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Metaverse - This word has changed the flow of the tech world it has been traveling for the past few years and this has shaken up the virtual world a lot as well as the user’s view over the virtual world growth. The development of the metaverse has been going on for years but the expectation for the metaverse is huge now because of the recent development and launch of a few metaverse platforms. Also, the entry of corporations and big investments has increased the hype of the metaverse among youngsters.
The development of the metaverse application involves the work of various developers, and designers and the use of many advanced tech stacks to present a complete metaverse platform which costs more than normal software development. If you are wondering how much does it cost to build a metaverse platform? Then this article is for you, keep moving on with the following heading and you will end up with the cost and the factors that determine the development cost.
Before going on with the metaverse platform development cost here is the overview of the metaverse market which helps you in deciding whether to invest or not in the metaverse. Also, will get to know what your business gains because of investing in the metaverse.
The global metaverse market size was valued at USD 63.83 billion in 2021 and the market is set to grow from USD 100.27 billion in 2022 to USD 1527.55 billion by 2029 with a CAGR of 47.6%. (Source: FortuneBusinessInsights)
According to TechCrunch: In 2021, Niantic, a virtual and AR platform, raised $300 million from the Pokemon Go gaming company to build a real-time virtual world platform.
In 2021, Epic Games raised about $1 billion in funding for its growth in the metaverse market where Sony & KIRKBI have made the most investment.
According to experts, the Metaverse market is said to have the capability of making more than $1 billion in yearly revenues within a decade.
Top companies in the US have started working out on the Metaverse - Walmart, Nike, Gap, Verizon, Hulu, Adida, Atari, and more have invested hugely in the Metaverse. (Source: GrandViewResearch)
Businesswire states that Microsoft and Samsung own the most patent rights which makes them develop the next grade of metaverse platforms.
The above stats show the growth of the metaverse in recent years and the next decade of digital space will be ruled by the metaverse platforms making millions of profits and leveling up to a trillion-dollar industry.
The metaverse development cost in 2024 involves the usage of various advanced tech stacks and this would help you in categorizing how much it costs to create a metaverse platform. Not just the usage of advanced tech tools but also the involvement of developers and designers at various stages of the development process. Here are the top tech stack involved in the development of advanced metaverse platforms
The entry of blockchain accelerated the development and growth of the metaverse and changed the whole view of the digital space. Blockchain is widely used in the development of digital platforms for various businesses just because of its highly secured system and because of its concept of decentralization. Blockchain technology has brought the solution to the problems which was delaying the development of the metaverse application. Implementing blockchain will gain the trust of the users over your metaverse application and this influences certified blockchain developers to bring in the best solution to the metaverse platform.
Artificial Intelligence commonly addressed as AI has been in use for nearly a decade. Now, AI has attained a peak where many applications are well-versed in the usage of AI technology. The same will be continued with the development and launch of metaverse platforms. Artificial Intelligence plays a major role in the metaverse when it comes to a dedicated industry-oriented platform.
Virtual reality and Augmented reality will be the key to experiencing the extent of the metaverse. We have used VR and AR for years and we have experienced AR for years without knowing, it has been used by various industries including education, sports, games, and all other entertainment industries for years. All the users will be able to experience the extent of the metaverse with the help of AR/VR technology.
The metaverse is a complete 3d environment that holds various activities within that 3d space and to set up a unique 3d environment multiple 3d rendering software is used. Unity 3d, Unreal Engine, and Blender are a few famous 3d rendering software that is widely used in the development of metaverse platforms. The 3d rendering software is primarily employed in the development of a metaverse platform.
Metaverse applications are developed for various industries and here are a few trending industries that are investing in building metaverse applications.
The simplest way and the lowest budget to enter the metaverse business space is going on with the metaverse land where you just need to invest your cost for the development of the land and the environment whereas the buildings and other setup costs are invested by the users who are using your platform. The Metaverse real estate development cost varies with the size of your virtual world map. The minimum bid starts between $20K - $25K and according to the plans the cost increases.
One of the most used metaverse platforms by the global audience is the metaverse gaming platform where you will experience people of various ages using this gaming platform. The cost involved in developing the Metaverse game is more than any other platform but this cost is categorized by segmenting the story of the game and the exact gameplay options the Metaverse game development cost starts at approximately $30,000. The price range increases with the complexity of the game development.
The education industry is experiencing many drawbacks and to revamp the education sector many new technologies are being implemented. Metaverse will be one soon where the metaverse makes the students focus more on their subjects. Implementing metaverse will let the students connect with the global students and learn more virtually, making them understand more. The development of this education metaverse platform starts from $25,000.
One of the simplest development processes next to metaverse land is the development and launch of a virtual office and you will be able to connect with your colleagues from anywhere around the globe in a 3d virtual space which improves the communication between the employees. The development and launch of the metaverse virtual office start from $20,000 which may exceed with the inclusion of additional features and functionalities of the workspace.
Social Media platforms are the most used digital platforms over any other platforms. If you are looking to launch a social media platform backed with metaverse then the cost involved is the most important factor to look out for. On average, if you are launching a metaverse social media it would cost anywhere between $25,000 to $75,000 based on your project requirement. The complexity of the development process finalizes the development cost.
Depending on the country's economy and lifestyle the living cost differs which results in the cost of providing the Metaverse development services. Here are the basic three categories of countries that show the cost difference in developing metaverse applications. All the development costs listed below are not specified for an industry it involves the work for the startup to enterprises.
The metaverse development cost in India ranges from $20,000 to $250,000 and sometimes it falls over this price but on a basic scale, the price range falls within this price range. The cost for metaverse development in India is low when compared to the western countries because the hiring cost in India is low due to their lifestyle which lets you launch your metaverse application at a minimum price range.
The metaverse development cost in the USA is comparatively huge when compared to India and is similar when compared to European countries. On a basis, the metaverse development cost in the USA ranges between $50,000 - $500,000 which may exceed depending on the development process and the complexity involved and also the time frame involved for the development process.
Going to European countries the price falls similarly to the cost of the United States. The development of any kind of metaverse platform falls between the price range of anywhere between £50,000 - £500,000. The further add-ons on the platform may bring you the right development cost which may exceed this range based on the hierarchy of developers employed in the development process.
The development of the metaverse platforms involves various factors and the overall participation of these finalizes the development cost of the Metaverse platform. These factors start with the complexity of the project, usage of frameworks and other advanced tech stacks, and the hiring cost of a developer to finalize the development cost of Metaverse. Overall, the time involved in the development of Metaverse is considered to be the most crucial part of the development cost.
Maticz the pioneer in the field of Metaverse has been working on metaverse development for years for clients around the globe and now it has upgraded itself to working on the development of enterprise metaverse platforms. Maticz is filled with creative minds and if you have a metaverse business idea you may approach us and connect with our creative minds and discuss your ideas. They come up with the right solution on how to implement your Metaverse business ideas in the virtual space and earn profit over it. Just a step more shake hands with our experts and kickstart your metaverse business.
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