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How Much Does It Cost to Develop a Metaverse in 2023
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Coined in Neal Town Stephenson’s 1992 science fiction novel named Snow Crash, the term metaverse has a huge market. This technology is in trend these days and is expected to touch market revenue of around 678.8 billion USD by 2030 from a current size of about 47.48 billion USD.
A solid reason why business owners and entrepreneurs from around the world are looking forward to investing in this technology. Still, there are many who want to invest but are doubtful regarding the cost to develop a metaverse. If you are one among them, this guide is for you.
So let’s dive deep to see how much it cost to develop a metaverse.
Market Overview of the Metaverse Industry
Metaverse has hit the global market by storm. It is one of the trending technologies that is attracting social media networks, technology leaders, and online gamers from around the world to make their entry and establish a solid presence within the market. Even the government sector is likely to become one of the largest stakeholders in the metaverse industry in the upcoming years.
Apart from this, if we take a live example, multiple emirates in UAE are planning to use the metaverse to boost and enhance tourism in particular regions. The AI-based ecosystem Multiverse Labs has recently brought a new metaverse city into existence in the UAE with the purpose to boost the region’s tourism industry.
Even If we take a look at the global metaverse market it has shown a silver lining.
Moreover, according to Emergen research, the global metaverse market can reach $1.607 trillion by 2030. Another study states that the metaverse can expand at a compound annual growth rate of 39.4% (CAGR 2022-2030). Apart from this, a market survey reveals that 52% of internet users across the world have joined the metaverse regarding work, 48% for art and live entertainment, 44% for investing money, 40% for education, 32% for social reasons & online dating, and 29% for gaming.
Why Develop Metaverse?
Well, when it comes to developing a metaverse there is a list of reasons. Whether we talk about healthcare, education, social media, real estate, the military, entertainment, edge computing, online shopping, or the gaming sector, the metaverse has already established its presence. Apart from this, whether it’s urban planning & infrastructure, events, meetings, conferences, travel, tourism, etc, the metaverse is soon going to establish its roots in these sectors too.
Moreover, if we take a look at some giants like Meta, Inc., Nvidia Corporation, Roblox Corporation, Microsoft Corporation, Alibaba Cloud, and Alphabet, Inc. all are using Metvaverse to boost their business by providing immersive user experience.
Apart from this, there are several other stats that are enough to develop a metaverse for your business.
- 25% of people from around the world will be spending an hour in the metaverse by 2026.
- 30% of organizations are all set to offer metaverse-based products and services by 2026.
- More than 470 million people are already enjoying metaverse platforms on a monthly basis and many more are joining at a rapid pace.
- About 66% of people believe that the metaverse has the potential to replace social media.
- More than 74% of adults in the USA alone are planning to join the metaverse.
- If we consider the web 3.0 metaverse virtual world, it has more than 50,000 all-time users and the number is increasing at an alarming pace.
- Goldman Sachs investment bank sees metaverse as one of the biggest opportunities that can rise to a multi-trillion dollar industry.
- The total consumer expenditure of the US metaverse market alone remains as high as $8.3 trillion.
- The revenue from virtual gaming worlds can reach $400 billion by 2025.
Needless to say, the future of the metaverse is bright, especially from the business point of view because more and more people from around the world are showing high interest in the metaverse. Undoubtedly, this technology is soon going to rule the market. Then why not invest in metaverse technology and be a part of the multi-trillion dollar industry?
3 Factors Affecting the Cost of Metaverse Development
When it comes to the metaverse development cost, it depends upon a number of things like features to be added, the tech stack required to build a platform, the number of experts involved in the development process, and so on. Let’s discuss this all one by one to get a clear-cut idea.
Features of Metaverse
Metaverse is based on cutting-edge technology like Augmented Reality (AR), Virtual Reality (VR), Cryptocurrency, Blockchain, IoT, etc. Metaverse demands some of the following features to communicate effectively with each other and with digital resources.
- Digital Avatars: These are self-portraits capable of communicating feelings and sentiments in a novel way. Digital avatars can either be an exact replica of the user or can be a recreation of a character you like.
- Hardware: There is a requirement for virtual headsets to enter the virtual world. Apart from the virtual headsets, smartphones, PCs, laptops, etc can be used to access the metaverse.
- Infrastructure: Needless to say, the metaverse demands high-speed internet in order to deliver a seamless user experience. Hence the requirement for a 5G network that is capable enough of delivering superfast and constant internet becomes a priority.
- Security: Cyber threats are rising at an alarming pace. So it becomes necessary to develop a metaverse ecosystem that is capable enough of offering a safe environment especially when it comes to transactions.
Tech Stack Required to Build a Metaverse Software
Metaverse demands a blend of various advanced technologies to function to its fullest. This is so because in the metaverse one not only has to interact with digital gadgets alone but with other members worldwide.
- Virtual Reality (VR): VR is ultimately responsible for creating realistic solutions. It is the reason why users are able to hear, feel, and communicate with other users in the world of the metaverse.
- Artificial Intelligence (AI): When it comes to interaction in the virtual world with different cultural and lingual accessibility AI comes to play. It helps in formulating digital avatars that aid intuitive interactions and interfacing. Apart from this, AI also helps in top-notch designing for providing an ultimate user experience.
Also Read: Are You A Mobile App Owner? Here’s How Trending AI Technology Can Help You?
