Over 500 New Companies Are Working on Building the Metaverse

A recent report claims that over 500 companies are working on building the Metaverse, and it will be a decentralized virtual reality. Blockchain’s smart contracts could provide an unprecedented level of security while also removing human interference from the equation.

The “black metaverse” is a term that has been used to describe the idea of a virtual world. The black metaverse is not just an idea, but it is also something that many companies are working on creating.

According to a recent research by Newzoo, the number of firms working on the Metaverse increased from 200 in July 2021 to more than 500 in July 2022. 

When we first started asking people about the Metaverse two years ago, most of them would have given us blank looks. But now that virtual life is more in demand, it’s a topic of conversation both online and off.

With each passing day, the concept of 3D virtual worlds gains more and more traction. It follows that the remarkable growth in the number of businesses engaged in the construction of the Metaverse is not a surprise.

The number of persons working on the Metaverse was made public in a study last week by Newzoo on the subject, along with information on Blockchain Gaming and NFTs.

The number of businesses working on the Metaverse has multiplied after Mark Zuckerberg stated that he would be renaming his Facebook firm Meta and shifting his focus to creating a 3D virtual environment.

This new technology interests more people than just Zuckerberg. Amazon, Microsoft, and Nintendo are just a few of the businesses vying to create their own Metaverse. Currently, there are more than 500 firms working on the Metaverse, and this number will continue to rise over the next years.

While some are major enterprises, others are little startups. How far along are certain businesses’ projects? Companies like Balenciaga, Louis Vuitton, and Nike are all working on virtual runway displays and converting their goods into NFTs, claims Newzoo.

Picture credit: Newzoo

Why Has Interest Increased So Much?

The epidemic has considerably increased interest in the Metaverse. Since so many people are confined to their homes, they are seeking for amusing activities and opportunities to socialize. That issue has a wonderful answer thanks to the Metaverse.

It’s also important to note that the growth in interest for NFTs and Blockchain games has paralleled the growth in interest for the Metaverse. There is no chance for this. The two technologies complement one another.

Not least, it’s crucial to remember that people are actively hunting for a Web2 Internet replacement. The shift to Web3 should decentralize the IT industry and alter how companies communicate with customers and tech intermediaries.

Is the mainstream about to embrace blockchain games?

There is no denying the growth of blockchain gaming. That is seen by the success of games like Cryptokitties, Gods Unchained, and Decentraland. But are they about to become popular?

Crypto games haven’t reached that kind of popularity yet, and it’s doubtful if they ever will, while NFTs expanded into a multibillion-dollar sector last year.

The crypto game industry’s inability to target a specific demographic is a major issue. As you can see, the majority of people playing crypto games are still crypto investors looking to increase their profits. These games won’t become popular until a sizeable fraction of non-crypto investors start participating in them.

The way we live, work, and play may alter as a result of the metaverse. Even while we don’t yet live entirely in the Metaverse, we’re growing closer all the time. Our odds of living in a Ready Player One world are increasing by the minute thanks to the efforts of more than 500 firms on the Metaverse.

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