Newzoo: More than 500 companies are building the metaverse

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Over the course of a year, the number of companies working on the metaverse grew from 200 in July 2022 to more than 500 now, according to a report on the metaverse by market researcher Newzoo.

A year ago, a lot of people could plausibly say they never heard of the metaverse. But with demand for virtual living exploding thanks to the pandemic, the metaverse quickly spread as a vision for life in persistent, 3D spatial worlds that were all interconnected in an online universe.

Now just about every major tech company, brand, influencer, and gaming company is getting involved in the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One. It’s the way to reach the younger generations of the future. Last week, McKinsey said that the metaverse will have a $5 trillion market value by 2030. And the Khronos Group announced a coalition of groups and companies to come up with standards for the metaverse.

Roblox is one of the world’s most popular games and it’s become a platform where players can create their own games and capture their value for it. Roblox and Epic’s Fortnite have added features such as virtual concerts, and influencers are staking their claims.

MetaBeat 2022

MetaBeat will bring together metaverse thought leaders to give guidance on how metaverse technology will transform the way all industries communicate and do business on October 3-4 in San Francisco, CA.

The metaverse is giving rise to virtual runway shows hosted by the most popular fashion and luxury brands. And the early