How Much Does it Cost to Develop the Metaverse Platform ?

1. How Much Does it Cost to Develop the Metaverse Platform? blocktunix.com/estimating-the-cost-of-metaverse-development-factors-and-considerations Marketing Team June 16, 2023 Metaverse has emerged as a fascinating concept that carries the power to revolutionize the way we interact, work and socialize online. It has an immense potential to create immersive & interconnected virtual worlds like never before. One of the reasons why tech enthusiasts, industry leaders, and investors are in a hurry to build a metaverse platform. But building a metaverse is not as easy as it seems to be. The metaverse development process demands a significant investment of time, resources, and expertise. As a result, the metaverse development cost might surprise you. Now you might be wondering how much I have to invest. Well, this blog on the same will not only shed light on the overall cost to develop a metaverse but will also put into the limelight the factors that influence the financial requirements of such ambitious projects. So let’s dive into the topic. Market Overview of the Global Metaverse Industry 1/7

2. Needless to say, the metaverse is regarded as the next iteration of the internet. It is where the physical and digital worlds combine together. One of the reasons why with 400 million monthly active users (2023), the metaverse can reach a market revenue of 82.02 billion USD in 2023. It is further expected to touch a margin of 936.57 USD by 2030. On top of that, there are some interesting market stats you must be aware of. 36% of the metaverse market share is contributed by Virtual Reality (VR) and Augmented Reality (AR) technologies alone. 74% of US adults have already joined or will join the metaverse. 25% of people from around the world will spend at least one hour per day in the metaverse. 52% of users worldwide want to become a part of the metaverse for work-related opportunities. 115.66 billion USD is the total revenue generated by Meta’s apps in 2021. Why Develop a Metaverse? Well, if we talk about the metaverse, it is an advancement in social technology, that enables avatars (digital representations of people) to communicate with one another in a range of contexts. The metaverse offers a place for infinite, interconnected virtual communities using VR headsets, AR glasses, smartphone apps, or other devices, whether it be at work, in an office, while attending concerts and sporting events, or even putting on clothes. This makes it an all-time favorite to people worldwide. 2/7

3. Well when it comes to reasons to create your own metaverse, the list is large. Whether it’s satisfying the demand for immersive content, establishing new platforms for creative exploration, addressing remote work challenges, taking full benefits of monetization & virtual goods sales, merchandising & sponsorships, etc. Metaverse can provide you with good ROI, no matter which industry you belong to. In simple words, if you want to reach a broader audience, enhance customer engagement, want to create a new revenue stream, or are looking forward to getting an edge over your competitors, the metaverse is going to be the ultimate strategy. Things to Consider While Developing a Metaverse It is essential to keep a balance of opportunities to get the best out of your project. So it is crucial to consider several things in order to prevent your project from backfiring at any stage. Prioritize business goals over Metaverse No matter what the scenario is, prefer people-centric solutions Plan your resources in advance Understand the vendor sentiments to get maximum ROI Factors Affecting the Metaverse Development Cost 3/7

4. Well when it comes to the cost to create a metaverse, there are several factors that determine the overall investment. Some of the major factors that play a significant role are 1Choice of Platform Depending on the platform you select, the cost of establishing a metaverse can change. You could have to buy a license or pay a monthly fee if you go with a proprietary platform. This would raise the overall metaverse development cost. 2Size and Complexity The development price will also depend on the scope and complexity of your metaverse. A larger, more intricate metaverse containing multiple locations, interactive items, and features will cost more because it will take more time and resources to develop. 3Size of the Team The cost to develop a metaverse will also depend on the size and experience of the development team. Costs will probably be higher for a larger team of more skilled developers than for a smaller team of less skilled developers. 4Tech Stack The cost will also depend on the technology employed to create a metaverse. For instance, utilizing cutting-edge technology like blockchain and VR may increase the overall metaverse development cost. 5Customization Undoubtedly, the price will change if the metaverse is tailored to satisfy particular business needs. The cost will increase with more customization, time, and the requirement of resources. 6Hosting and Maintenance A metaverse’s hosting and upkeep expenses must be taken into account as well. Costs for hosting and ongoing maintenance should be budgeted since they can mount up over time. How Much Does it Cost to Create a Metaverse? Needless to say, metaverse development is a complex process that demands a skilled team with high proficiency in utilizing the technology, tools, and emerging concepts. This will help to come up with a final product that can not only engage users but also carry the ability to retain them through performance and scalability. 4/7

