The metaverse may become a multibillion dollar opportunity in just a few short years, but even with the word on everyone’s lips, it’s hard to arrive at an exact definition of the newest buzzword in the industry
Last month, the phrase gained a lot of traction when Facebook declared that it is betting big on the metaverse. Even going so far as to rebrand the corporation as Meta. Even still, a precise definition of what is expected to become a multibillion-dollar opportunity is difficult to come by.
Analyzing the opportunity
It’s no surprise that both large and small businesses are working on the technology to support the growth of the metaverse. And for investors, this means opportunity.
The problem is that it does not yet exist in its entirety. The fundamental building elements are in place, and others are beginning to develop. Giving us an idea of how the metaverse might look.
ImagineAR has developed and published AR Cloud 2.0
ImagineAR has developed and published AR Cloud 2.0. Which allows any company, organization, or individual to instantaneously send any form of augmented reality content to mobile phones in any physical place across the world. According to CEO Silverrstieen, the content can include videos, images, portals, NFTs, and access to virtual worlds.
“As the metaverse grows globally and digital connection and engagement drives income”. He continued, “AR should be part of every company’s strategy today and beyond.”
The company has a portfolio of seven patents that cover a variety of new and emerging uses for augmented reality games. Additionally including geolocation as a significant component of the gameplay — a vital component of the metaverse.
Companies may rapidly publish digital content to specified places for market consumption using the ImagineAR platform. Which can be linked with any current native mobile app. In 2022, the technology will be available as a “no app” WebAR platform.
“For corporations to become active participants in the metaverse, AR is a need,” Silverrstieen stated. “While ImagineAR has concentrated on the sports and entertainment business. We aim to expand into other vertical areas such as retail, healthcare, education. Additionally any other AR opportunity,” says the company.
AMPD, a Canadian technology firm, recently announced its intention to purchase Departure Lounge Inc, a metaverse projects startup led by James Hursthouse. Additionally departure Lounge joins the AMPD group of enterprises with metaverse-related technology and content projects, building on AMPD’s incredibly strong foundation of technology and infrastructure competence.
What’s next for the metaverse?
The IT industry needs to bring the same inventiveness and commitment to developing for interoperability, openness, safety, and privacy for the metaverse to work, Mark Zuckerberg said in his video. Of course, given Facebook’s recent public troubles with the same guiding principles, it’s unclear how the new Meta, Inc. will play out.
Thankfully, Meta won’t be alone in leading the globe into the metaverse; firms like ImagineAR, AMPD, and Nextech are already carving out a niche in the Web 3.0 realm.