August 16, 2022

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Will the Metaverse Change the Game?

Since the launch of the first metaverse prototype called Second Life in 2003, the concept itself has been forgotten. While the IT industry focused on revolutionizing the technology of Web 2.0, enthusiasts elaborated on a new way to upgrade the internet. Until Mark Zuckerberg, CEO and co-founder of former Facebook, announced its rebranding to Meta.

It was the point of no return for the industry. Moreover, the inception of Web 3.0 was inevitable, with or without Meta. Nowadays, many metaverse development companies are bringing the new technology closer to end-users. 

As one of the most vivid representatives of this phenomenon, Program-Ace has been pursuing the strategy of adhering to innovation since 1992. The company’s website can be accessed by following this link — program-ace.com. There you can gain more insight into what the metaverse is and how it benefits the industry.

Why the Metaverse Is a Natural Internet Evolution

Immersive technologies are gradually becoming the new normal as they conquer multiple market segments, including gaming, entertainment, training, simulations, and the rest. According to statistics, the global metaverse market size was worth slightly more than $38bn in 2021, with predictions to surge to almost $48bn in 2022. These numbers indicate that the international interest in the metaverse subject is increasing exponentially. 

Each year, large-scale corporations like Meta, Microsoft, Tencent, Roblox, and the like invest millions in developing next-gen XR solutions that facilitate the emergence of the metaverse ecosystem. In the near future, businesses are expected to own their private virtual worlds replete with microservices, integrated third-party solutions, stores, games, and social networks, making the metaverse technology a notable leap forward.

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Since the advent of the internet in 1958, the IT industry has undergone several essential stages of development. 

  1. Connectivity. This stage marked the launch of the ARPANET, the appearance of emails, web browsers, and searches.
  2. Networked economy. Starting in the 1990s, this milestone was possible thanks to the internet enthusiasts who came up with e-commerce, digital supply chain, and virtual collaboration.
  3. Collaborative experiences. With the first cloud technologies developed in the early 2000s, such areas as video streaming, social media, and mobility replenished the pool of internet prospects.
  4. Internet of everything. In light of the progress made in the research of artificial intelligence, machine learning, IoT, blockchain, and so on, Web 2.0 facilitates the spread of more advanced VR apps, complex social media, etc.
  5. Web 3.0. Considering the previous 4 stages of the internet evolution, it becomes quite evident that the metaverse is going to be the natural continuation of digital interactivity.

Today each modern metaverse development company aims to elaborate on new ways of bringing maximum value to the end consumer. Be it a VR app that aids in hand rehabilitation, software helping users learn more about specific hardware, or a play-to-earn game — the metaverse technology is the next big step in the right direction.

How Everyone Will Benefit from the Metaverse

Research indicates that the VR market reached almost $5bn in 2019, whereas by 2024, it was expected to grow to more than $12bn. Therefore, the present-day audience is more likely to salute the innovations occurring in the XR technology sector. Sooner or later, the entire internet will become immersed in metaverses of different kinds, and it is more an advancement rather than a regress. 

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As for businesses, this technology opens new prospects for the e-commerce, healthcare, retail, and entertainment industries. With the help of additional services built into each metaverse, users will be able to visit online stores, play virtual tennis, then get telemedical consultations, and be involved in e-learning afterward. All this can be achieved by owning only one metaverse that will operate as an all-stop shop for any services.

When it comes to the value for end-users, it is becoming even more straightforward. Without leaving their homes and having only a VR headset turned on, metaverse visitors will reap the benefits of all these services for a reasonable price. Furthermore, the competition in the market of metaverses will drive the industry, forcing tech giants to improve their services and products. That is why the metaverse proves to be a promising innovation for all parties.

How to Join the Metaverse Race and Win?

Well, the answer to this question is pretty simple. What all modern IT companies need to do is to invest in metaverse technology and support the community of potential users. Ultimately, the statistics and social interest in Web 3.0 are making a big deal, changing the way communities examine VR apps as well as their contribution to the internet evolution.

Businesses will undoubtedly continue to invest in immersive technologies, inasmuch as they promise a high possibility of return. The more industry players join the metaverse race, the more polished the final version of this solution will be. Finally, it is crucial that concerned parties should arrange conferences dedicated to the development of metaverses and other entertainment events that stimulate the growth of global interest in this topic.

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