Metaverse is a new and evolving technology that allows users to create, manage and trade virtual assets. It has seen significant growth and adoption in recent months, with a significant number of businesses adopting it for commercial reasons. According to JPMorgan, global metaverse revenue prospects on ads, live events, and social commerce are expected to reach over $1 trillion, while Bloomberg estimates a figure of $800 billion.
Brands in the gaming and entertainment industries, as well as several fashion labels, are looking to enter the Metaverse. Meanwhile, since December 2021, Google has invested about $40 million in a private equity fund for all metaverse enterprises, while Walmart has submitted dozens of metaverse trademark requests.
And major corporations such as Nike, Meta, and Disney are forming their own metaverse divisions. The prospect of a vast, virtual online world is enticing, and hundreds of businesses have recognized the Metaverse's apparent promise. But which major tech firms are investing heavily in this technology, and why are they doing so? Let’s checkout!
Microsoft
Microsoft wants to consolidate its hold on the software market by incorporating the Internet of Things, as well as digital twins and mixed reality, into the Metaverse. Microsoft Dynamics 365 Connected Spaces, for example, will allow professionals to recreate and visit their retail locations or factories during virtual meetings in order to troubleshoot, increase collaboration, and directly interact with their product spaces.
As a prelude to obtaining a strong position in the Metaverse, the business announced in January 2022 that it would be acquiring Activision Blizzard, the massive video game developer, and publisher. The $70 billion transactions is Microsoft's largest ever, and it will allow the company to produce Microsoft-backed metaverse games and services in the future.
Nvidia
Another tech behemoth, Nvidia, is putting money into the Metaverse. Nvidia is one of the world's main GPU developers, and you will find its products in consoles, PCs, laptops, and other devices. Their GPUs have also well contributed to bitcoin mining and other applications. Because of its central role in the tech industry, it's easy to see why the corporation is investing in the Metaverse alongside its competitors.
The company is investing in creating an Omniversewhich will provide metaverse developers, companies, and governments the resources they need to make their ambitions a reality. Also, replicating factories, electricity grids, and other infrastructure products in the Metaverse before they're built in the real world can save resources and money.
Shopify
Shopify is now used by a million businesses as an e-commerce platform. And, with virtual shopping becoming a more intriguing option in the Metaverse, it's only natural for Shopify to want to join in the action. The company is particularly interested in augmented reality shopping, which would entail consumers visually putting on garments or examining products in their homes before making a purchase.
It made two actions in 2021 that gave it a footing in the Metaverse's potential commercial objectives. First, purchased Primer, an augmented reality program that allows users to see the consequences of purchase or project in their own space—a powerful tool that will allow users to create shopping experiences and storefronts in the Metaverse. It also established the NFT platform, which allows digital creators (the Chicago Bulls being the first) to sell art and other digital content directly to customers.
Meta
Facebook announced in November 2021 that it was changing its name to Meta, which was a perfect fit for its new business venture. The move came as the company shifted its focus from a social media platform to other businesses, and it certainly got people talking.
Mark Zuckerberg has moved the company's focus almost exclusively to the Metaverse, investing $10 billion in development and filing many patents relating to technology that uses metaverse users' biometric data to construct what they see in the virtual landscape. The Metaverse will be monetized through virtual trade and advertising revenue streams, according to the business.
Conclusion
It's interesting to see the variety of brands that are betting big on Metaverse. This is a clear sign that this technology is not only here to stay but that it is also evolving at a rapid pace. While there are still some uncertainties surrounding it, businesses are clearly seeing the potential and are eager to capitalize on it. As a result, we can expect to see even more innovation and development in Metaverse in the years to come.
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