What’s behind the Metaverse boom?

Metaverse has been and will be one of the hottest business trends this year based on the rapid shift to digital channels thanks to the rise of Virtual Reality / Augmented Reality (AR / VR). ) and advances in blockchain technology and cryptocurrencies.

One report The new report from DBS Bank (Singapore) examines explosive trends, highlighting the key drivers of the metaverse and the companies that are leading the way.

According to DBS, the increase in the digitization industry driven by the Covid-19 pandemic, the shift to teleworking and the rise of the so-called Internet of the Senses (IoS) is changing the world and has already changed the basis for the metaverse’s intrusion into the remote workspace of the network.

IoS is a term coined by Ericsson to suggest the idea of ​​complete immersion in a virtual space that encompasses taste, touch and smell. A DBS study shows that consumer interest in the concept is very high, 81% of city dwellers are very open to the idea of ​​IoT.

In parallel, the VR / AR market has grown strongly based on consumer and business adoption in the gaming space.

VR / AR hardware and equipment are fundamental components and key factors of the metaverse as they make experiences in the metaverse immersive and interactive.

Global market consulting firm International Data Corporation (IDC) estimates a total of 2.2 million AR and VR devices shipped worldwide in the second quarter of 2021, an increase of 126.8 percent over the same period last year. By the end of 2025, VR deliveries are expected to grow to 28 million and AR to 22 million devices.

Worldwide forecast for AR / VR devices, 2021Q2, IDC

After all, blockchain technology and digital assets offer people the opportunity to easily transact in a virtual environment. In Metaverse, people can use cryptocurrencies to efficiently and seamlessly purchase virtual goods and services, while NFTs provide them with the technology to tokenize any virtual asset, allowing players to own items that traditional games cannot .

NFTs are unique, indivisible, and non-interchangeable units that are stored on a blockchain. It has become hugely popular this year, reaching $ 2.5 billion in revenue in the first half of 2021, up from just $ 13.7 million in the first half of 2020, according to DappRadar data.

Bigtech, game company, hardware manufacturer are the biggest winners

Although the Metaverse is still in its infancy, companies of all sizes and from all sectors are investing in this market, but large corporations, game developers, infrastructure providers and hardware manufacturers will be the biggest earners, according to DBS Bank.

Key players in this space include Unity Software, Unreal Engine, and Roblox. Unity Software is a publicly traded games company. More than 50% of the top players on all platforms are equipped with his software. Roblox is a gaming platform that allows users to create their own games and build communities. It has over 40 million different games including over 9.5 million developers and 47.3 million average daily active users.

Meanwhile, Bigtechs, including Facebook and Microsoft, are in a unique position to capitalize on the Metaverse thanks to their massive cash reserves, access to the best talent and cutting edge technology.

In October, Facebook announced the renaming of the company to Meta in order to expand its reach beyond the social network to areas such as VR and Metaverse.

Microsoft is optimizing its signature software products to create an enterprise version of the metaverse. The first product, Microsoft’s Teams, will enable companies to create living spaces where employees can meet. The technology will use Mesh, software announced earlier this year that enables AR and VR experiences with headsets, and will be available in the first quarter of 2022.

In China, tech giant Tencent registered trademarks for Timi Metaverse and Kings Metaverse in September but has not yet announced any plans. Tencent’s ecosystem includes games, virtual offices, and mobile payments. Tencent has strategic partnerships with gaming giants such as Epic Games and Roblox.

Eventually, infrastructure providers like Fastly and Nvidia, the leading maker of computer chips, will provide the products and services needed for the “great migration to the Metaverse,” which are also the players. Players will reportedly make the biggest profit in the market from DBS Bank.

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