Metaverse is entering a period of heavy development. Smaller crypto projects, content creators and games, and meta platforms alongside big tech giants like Google and Facebook (Meta). Once the trend has started, the tech giants with the platforms that have added to the metaverse have started to develop their own. For example, Google is taking a subtle approach emphasizing augmented reality to connect the digital and real worlds.
Meta, formerly known as Facebook , has gone in the opposite direction and has clear moves towards the metaverse. This includes publicly available name changes. The company already owns the essential VR hardware and has the Libra cryptocurrency project.
Microsoft is focusing on virtual offices and working environments in the metaverse. Companies will create permanent virtual spaces for their employees to work and collaborate on a deeper level than with regular video calls.
While Binance is not actively developing in the metaverse, it does provide the essential crypto infrastructure. For example, the Binance NFT Marketplace brings together buyers and sellers of digital super-diverse assets. Binance also provides a liquid marketplace for metaverse tokens to trade.
Epic Games has two main metaverse strategies. First, it looks to improve the user experience base and the technology to support more players. It also wants to help creators create professional 3D content for the metaverse.
China’s Tencent is one of the world’s largest video game publishers and messaging service providers. They have openly mentioned focusing on gaming as an entry point into the metaverse with their existing technology.
Building the metaverse will take a lot of time and effort. But who is developing the infrastructure it needs? One of the great things about the metaverse is that it cannot be created by just one entity. It is a combination of many aspects of life, work and leisure. Small teams are at the same stage as big global companies, and anyone can help build the metaverse. Binance Academy has previously discussed smaller crypto metaverse projects, but here we will take a look at some of the larger players in the tech industry.
How are we building the metaverse?
Before diving into what each company is doing, let’s define what we mean by building the metaverse. If you also need a summary of what a metaverse is, read through What is a Metaverse? tutorial. Building the metaverse is a similar concept to creating the Internet. We need to develop both the content and the technology we use to connect. You can create an interactive game for monetization, a marketplace for virtual goods, or a method to enable platforms to interact. There are so many possibilities for people to explore.
Why are companies interested in building the metaverse?
Many of the companies we will be covering already possess leading platforms in major metaverse areas. Tencent has WeChat, Meta has Facebook and Instagram, and Epic Games has Fortnite, just to name a few. It looks like these platforms will somehow join the metaverse, so it makes sense for companies to develop their own metaverse solutions. We have also seen great success from crypto metaverse projects in innovation and revenue. Projects like Axie Infinity , Decentraland and Roblox have inspired a new generation of developers as well as major global companies. Startups and tech companies are racing to develop the latest trend of big tech. Let’s look at some of the biggest and what we can expect.
In an interview with Bloomberg, Google CEO Sundar Pichai explained his view of the metaverse as a “computer evolving in an immersive way with augmented reality.” In fact, Google already has a lot of experience in augmented reality with its Google Glass product. In November 2021, Google also reorganized its VR and AR divisions into a new Google Labs group that includes the Project Starline hologram videoconferencing tool.
Google is now focusing more on connecting us through an augmented avatar that combines the digital and physical worlds. While we haven’t seen a solid metaverse recommendation from Google, establishments have seen it there.
Facebook is easily one of the biggest voices in large-scale metaverse growth. The company even changed its name to Meta, showing how serious they are about the topic, with Facebook, Instagram, and Oculus VR all under the brand. It is clear that Meta has taken ownership of many important elements of the metaverse. On a smaller scale, we can already see some of their metaverse developments:
1. VR Messaging – important to help connect users in a lively way
2. Project Cambria – VR headset compatible with the Oculus Quest VR world.
3. Horizon Marketplace – where buyers, sellers, and creators can exchange digital goods.CEO Mark Zuckerberg has noted the importance of non-fungible Tokens (NFTs), cryptocurrencies, and blockchains in the metaverse. With the Libra project also underway, we could see this integrated into the future of Meta as well.
Microsoft’s main product for the metaverse is their Mesh for Teams software, released in 2022. It directly stems from the growing trend of working from home growing during the pandemic along with the new metaverse craze. The software will be available on standard devices and VR headsets to create a durable virtual office experience.
The key to the Mesh for Teams experience is creating a virtual avatar to act as your digital identity. You will then be able to use this avatar to explore areas and virtual spaces in the digital world, a key aspect of any metaverse.
Binance has an essential role in the metaverse due to the importance of cryptocurrencies and blockchain. Metaverse is enabling the creation of new financial systems and processes, and Binance is helping to provide the necessary infrastructure. For example, the Binance NFT Marketplace creates a place for buyers and sellers to trade NFT virtual assets from multiple blockchains. This improves interoperability between different metaverse ecosystems. Binance exchange also offers a wide selection of metaverse token pairs. Creating a liquid market for the metaverse helps support the growth of the industry. To start trading metaverse token, follow the instructions for beginners Binance of us to create your own account and electronic money purchase your first.
Epic Games is said to have one of the most developed metaverse platforms today: Fortnite. What started as just a game has turned into a massive virtual world and social platform with over 350 million players. Virtual events include many celebrities, brands and partnerships for awards ceremonies and concerts.
Epic has two main goals when it comes to the metaverse. First, it wants to expand Fortnite to a platform that can attract and support more than 60 million monthly users currently. Epic also wants to make “3D, AR, and VR content more accessible and grow the creator ecosystem, which is critical to an open and interconnected Metaverse.” This will allow anyone to create professional 3D content and help improve the quality of the metaverse experience.
Tencent operates as one of the largest video game providers globally and also owns China’s social networks and messaging platforms WeChat and Tencent QQ. Both of these areas are necessary for the development of the metaverse. For example, Tencent QQ has provided gaming, e-commerce, music, movie and voice chat capabilities in its portal. WeChat offers a mobile payment application that can be linked to its social media platforms.
During an earnings call, Tencent executives noted the importance of their game infrastructure in developing the metaverse. Tencent already has a lot of active applications and projects to use. It plans to pioneer the game in the metaverse and leverage its experience in the industry.
However, Tencent has publicly emphasized the importance of VR hardware less than others. Instead, it is moving towards software solutions to increase player engagement in the metaverse. This concerns their stakes in Epic Games, the makers of Fortnite, and Riot Games, the publishers of League of Legends. For these reasons, Tencent will likely use video games as their niche in the metaverse.
The race to develop the metaverse is already underway. But unlike other technologies, there is a lot of space in the metaverse for innovation without overlap. After the success seen with cryptocurrency and the metaverse, giants like Google and Meta (Facebook) have been looking to incorporate it into their plans. But this is where we can see head-to-head competition between companies with large budgets and small crypto pools. Regardless of who “wins,” innovation and growth is likely to happen quickly.