehensive universe that mimics interactions in the real world. A few of the technological innovations that support the Metaverse’s system include augmented reality (AR), artificial intelligence (AI), AR cloud, adaptive work procedures, head-mounted displays (HMDs), the Internet of Things (IoT), 5G, and geospatial technologies.
As the technologies have evolved with time, the cost of the technological infrastructure overlaps or is tied to the earlier version of the technology. Gauging the actual cost thus becomes complex and difficult to assess. Different buckets that are associated with the Metaverse development cost are:
- Data and Infrastructure costs
- Hardware for AR/VR headsets
However, the cost is dependent on multiple factors and may vary anything from $10,000 to $400,000 or more. Let us try and understand the factors that will decide the cost of development of the Metaverse.
Factors that affect the cost of Metaverse development
As they say, the right balance of the ingredients makes a perfect recipe! When it comes to creating a Metaverse, the features (ingredients) will decide the overall cost. Exploring new and unexplored avenues will require higher investments as compared to the ones that have already been explored.
This makes it an open-ended discussion on what the Metaverse development cost is. For now, let us consider and explore the primary factors that will affect the overall cost.
Cutting-edge technologies like augmented reality, virtual reality, cryptocurrency, IoT, blockchain, and many more are required to build a Metaverse. In the augmented world of Metaverse, the users need to interact with each other and digital assets. To enable the same, it must have the following features:
Hardware: To get into this interactive virtual world, the medium required is a virtual reality headset that will teleport us to the vast interactive space. Other than VR headsets, smartphones, PCs, and laptops can also be used as the medium to get access to the Metaverse.
Infrastructure: Infrastructure is as important as the devices required for interactions. To ensure continuous connectivity to the virtual world, it is important to have powerful 5G towers that can bring superfast internet speed, greater capacity, and extremely low latency for us to experience the virtual world. For a seamless experience, the Metaverse will be interconnected with multiple people as we have the internet today that interconnects websites today.
Digital Avatars: It is the digital representation of oneself that can be the exact duplicate of the user or can be a recreated form of the favorite pop culture character that can communicate emotions and sentiments in an innovative way. With these digital avatars, the huge population that is using the internet can interact in the gamified form while sharing experiences and knowledge, and can also travel to the remotest areas of the world.
Security: This has always been the point of concern for the users of the internet as cyber threats have been increasing exponentially. Thus, it not only is important but imperative to consider the security, privacy, and cyber ethics of the Metaverse ecosystem development. The need for secure transactions and data integrity will be way more important. This can be made possible with Metaverse Blockchain development, however, the moral, ethics, and principles of the company behind the Metaverse is highly important.
There are many more features that can contribute to the cost of building the Metaverse, but these are the basic features that are must to develop the Metaverse.
Metaverse tech stack
As mentioned in the features section, we need multiple worlds interacting with each other. To make this possible, one will have to combine the power of different technologies. Some of the crucial technologies required are listed below.
Virtual Reality: One of the most popular Metaverse technologies that emulate realistic situations.
Artificial Intelligence: To imitate the interaction in the virtual world with different lingual and cultural accessibility, AI helps in formulating digital avatars that help in intuitive interactions and interfacing. AI also helps in quality designing while providing a reliable and scalable Meraverse experience.
Augmented Reality: Creating a design of the physical world with virtual input is made possible with this technology. With the assistance of AI, AR lenses and glasses can augment the real world and enable virtual assistants.
Blockchain: Virtual world will have virtual experiences and thus will have virtual transactions too that can be made possible with blockchain/digital currency that is rapid and safe. The decentralized digital possession, transfer, availability, governance, and interoperability between the devices are done with blockchain technology.
IoT platform: It is known for connecting 3D settings to multiple devices without errors. With the use of AI & ML, IoT churns the information collected from the real world helping improve the Metaverse environment.
3D modeling: To create a real-like environment, a lot of graphic designing and image collection process is required. 3D modeling enables the same with the use of computer graphics which is essential for the user’s comfort of being in the virtual world.
Team required to build the Metaverse platform
A fundamental Metaverse ecosystem development requires the following:
- Independent database
- Three to four full-stack programmers that are knowledgeable in Node.js and React.js
- UI/UX developer
- 1 developer for UNITY, UNREAL, and CRYENGINE
- Three 3D modelers (Blender, Max3DS developer)
- Developer of one decentralized wallet
- A single decentralized dApp producer
All the factors listed above contribute to the cost of the development of Metaverse. Additionally, based on the location of the development agency that has the required infrastructure and a team of developers with different skill sets, the cost may vary.
Not to forget that an average of 20% of the total development cost should be recorded for yearly maintenance and upgradation costs while calculating the overall Metaverse virtual world development costs.
Industry-wise Metaverse development cost estimates
The benefits of Metaverse are immense and the technology is yet to see a surge in the terms of advancements and ease of availability and accessibility. There are multiple sectors that can and are benefiting from Metaverse like Social Media, Online Gaming, Real Estate, Healthcare, Fashion, Tourism, and many more.
The development cost for each sector will be highly dependent on various factors and the depth of the virtual world creation requirements. However, for understanding, let us take a look at some of the highly tapped sectors that have adopted the technology and try to gauge the cost estimate of their development.