5. On top of that, every industry demands a different solution so going with a single development cost for all will be unfair. To make it easy for you we are taking the top 5 industries where metaverse development is at its peak. 1Metaverse Gaming Depending on the project’s complexity and size, the metaverse game development cost may vary accordingly. The degree of involvement, graphic quality, gaming mechanics, and multiplayer capabilities are some factors that affect the overall cost. Businesses should also take server infrastructure into account for a faultless gaming experience and to handle large numbers of concurrent gamers. Furthermore, the expense of metaverse games is increased by maintenance, upgrades, and community administration. Needless to say, an interesting online gaming experience can be produced with careful preparation, a distinct vision, and cooperation with skilled metaverse developers. Coming to the investment, the total metaverse game development cost ranges from $25,000 to $400,000, depending on the various variables as discussed earlier. Also Read-How Metaverse is Revolutionizing the Gaming Industry ? 2Social Media Over time, social media has seen substantial change. In recent years, the metaverse has developed as an expansion of social networking sites. It can make it possible to combine many social media components, including live entertainment, collaboration, immersive experiences via VR/AR, and so on. 5/7

6. Depending on how complicated the social media metaverse is, the development cost can range from $25,000 to $400,000. 3Real Estate Imagine how amazing it is to own a digital piece of land with enormous value and potential. Well, prepare for the upcoming significant corporate transformation. The metaverse presents a fascinating possibility for investing in virtual property, made possible by technologies like NFTs, blockchain, and virtual currencies. Like in the real world, you can buy, sell, and trade pixels as well as land in the metaverse. Coming to the price, the complexity of your project determines how much it will cost to build real estate in the metaverse. For capable designers and knowledgeable programmers, the investment might be anything from $15,000 and $300,000. 4Healthcare Just imagine how it feels to consult a doctor virtually, discussing symptoms and receiving diagnoses without ever having to leave the comfort of your home. Well, in order to create cutting-edge healthcare solutions that are available from anywhere in the world, 81% of healthcare executives are currently thinking about using metaverse healthcare development services. The price range for creating metaverse software for the healthcare sector is between $80,000 and $1 million. Moreover, the complexity of the virtual environment and the number of medical operations it may imitate can affect this cost. 5eCommerce In order to build a virtual shopping paradise where customers can browse, buy, and interact with products in immersive and dynamic ways, businesses must embrace the future of retail. Whether we talk about the scale and complexity of the virtual world, the kind and quantity of products, the features and functionality needed, and the infrastructure & supporting technologies, all can affect the cost to develop an eCommerce metaverse. Moreover, to make sure that the project satisfies the requirements of the business and offers users a seamless shopping experience, it is crucial to take into account all project- related factors, including planning, design, development, testing, deployment, and continuing maintenance and support. So the development cost of a simple, feature-limited eCommerce metaverse can range from $50,000 to $500,000. 6/7

7. Partner With Blocktunix for Cutting-edge Metaverse Development Solutions Blocktunix has a group of knowledgeable experts who have a deep understanding of major metaverse technologies, including 3D technology, AI, blockchain, cryptography, NFTs, etc., and can work with you to build a metaverse that suits your demands. We provide individualized pricing, an open development process, and prompt delivery with 100% transparency. Whether it’s metaverse gaming, healthcare, eCommerce, social media, real estate, education, or any other sector, Blocktunix offers a plethora of metaverse development services under a single roof. 7/7