The creation of the metaverse: The market

Stephen King said it best when he wrote, “Sooner or later, everything old is new again.” And that’s exactly what’s happening with the Metaverse. That’s true; the technology that advances this incredible space is by no means old. However, the concept itself dates back nearly 30 years.

Whether they love or hate them, Facebook deserves a great deal of credit for making Metaverse mainstream after they changed their brand as Meta. But the idea is not original. The origin of the Metaverse can be traced back to 1992. That same year, crisscross made us “jump” and dial-up Internet access was first available.

Creating a metaverse

1992 was also the year Neil Stephenson first used the term “Metaverse” on the page of his dystopian novel “Snow Crash.” But regardless of who gets the credit, Metaverse is now blockchain, AR / VR, AI, Quantum computing.. By the way, all of this is now being combined to drive what the Metaverse will end up in. And that’s what makes it so exciting.

KJ Dhaliwal, Chief Strategy Officer of the Date Group, explains:

Metaverse is here now

Do you think it’s too philosophical or futuristic? Then you will not be able to see what is in front of you.Many of us are already Virtual space, every day. But we are only part of what is to come. However, there is much work to be done for the market to mature.

At this time, there is no industry standard for what the Metaverse really is. Metaverse is still a very open frontier. And that’s a big reason people are so confused by it.

So what is the Metaverse anyway? Many feel that it is just a 3D model of the Internet. At the same time, others take a more extreme view. They see it as a kind of parallel universe, and the physical ones are fully digitally connected. “Physical”

Market opportunity

However, moving from the simple to the extreme requires a lot of skill. And new technologies and services are a market opportunity for entrepreneurs and investors who want to make money within the Metaverse. And there seems to be a lot of money to have.

according to Statista, I just barely scratched the surface of what the market value of Metaverse will be. The company has fixed its market value in 2022 to a few north colors of $ 47 billion. However, they predict that it will surge to $ 678.8 billion by 2030. This means that there could be a few more millionaires in the next eight years.

It’s definitely exciting math. But it wonders where the real opportunity lies. Need to create a new AR or VR startup? Does AI bring magic? Or maybe supercomputing is where you should use your cycle?

Where to bet your claim

To reach a conclusion, we first need to understand where the market is now, the obstacles that hinder progress, and where the market is naturally heading.When virtual reality Probably not a place to spend time and resources (in its current form).

Recent report by Piper Sandler We found that 50% of Gen Z surveyed did not plan to buy a VR headset immediately. And that’s not because they already have two or three. Only 26% admit that they own a single VR device. But it gets worse. Less than 5% of people who have a headset use it every day.

The keyword to remember is “daily use”. If only 5% of the youngest purchasing powers are using something, then run away. And run away fast. But what do they use every day?

Consider Gen Z

by Los Angeles TimesGen Z spends a lot of time on screens (mainly smartphones). According to the paper, they watch an average of 7.2 hours of video per day, which is nearly an hour longer than the 6.3 hours that Generation X spent. And, as it is said, it is difficult to break old habits.

Given the widespread adoption of mobile and the incredible amount of time the old and new generations spend on their screens, smartphones are likely to occupy the highest position in the Metaverse. But they can’t do that in their current state. You need new technology to actually connect your smartphone so you don’t get tied to a headset or similar device.

And the next big thing is already working. The flowering of 5G, the evolution of computing, and the smartening of AI have opened the door to the next big thing. Brain Computer Interface (BCI) technology completes the fusion of physics and digital. But this fledgling field needs more professionals and investors to drive that progress.

The future is BCI

However, there is momentum. NextMind, this VentureBeat Covered at the end of 2020, it was recently acquired by Snap for a private amount. And in the company statement, Snap wrote“NextMind is joining Snap to drive a long-term augmented reality research effort within SnapLab. Spectacles is an ever-evolving repetitive R & D project, and the latest generation is the technical of augmented reality. It is designed to support developers pushing the limits. “

Unlike its annoying VR headset cousin, AR — Or even better, MR (Mixed Reality) — successful can be a discreet technology that fuses our physical and digital worlds in real time. And this will be further deepened by advances in BCI technology. But don’t get me wrong. There are still many picks and shovels to sell before you find Mother Road at BCI.

Veljko Ristic Chief Growth Officer of SDV Lab..