With Facebook/Meta’s announcement of building a massive virtual universe, people have a lot of questions. While the big one (what is a metaverse?) has already been answered several times by many legitimate sources, other important questions still remain. Here, we’ll try to answer another big one: what is a metaverse company?
Answering this question isn’t as straightforward as it may seem. There are different contexts to consider, and everyone seems to want a piece of the pie. So, we’ll explain a few of the different contexts and some of the top contenders.
A Metaverse Company Builds its Own Virtual World
While Facebook and Meta have taken the metaverse spotlight, they are not the pioneers. Several virtual worlds have been developed over the years, and some of them (such as Second Life and OpenSimulator) have already tried to do something very similar to what Meta is considering. Their success has been mediocre so far. More recent players, including Roblox and Decentraland, developed similar concepts with VR support.
However, each virtual world in itself isn’t a metaverse. They simply contribute to it, similar to how planets (and other celestial bodies) make up our universe. So, a metaverse company could be considered one that contributes to the overall metaverse with its own virtual world. And that virtual world doesn’t necessarily have to be massive or expansive. For example, Horizon Workrooms is an example that allows colleagues to collaborate in a V/R environment.
Metaverse Companies that Host Virtual Worlds
As stated earlier, everyone seems to want their own piece of the metaverse. That doesn’t necessarily mean building a virtual world. Some companies are exploring the technologies necessary to host the metaverse; Microsoft is one of them.
“Hosting” the metaverse just means placing it on a server that everyone can access, similar to web hosting. Of course, it takes significantly more computing power to host a virtual world than a website. This means that businesses specializing in web hosting won’t necessarily be the ones who host virtual worlds in the metaverse. We might even see new providers who specifically specialize in hosting 3D environments.
Metaverse Companies that Operate Exclusively in the Metaverse
Some companies, including Nike and Forever 21, have set up a metaverse presence (specifically in the Roblox virtual world). However, they are not metaverse companies, they are just businesses that decided to build a metaverse presence.
However, if the metaverse attracts a large enough crowd, we may see businesses that only exist within it. Actually, many could argue that we’re already seeing this; the SL Marketplace is filled with items that are only available in the Second Life virtual world. These NFTs are sold for Linden dollars, which can be exchanged for actual currency. Many of the businesses selling on the SL Marketplace only operate in Second Life. So, they would be considered metaverse companies.
Metaverse Companies that Build Gadgets and Equipment
HR headsets, AR glasses, hand controls, pressure vests – it takes gear to fully immerse in the metaverse. Some brands and companies specifically specialize in the development of AR and VR gadgets. Oculus is a well-known example. While it is owned by Meta, the brand itself can be considered a metaverse company.
As the metaverse grows in both popularity and value, we will likely see new companies build unique technologies designed to better connect us with the virtual universe.
Companies Creating NFTs
This one is a little more controversial. Non-fungible tokens are considered by many to be part of the metaverse, even if they aren’t necessarily in a digital 3D space. Many NFTs can exist in virtual worlds, so they’re often considered to be the keys to the metaverse.
NFTs are becoming a hot item on the Internet, with some selling for millions of dollars. Businesses that create NFTs, and platforms that facilitate NFT transactions, could arguably be considered metaverse companies. Most of them are currently sold by independent artists, so it will be interesting to see if the market grows and, if so, what companies (including startups) will get involved.
Can Traditional Businesses Become Metaverse Organizations?
During the pandemic, many businesses rushed to get their operations online – and found the process surprisingly straightforward. Even better, they found that employees were generally more productive when working from home. Some also found that their expenses actually decreased by going virtual. In fact, a few businesses even earned more money by renting out their vacant office space.
Between increased productivity via WFH and extra income from renting out office spaces, it would be surprising if businesses didn’t continue their digital operations. However, employees also report feeling isolated when working from home. However, the metaverse can fix this problem as well. The immersion made possible by modern VR technologies can provide the same social experience as in-person interactions.
So, by transitioning operations into the metaverse, companies can solve the final piece of the virtual collaboration puzzle by providing virtual social environments. This means employees can sit in the same office, show presentations, pass notes, meet with clients, and have roundtable discussions all without leaving home. Even better, businesses can scale the size of their virtual offices much more easily than physical office space. As these technologies continue to progress, fall in price, and grow in familiarity, we believe that many traditional businesses across all industries will transition into metaverse companies. And their operations don’t even have to focus on their chosen virtual world.
Starting a Metaverse Company
While there are many ways a metaverse company can operate, most of them require specific skills and industry knowledge. This may include 3D modeling, programming, graphic design, and engineering, among others. It’s also helpful to be knowledgeable about blockchain technologies and non-fungible tokens.
Finally, like anything tech-related, it requires business leaders to remain up-to-date in an ever-changing industry. As new trends and technologies continue to redefine the metaverse, companies specializing in virtual worlds will have to adapt quickly.
Conclusion
There are many ways to define what a metaverse company is, and those definitions will likely continue to expand as it grows. We probably still can’t imagine all of its applications yet, and it will likely lead to new jobs and services that have never existed before. Now is an opportune time to start a metaverse company, but it will require new businesses to expand their knowledge base and adapt quickly.