- Augmented Reality (AR): AR technology is responsible for combining the perception of real-world objects with digital visual elements. Moreover, computer vision allows AR to recognize actual surroundings.
- Blockchain: It allows virtual transactions to take place rapidly and safely. Apart from this, digital ownership, transfer, availability, governance, and interoperability between devices across the world are handled by blockchain technology.
Also Read: How Is Blockchain Technology Revolutionizing Mobile Apps?
- Internet of Things (IoT): There is a requirement for real-time simulations in the virtual world to create a successful metaverse. This is made possible through IoT which is used to create live simulations. IoT utilizes sensors and devices to connect everything in the real world to the internet.
- 3D Modeling: There is a requirement for a lot of graphic designing and image collection processes in order to create a real-like environment. This is where 3D modeling plays its role by enabling the same through computer graphics.
Team Required to Develop Metaverse
The Metaverse ecosystem demands a dedicated development team. There will be the involvement of different experts for the following:
- Independent Database
- 3-4 Full Stack Programmers with proficiency in Node.js and React.js
- Experienced UI/UX Developer
- 1-2 Developers for Unity, Unreal, and CRYENGINE
- 3-4 3D Modelers – Blender, Max3Ds Developer
- At least 1 Decentralized Wallet Developer
- 1-2 Decentralized dApp Producer
What is the Cost to Develop a Metaverse?
Blockchain metaverse development is a complex process that demands a skilled team along with state-of-the-art tools and technology. Hence the cost will be more as compared to other platforms. To make it easier here are the cost details to develop metaverse for various sectors.
- Metaverse Online Gaming
The cost to develop a metaverse ecosystem for online gaming mostly depends upon the complexity of the game. The complexity depends upon the features you want to add to your game. As far as the complexity and features are concerned, you can take ideas from some of the top metaverse play-to-earn games available in the market are Axis Infinity, Splinterlands, My Neighbor Alice, The Sandbox, Decentraland, etc. If we talk about the average cost of a metaverse game considering the cost factors, it ranges from $30,000 to $300,000.
- Metaverse Social Media
With the advent of technology and growing market competition, Metaverse is becoming popular in the social world. Hence you are required to develop a metaverse social media platform that not only offers an immersive user experience and security but also makes you stand apart in segments like live entertainment, collaboration, news, and commerce. This is one of the reasons why Meta has spent a whopping amount of more than $100bn (£86bn) on R&D and product development in the metaverse. About $15bn was spent in the year 2021 alone.
So if we talk about the metaverse social media development cost, it ranges from $25,000 to $400,000 depending on the cost factors discussed earlier.
- Metaverse Real Estate
People worldwide dream about purchasing a piece of land in virtual land. This concept is like creating real land and is currently making huge waves. It will continue to do so with more pace in the future as virtual currency, NFT, and blockchain technology is evolving rapidly.
People can invest in parcels of land or pixels in the virtual world that can further be traded with virtual currencies and can also be converted into real currency. Apart from this, the experience of shopping, attending events, and doing other activities takes user experience to an extreme level.
The cost to develop a metaverse real estate depends mainly on the complexity and other cost factors discussed earlier. The range for the same lies between $15,000 and $300,000.
Note: Apart from the initial cost you can expect about 15%- 20% of the total metaverse development cost per year for maintaining and upgrading your platform.
Also Read: Metaverse x NFT- A Unique Revenue Opportunity With Cost And Features
Hire Apptunix’s Metaverse Development Experts
By now you must be clear regarding the cost to develop a metaverse. The next thing you are required to focus on is hiring the top blockchain-powered metaverse development company that can not only help you stand apart from your market competitors but can also help you with cost-cutting wherever possible.
When it comes to cost-cutting without compromising quality Apptunix stands on top while offering full transparency at each development stage. Then why not roll up your sleeves and book a slot now before our experts get busy with some other projects?
Frequently Asked Questions(FAQs)
Q 1.Can I Build My Own Metaverse?
Yes, you can build your own metaverse. Although it is an advanced task, it is simpler than you actually think. For more information, you can book a free consultation.
Q 2.Does Apptunix Offer After-launch Services in Metaverse Development Services?
Yes, Apptunix believes in building long-term relationships with clients. It is our responsibility to take the platform developed by us to new heights by continuously monitoring and updating it on a timely basis.
Q 3.How Much Time Does It Take to Build Metaverse?
On average, it takes about a minimum of 5-6 months to develop a metaverse platform. The time taken can be more, depending upon the complexity of the platform. For better estimation, discuss your requirements and we will tell you the estimated time period for your project.
Q 4.What Will Be My Role in the Metaverse App Development Process?
Once you sign an MOU with us, you can relax as we will take all of your headaches. We only want your idea in detail along with your future plans. Once the project is discussed in detail we will approach you on a timely basis regarding sharing updates, taking your feedback, and providing our suggestions to make a better metaverse for you.
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With about 7 years of experience (Technical & SEO Writing) and a solid technical background (Master of Technology – E.C.E with Wireless Communication as specialization), he has worked both as a freelancer and on a regular basis for prestigious IT organizations across the globe. Whether it’s Blockchain, Metaverse, Artificial Intelligence (AI) & Neural Networks, Machine Learning (ML), Internet of Things (IoT), Cyber Security, Cloud Computing, 5G Technology, or some other trending technologies he has written whitepapers, eGuides, blogs, technical documentation, guest posts, and so on for almost all. Here at Apptunix, he is generating B2B content.
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