Feb 7th 2023 | 12:54 | 3 min read
Innovative technologies bring our wildest imaginations to life. The hyperrealistic virtual world shown in the Marvel movies is slowly coming to reality with sophisticated technologies. These technologies include AR, VR, AI, ML, and more. The combined potential of these technologies powers the metaverse.
Metaverse has made it possible for us to experience an interactive virtual world. It has gone viral since the rebranding of Facebook to Meta. According to Mark Zuckerburg, the future lies in “experiences”. He believes that the metaverse is the next big chapter of the internet.
Therefore, businesses can capitalize on this opportunity by offering immersive experiences to their customers. Companies are exploring the capabilities of the metaverse to enhance customer experience and upgrade their products & services. Besides, you can even start a new business venture in the metaverse and target high ROI.
The future of AR, VR and metaverse is entwined. Augmented Reality and Virtual Reality are the key components in building enthralling virtual worlds.
Developers at Chaincode Consulting, are well-versed in AR and VR technologies to offer you comprehensive metaverse solutions. Their partnership with Wings Tech Solutions has empowered them to assist businesses in building captivating metaverse platforms.
What Is Metaverse Technology?
Metaverse is a hyperrealistic virtual world that mirrors real-life elements and experiences. It combines the experiences of the physical and virtual worlds to offer peer-to-peer interaction in a digital environment.
Powered by AR, VR, and AI technologies, the metaverse allows you to engage in life-like activities. Experts believe the metaverse is the 3D version of the internet. It will unlock permissionless, trustless, and decentralized interactions on virtual platforms.
As Facebook defines it, the metaverse is an embodied internet where, instead of viewing content, you will be a part of it. With metaverse, we are transitioning from web 2.0 to web 3.0. We are moving from looking at the internet to living on it.
You can play games with your friends, attend meetings, and work together. Moreover, you can shop in virtual stores, go to live concerts and events and watch virtual fashion shows.
Today, the metaverse is a $60 billion market. It will reach $800 billion by 2028. The global metaverse market is increasing at 47.2% CAGR.
Businesses globally are looking forward to capitalizing on this opportunity. They are using the metaverse to upgrade their services and market their products. Moreover, companies are also using metaverse platforms to attract customers by offering intriguing experiences. Some companies launch digital products, while others release NFTs with benefits for their customers.
Additionally, you can even build and launch your own metaverse platform. Metaverse games and metaverse social media platforms are in demand nowadays. You can hire a metaverse development company to design and develop a metaverse platform.
New Developments in Metaverse
Illuvium launched in 2022, is an RPG adventure and collection game based on the Ethereum blockchain. In this metaverse gaming platform, players explore vast landscapes and catch magical creatures called Illuvial.
Tech Giant Sony has recently shared the look of its metaverse experience at Consumer Electronics Show 2023. Sony has partnered with Manchester City to build a Proof of Concept (PoC) experience where players can participate in activities in the virtual version of Etihad Stadium with their own custom avatars.
Hyundai Motor India launches Hyundai Pavillion on its Hyundai Mobility Adventure metaverse on Roblox. The Hyundai Pavillion will introduce the digital version of much awaited all-electric SUV, the Hyundai Ioniq 5. Users can explore and experience the features of the car in the metaverse.
Future of Metaverse
The future of the metaverse depends heavily on the development of AR and VR technologies. Advanced AR, VR, ML, IoT, and AI technologies will help to build interoperable, high-definition virtual worlds.
How Chaincode Consulting & Wings Tech Partnership Will Help Launch Your Metaverse Venture?
Chaincode Consulting is a top-rated enterprise blockchain development company. From custom blockchain development to NFT development, crypto coin development, and metaverse development, Chaincode Consulting offers a wide array of world-class services.
Being the domain experts in metaverse development, Chaincode Consulting helps businesses tap into the web3 space with immersive virtual platforms. Their custom blockchain and metaverse solutions assist entrepreneurs in grabbing metaverse opportunities and turning them into profitable ventures.
Chaincode Consulting has a highly certified team of developers with hands-on experience in AR, VR, metaverse, and blockchain technologies. The company’s team is well-equipped to design and develop customized metaverse platforms as per your business needs.
They have extensive knowledge and powerful insight to answer businesses’ complexities and present them with solutions to enhance their growth and value. The company has been empowering businesses with smart blockchain solutions since 2019 and continues to deliver impeccable web3 services.
