🚀 Will Metaverse be a $1 Trillion Market 🤯 by 2030 ?
Quote
“The metaverse is here, and it’s not only transforming how we see the world but how we participate in it – from the factory floor to the meeting room.” - Satya Nadella, Microsoft
If Metaverse is the future and could a couple of companies rule it similarly to IOS and android now?
What is Metaverse
The Metaverse is a term coined by Neal Stephenson in his science fiction novel Snow Crash. It describes a virtual reality world where people can interact with each other and with virtual objects as if they were in the same physical space.
Metaverse is said to become $1 Trillion by the year 2030. Facebook is going big on the metaverse and went to an extent of changing its name to Meta signifying the importance of its Vision towards the Meta verse and making it a reality.
In the past few years, there have been some advancements in technology that have made the Metaverse a possibility. Oculus, Quest Pro, Halo lens, and other augmented reality and virtual reality devices have made it possible to enter into a virtual world and interact with others.
Metaverse has been a buzzword lately. Many companies have started building for the Metaverse let’s do a deep dive and see how futuristic is the technology. What are the challenges that are lying ahead and how long would this take to be widely accepted?
💡Technology now:
Even though there has been a lot of buzz around the metaverse the technology is still in its initial stages. If we were to imagine a dreamland of the Metaverse it would be something similar to the one described in snow crash where people can interact with each other similar to the real world. See people, interact with people, Feel objects, and listen to sounds similar to the real world.
When we look at the tech that exists today to make the dream reality we are just scratching the surface of the ocean. headsets like quest pro, and Halo lense are similar to the first versions of smartphones. If the dream of Metaverse had to come true Ideally the AR/VR headset should be designed in a way similar to glasses and it should be able to hold a charge for longer durations.
https://www.digitaltrends.com/computing/meta-teases-first-hdr-vr-headset-holographic-displays/
Technology challenges
Let’s look at some of the technology challenges that need to be solved to make the Metaverse a reality. For the human eye to see the Metaverse as similar to the real world there are some fundamental technological challenges that have been overcome and let’s discuss them in detail.
Varifocal
The ability to focus on arbitrary depths of the virtual scene, with both essential focus functions of the eyes (vergence and accommodation). The images we now look at on a TV are 2D so near and far objects appear in the same plane which is not true in the real world, In real-world objects are at different distances and objects get clearer as you get closer to them. For the meta verse to emulate the real world we have to solve the problem of arbitrary depths in the virtual world. With Veri focal and eye-tracking focus we can focus on any object at any distance.
Distortion
lenses inherently distort the light that passes through them, often creating artifacts like color separation and pupil swim that make the existence of the lens obvious. Optical distortion should be minimized to a spot where it is not noticeable by the naked eye.
Retina resolution
Nature is 10 or 100 times brighter than modern HD TVs, and HDR TV system emulates the real world. The headsets should be having enough resolution in the display to meet or exceed the resolving power of the human eye, such that there’s no evidence of underlying pixels.
HDR
Also known as high dynamic range, which describes the range of darkness and brightness that we experience in the real world (which almost no display today can properly emulate).
https://www.roadtovr.com/meta-vr-headset-prototypes-visual-fidelity-indistinguishable-from-reality/
Battery charge
Headsets that exist now can just run for an hour after a complete charge, there should be significant improvements in battery consumption to support headsets being able to give users time to use them.
Ease of use
Headsets are bulky and cannot be used for longer periods of time. Making the headsets as light as glasses or google glass will make it a lot easier for the users to use.
5 Metaverse Use Cases That Will Change The Way We Work And Play
🥳 Social Connections
The metaverse is a great way to stay connected with friends and family members who live far away. In the past, if you wanted to stay connected with someone who lived far away, you would either have to meet up with them in person or communicate with them through chat, email, or video call. However, with the metaverse, you can now meet up with them in a virtual space and interact with them as if you were in the same room. This is a great way to stay connected with loved ones who live far away, and it also allows you to meet new people from all over the world.
🕺Entertainment
The metaverse provides a rich and immersive entertainment experience that is unlike anything else. The metaverse can be used for a variety of entertainment such as watching movies, listening to music, or playing games. However, what sets the metaverse apart is its ability to provide an immersive and interactive entertainment experience. For example, you can now watch a movie with your friends in a virtual movie theater, or play a game with them in a virtual world. This is a great way to stay entertained and connected with friends and family members.
🏂 Gaming
The metaverse is a great platform for gaming, and we are already seeing a number of popular games being developed for it. The metaverse is an ideal platform for gaming due to its immersive and interactive nature. Popular games are being developed for the metaverse, such as Fortnite, Minecraft, and Halo.
🏋️♀️ Fitness
The metaverse can be used for fitness and health purposes, and we are already seeing a number of fitness programs and apps being developed for it. The metaverse is a great way to stay fit and healthy. Imagine a place where all your friends come in to work out together in the virtual world, Staying motivated and burning some calories can be fun and entertaining.
🏦 Financials
Meta has announced investments of $10 billion to $15 billion per year into its Metavse initiative including AR/ VR tech and Horizon World amounting to more than 100 Billion, but “may take 10 years to yield results.
In the past year, the Metaverse has seen incredible growth in both the number of headsets sold and the number of users. This is largely due to the increasing popularity of augmented reality (AR) and virtual reality (VR) technology. In 2022 there are expected to sell 20 million AR/VR headsets
Financial analysts have predicted that the Metaverse will continue to grow at a rapid pace, with the number of users doubling every year for the next five years. This would give the Metaverse a total of 1 billion users by 2025.
With such impressive growth, it's no wonder that investment in the Metaverse is skyrocketing. VC firms poured Billions into Metaverse startups and with major tech firms like Google, Facebook, and Microsoft all investing heavily in the Metaverse, it's clear that the future of the Metaverse is bright.
In 2021, there will be approximately 11 million Metaverse headsets sold and in use. This number is expected to grow to 20 million by the end of 2022.
There are currently 8.4 million people using the Metaverse on a monthly basis. This number is expected to grow to 12 million by the end of 2020.
Meta said in February that its Horizon Worlds game had grown to roughly 300,000 monthly active users Meta said in February that its Horizon Worlds game had grown to roughly 300,000 monthly active users but minuscule in comparison with Facebook’s more than 2.9 billion monthly active users.
Let’s do a quick math to see how many users must facebook have to break even on the 100 Billion investment it is planning into the metaverse.
Let’s make some assumptions here
YOY User growth - 60%
2022 - 20 Million Million
2030 - 870 Million
The average revenue per user - $10 - Assumption from what Meta earns now
Estimated rev Till 2030 (User[2022-2030]*Rev per user) = $23 Billion
This assumption and estimation are just for fun but it gives us an idea of how long it takes to make this a reality and monetize users in the Metaverse.
Conclusion
Metaverse is here to stay but the road to reality is far away. Even though there are many organizations that are making slight progress toward Metaverse, Meta(Facebook) is the only company that boldly came out to go all in on the Metaverse. Only time will tell us if Meta is going take over a big chunk of the Metaverse or completely fail and become irrelevant.
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