The Metaverse Race
News release by UpWallstreet
New York, NY | September 14, 2022 11:00 AM Eastern Daylight Time
By 2024 alone, the market size for the Metaverse is expected to reach $800 billion. Tech giants are investing heavily in creating their digital worlds, with their versions of virtual realities seeming to be quite different from one another. Although this new kind of reality is likely still a long way away, it’s clear that the internet of the future will be far more immersive than that of the past.
Some giants like Alphabet. Inc (NASDAQ:GOOG) -owned Google and Apple Inc (NASDAQ: AAPL) are being quiet despite signs that they have been working on creating their own virtual reality world for decades. But then again, the iPhone maker’s strategy was always to keep its products low profile until they reached the final development stage, so many surprises could easily be on the horizon.
Google’s first try at creating a more immersive experience backfired back in 2014 with its smart glasses. Its next attempt will be the AR headsets, internally codenamed “Project Iris”, and they are expected to be released in 2024.
But more importantly, it seems the hard work done on Maps will finally pay off as they create the perfect base for building the Metaverse. According to Google Maps Experiences vice-president Miriam Daniel, an “immersive view” will use AI with Street View images to create a detailed digital model of the world. According to Verge, Google invested $39.8 million in a private equity fund designated for metaverse projects.
Meta Platforms Inc (NASDAQ: META) is aiming to create an entirely new version of the world where we practically live digitally. Its prototype, Horizon Worlds, is an online virtual reality with an integrated game creation system so gamers can create their world. The platform will also be introduced to companies and working professionals who can access it via its hardware platform Oculus that Meta acquired for $2 billion in 2014.
The main issue that the company is dragging since before its name change is the lack of protection from harmful content, along with clumsy aesthetics, frequently ill-designed controls, as well as centralization issues. Like Amazon (NASDAQ: AMZN) and Google, Meta is risking going down the same path in attempting to build an entirely new experience without the pedigree to back it up.
In February, the company revealed Horizon Worlds and Horizon Venues gathered a monthly userbase of 300,000 people and resulted in the creation of 10,000 different worlds. Although these figures show rapid growth, it is behind its competitors, such as Roblox (NYSE: RBLX). Zuckerberg revealed that Meta is expanding its NFT test on Instagram with Facebook following shortly.
Microsoft’s future just got a major edit.
Unlike Meta, Microsoft Corporation (NASDAQ: MSFT) already has a legacy in modern gaming to rely on, as this thriving community is considered to be the entry point to the metaverse. With Xbox and recent strategic acquisitions, Microsoft both created and supported some of the world’s most iconic games, but with the acquisition of Activision Blizzard Inc (NASDAQ: ATVI), it literally has everything it needs to create entertaining immersive experiences that will certainly shape our future.
Platform-wise, Microsoft is developing Microsoft Mesh with its main focus being on creating a Metaverse version of the work environment. Therefore, Microsoft’s Metaverse will be simply an extension of its strong portfolio of applications that this new world can be built on.
Fortnight is much more than an online virtual game
Epic already made an epic win against Apple, challenging its tight control of the App Store that limited theways game developers can make money from their creations. In other words, despite its size, Epic reserved a place at the Big Tech table.
Partially owned by Tencent Holdings Limited and Sony Group Corporation (NYSE:SONY), Epic Games has gone all in to bring the Fortnite Metaverse into reality. Battle Royale game has characters from all possible universes with collaborations ranging from singers and actors to video games and superheroes.
Samsung is also working on making Fortnite’s metaverse the best there is. After launching virtual worlds in Decentraland, ZEPETO, and Roblox earlier this year, Samsung announced the release of its Fortnite Metaverse island called “Smart City”, aimed at celebrating the launch of its latest phones, the Galaxy Z Fold 4 and Galaxy Z Flip 4.
The importance of staying vigilant
The virtual world also comes with heightened threats of misinformation, identity theft, harassment, and bullying pose much greater risks virtual world. As Disney’s ex-CEO Bob Iger noted back in 2019, Hitler would have loved social media because, at its worst, virtual words allow evil to stay hidden and poison confused minds and troubled souls. Although no one can argue the immense potential of progress offered by virtual realities, the same can be said for the limitless possibilities of inflicting harm.
Therefore, companies involved in creating the metaverse need to make sure they learn from the mistakes of the past to ensure history doesn’t repeat itself in the virtual future.
© 2022 Upwallstreet.com. This article provides information only Upwallstreet does not provide investment advice. All rights reserved.
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