Chaincode Consulting has partnered with Wings Tech Solutions to magnify its plethora of services.
Wings Tech Solutions is a leading IT consulting and development company. Their metaverse development vertical, Wtsverse, specializes in offering cutting-edge metaverse platform development solutions to enterprises. They help businesses create engaging virtual worlds, 3D gaming platforms, metaverse apps, metaverse NFT marketplaces, 3D avatars, metaverse social media platforms, and more.
With this partnership, Chaincode Consulting envisions helping businesses establish their brand in the Web 3.0 space. The collaboration with Wings Tech Solutions aims to guide businesses to adopt emerging technologies such as blockchain, AI, IoT, ML, AR, and VR to introduce decentralization, transparency, and automation into their business operations.
Wings Tech Solutions and Chaincode Consulting will jointly be the guiding light for entrepreneurs to achieve business excellence.
Implementation Of AR & VR Technologies
Integration and compatibility of digital objects in the virtual world are very crucial. The metaverse won’t function without the proper synchronization of digital elements.
Augmented Reality and Virtual Reality tools help to replicate real-life elements into the metaverse. However, the metaverse is more than just AR and VR. It is a combination of highly sophisticated technologies that come together to offer immersive 3D virtual experiences.
VR Real Life Applications
Oculus Quest 2, HTC Vibe, Playstation VR, and Samsung Gear VR are popular VR devices.
Tommy Hilfiger has launched its in-store virtual reality headsets. Customers use the VR headset to experience virtual fashion shows on the metaverse.
Another company, Toms, a shoe company, uses VR technology to launch their “Virtual Giving Trip” digital donation campaign. The company donates one pair of new shoes for every new pair purchased to needy children. Using the VR headset, the company is offering customers to experience the joys of children receiving free shoes.
Tilt Brush is another VR-based app that allows people to go beyond the limitation of a 2D painting. Tilt Brush offers users an exciting experience of 3D painting in the virtual environment.
Another enthralling application of VR is VRChat, where users can meet, interact and hang out with people across the world in an immersive virtual environment.
AR Real Life Applications
Microsoft Holo Lens 2 and Magic Leap 1 are popular AR smart glasses.
The popular Mobile game Pokemon Go is an AR-based game launched in 2016. In Pokemon Go, the users had to locate and catch virtual pokemon characters present virtually in their surroundings.
BMW has also launched an AR app called BMW Individual AR App. The app allows customers to design their personalized BMW Individual Series 7. They can even view and explore their custom-designed car in life-size.
IKEA also launched its AR-based app called “Ikea Place”. Customers can use the app to visualize IKEA furniture in the setting of their houses. The app uses a phone camera to place the digital furniture in real life house. It helps customers make an informed buying decision.
The popular American messaging app, Snapchat also uses AR technology to offer users trendy filters. These filters impose digital elements on the users’ faces by detecting the faces using AR technology. People use these filters to superimpose flower tiaras, cat faces, strawberry faces, celebrity makeup looks and more over their faces.
The Future Of AR, VR and Metaverse
AR and VR are the driving force of the metaverse. The rising popularity of AR and VR devices and their market expansion will subsequently push the growth of the metaverse.
Here are some stats that support the promising future of AR and VR.
- BCG and Mordor Intelligence survey shows the value of the AR & VR market around $30.7 billion.
- The global AR & VR market will reach $300 billion by 2024.
- Currently, the metaverse witness over 400 million active users monthly.
- 57.4 billion people in the US use VR devices.
- There are over 90 million AR users in the US alone.
- Market data shows that there are approximately 171 million VR users worldwide.
In such a market scenario, companies are investing heavily in building AR & VR-based apps and devices. Big tech companies like Google, Microsoft, Sony and Meta are developing next-generation AR/VR devices. Sony alone holds the largest VR market share, which is 36.7%.
Currently, the metaverse is in transition from stage 1 to stage 2. For a fully immersive metaverse, we need highly advanced VR tools that will detect and replicate even the slightest body sensations. A promising metaverse future also demands intelligent AR tools to efficiently combine real and virtual world components to offer an engaging experience.
Web 3.0 and distributed ledger technologies – A regulatory Landscape
Web 3.0 emerges as the harbinger of a new era in digital evolution, promising a decentralized and transparent online ecosystem. At its core lies the transformative power of distributed ledger technologies (DLTs), reshaping the very fabric of how information is stored, shared, and