What we need are the social attitudes to change to experience this new era on the internet. Metaverse is the grand vision to provide a parallel universe. Costs of building it are high (in the range of ~$700B). The market is close to $14T. Is it all speculative or can companies like Meta, Microsoft, Roblox, etc. make it happen? There is a lot to unpack and understand. I explore these scenarios and dive more to understand the market of a metaverse in this article.
In part 1 I questioned the future of metaverse. Here I am presenting the top three things required to make it happen. 1. Network - high bandwidth and low latency 2. Hardware - Consumer hardware (AR/VR/haptic gloves) to Compute hardware 3. Interoperability to allow virtual environments to talk to each other. Transfer your NFTs from one world to another.
This is part 1 of the metaverse series from products and businesses. The biggest corporations are pouring money into developing the future of metaverse. Analysts estimate the market size to reach $1T by 2028 is a staggering 44% CAGR. But do we really understand what it is? Let's find out.