TL:DR
Currently, the metaverse is experiencing an influx of developers hoping to grow it into a suitable industry. Heavy hitters have entered the chance to claim a stake in virtual gaming and reality.
The Metaverse consists of many companies and projects seeking to build virtual worlds that allow for social connections. Think of this virtual world as a video game where individuals can interact and use a social currency while buying land and other items. NFTs are a huge component of the metaverse and so are digital currencies.
Smaller crypto projects alongside bigger companies like Facebook, Google, and others have come together to build this place up. Below we take a look at the top 3 metaverse companies that will have a huge stake and play a tremendous role in developing the metaverse.
Introduction
Building the Metaverse will take a lot of time and infrastructure. The great part about this is that building the Metaverse will consist of multiple entities, not just one. Think of it as a city or the initial 13 colonies. It took various people from different parts of the world to build the United States of America, taking it from the original 13 states to 50.
Why Build up the Metaverse
Some of the companies that we will mention own significant skin in the game. Meta has Facebook, Instagram, and Oculus, Binance has significant tokens and others have something they contribute. Since these companies and others already have a platform that is part of the metaverse, it makes sense for them to continue building those platforms.
Further, we have seen successful crypto projects emerge in the metaverse field such as Decentraland, Roblox, and Axie Infinity. They each have inspired a new generation of creators in developing the future of gaming and social networking.
Who counts as Building the Metaverse?
Building the metaverse is similar to building the internet. There are so many parts required. For one the people who provide servers are essential. Second, the individuals who create games on the website, and content for the users to see are also necessary. There are many driving forces that contribute to this.
With that being said let's take a look at 3 companies leading the charge in no particular order.
Facebook (Meta)
If changing their name was not enough of an indicator of their intentions to join the new wild west in virtual reality, then maybe oculus might change your mind. With its new name change, Meta, it now houses Facebook, Oculus, and Instagram all under one brand. Meta has key components in establishing its presence in the metaverse. These include the following:
Horizon Marketplace: A place on Oculus where individuals can trade, buy or sell different digital goods.
VR Messaging: It is a social network app, and its goal is to connect people across the world. This will be a crucial component in connecting individuals in the metaverse.
Project Cambria: The continuation of the VR Oculus headset seeking to connect people to the VR world.
CEO Mark Zuckerburg has also hinted at developing their own currency, Deim. Although those plans got wiped out, it is certain that they will continually look into building up the metaverse.
Epic Games
If you have heard of Fortnite, then Epic Games should come as no surprise. One can argue that Epic Games has one of the most developed metaverse platforms. What started as a game has since become a social playground for friends and individuals seeking to connect. They have hosted a variety of events with celebrities, brands, and even have hosted concerts.
Epic Games has two key goals they hope to fulfill with Fortnite. The first is they want to expand the platform to include more users on a monthly basis. Secondly, they want to open it up for users to create 3D, VR, and AR content. Their hope is that their users can add to building up the Fortnite ecosystem which will inevitably help build the platform and improve the gamer experience.
Binance
Some might say what they have to do with the metaverse. Here at Minute Crypto, we think they will be a key player in it due to the markets they offer and allow users to trade.
Centralized exchanges like Binance, and Coinbase, among others, play an essential role in developing the markets. Think of Binance as a bank in the metaverse. They will allow different people to trade, buy, or sell items and currencies in the metaverse.
Further, the metaverse allows for financial infrastructures to be built on the metaverse. As a result, Binance seeks and is leading the way in establishing those markets.
Final Thoughts
The race to develop the metaverse is heating up quickly. With so many companies carving their piece of the pie, it is only a matter of time before we see a significant breakthrough.
Unlike other industries, there is a lot of space to innovate. Despite heavy hitters and deep-pocket companies like Meta and Epic Games, we see the convergence of small crypto teams actively developing the metaverse. Regardless of who wins, it is certain innovation and development will come out on top in the end.
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