Metaverse online gaming
Online gaming has been the favorite of everyone for years now, especially after the advent of blockchain. With the advent of tokenization, online gaming facilitates players to trade and earn money.
With the evolution of the Metaverse, the virtual representation in form of avatars has brought zest to the character. It allows the players to win virtual items that can be sold to earn real money. While getting the life-like experience, players in the Metaverse world can connect and interact with their social media friends. The interesting feature is that the players can move from one Metaverse world to another without making major changes.
Technologies that make the gaming world in the Metaverse are:
- AR/VR technology
- Blockchain and cryptocurrency
- 3D reconstruction
The cost of Metaverse development would vary based on the features that are included in the game. Although the technologies being used, as mentioned above, are relatively new, they will add to the Metaverse game development cost making it a costly project to develop. Having said that, with the rate at which the technologies are evolving, one would need an innovative team of experts to create something special and unique that, of course, comes with a cost.
On average, the cost of Metaverse game development can vary from $30,000 to $300,000, depending on the various factors mentioned above. Some examples of current trending Metaverse play-to-earn games are – The Sandbox, Minecraft, Axie Infinity, Alien Worlds, and many more.
Metaverse social media
Social media has evolved not just because of the competition but also because companies are forced to rethink their strategies around data privacy, intrusive ads, and the need to stay ahead with new concepts. Metaverse is such one concept that can be called the extension of social media.
Metaverse will enable bringing together various elements of social media, such as live entertainment, collaboration, commerce, and immersive experiences with the help of augmented and virtual reality.
The cost of Metaverse social media development will depend on the various elements you decide to include in your platform. As per industry reports, Meta spent over $10 billion in 2021 alone to realize its metaverse vision. In the fiscal 2022, the company now is expected to spend over $80 billion.
However, on an average the cost of a Metaverse social media platform can range from $25,000 to $400,000, depending on the feature-set and technologies used to develop the platform.
Metaverse real estate
Purchasing a piece of land in the virtual world, a.k.a Metaverse. Does this not sound intriguing? But, the reality is that it is expected to be the next big thing in business.
With virtual currency, NFT, blockchain technology, the Metaverse empowers you to invest in the parcel of land or pixels in the virtual world that can be traded with virtual currencies and can also be converted into real currency. By owning a piece of land in the Metaverse, you can do everything that you do in the real world like go shopping, attend events, socialize, play games, and much more.
The development process of virtual land is very similar to that of the real world. Based on the customer’s requirements, the layout of the plan is prepared based on which the estimate of the land is proposed to the customer. The 3D modeling technique helps in designing the size of the digital land.
As in the real world of land development, the engineers, architects, and builders bring the design to life, in the virtual real estate world, the programmer takes up the job of the engineers. The cost of building the Metaverse real estate depends on the cost of the designers, and programmers based on the complexity of the projects. The cost of Metaverse real estate development might cost anything from $15,000 to $300,000.
How to develop the Metaverse?
As we have mentioned before, Metaverse is a complex world, and developing one requires a lot of considerations and technologies based on the requirements of the virtual world. Additionally, while creating a Metaverse, it is important to ensure that the structure is persistent and supports interoperability.
As it involves transitions, security is the other feature that is a parameter to be considered. Needless to say that the virtual world should be filled with content that is true to the real-world experience that is being imitated. The broad steps involved to create the Metaverse are as mentioned below.
Step 1. Select the Metaverse platform
There are existing platforms that can be used to create your own Metaverse space such as Decentrland, Cryptovoxels, and Somnium Space. Alternatively, you can build your own custom Metaverse platform from scratch with the help of a Metaverse development company like Appinventiv. This might cost a bit more, however, the benefits of getting the requirements customized is worth it.
Step 2. Design the virtual space
Once decided on the platform, it is now time to design the space that can be in the form of an application, a virtual meeting room, or a virtual home theater. To design a 3D virtual space, the focus should be on 3D designing and VR development.
Step 3. Build the interaction layer
Virtual space only makes sense if you are able to interact with other users in the virtual space. Thus, the next step would be to create an interaction layer. This will include access criteria, user control, navigation control, and communication policy for communication. Including third-party interaction is a must-have feature of the Metaverse. The inclusion of hardware devices and external output devices should also be incorporated at this step of building your Metaverse.
Step 4. Build the interoperability layer
Interaction between the different spaces of the virtual worlds is a part and parcel of the Metaverse. At this step, the layer of interoperability standards enables the processes to interact and share information that can be used by humans and machines. Incorporating payment gateways for transactions of virtual money is enabled with blockchain technology for secure, transparent, and decentralized transactions.
How can Appinventiv help you in your Metaverse development journey?
Leading tech visionaries predict that the Metaverse will profit from several new advancements in the future, allowing for the creation of various beneficial use cases that will enhance the Metaverse’s ability to provide real-life functioning. To handle the various use cases where the potential of the Metaverse exists, Appinventiv excels at offering next-gen metaverse development services. Our offering of business-oriented Metaverse technology solutions includes:
- Metaverse application development
- Metaverse game development
- Metaverse real estate development
- Metaverse social media development
- Metaverse integration services
Contact us to discuss and strategize your Metaverse vision now!