Tarun Nagar 
Metaverse has become one of the superheated topics of the current tech world in 2022. As per professionals, Metaverse is the next big thing offering immersive real-like experiences to users worldwide. By 2024, the market value of Metaverse is expected to reach 30 trillion dollars virtually.
The ever-rising popularity of Metaverse is changing the mind of business owners, and hence they are looking for the cost to build Metaverse. Well, simply knowing the cost of Metaverse doesn’t help unless you are well-versed with the Metaverse, its development, features, benefits, and more.
So, if you are on the same page and searching for the Metaverse development cost, this blog will help. Read it to know more!
Table of Contents
What Is Metaverse?
The Metaverse is a continuously existent, online, three-dimensional environment consisting of several virtual spaces. Through Metaverse, businesses can accomplish daily tasks online and dazzle remote sessions, performances, and entertainment. Although the Metaverse has not yet been created in its entirety, various platforms have released aspects that are comparable to it.
Social interactions have become advanced. Thanks to the fusion of virtual reality and augmented reality, which offers realistic virtual concerts, movies, games, and travel virtually. The concept of a Metaverse has been under development for a long time by tech titans like Facebook and Microsoft.
Mark Zuckerberg states – “Metaverse will be predominant one in the next five to ten years,” enticing more people to the Metaverse. According to him, technology will reach billion people in the coming time. This reflects that the future will exist within a Metaverse. As a result, Metaverse development has become the talk of the town and has raised the importance of the Metaverse development company. So, why not dig deeper into the process of developing the Metaverse platform? Let’s get started.
Latest Metaverse Statistics 2022: Market Size, Facts, & Industrial Growth
Many businesses are still unaware of the importance of Metaverse development for their business and simply search for the cost to build Metaverse. Are you also one of those? If yes, then you must look at the current market stats of Metaverse, highlighting its importance in today’s time. Here you go!
- In 2020, the Metaverse market value was $478.7 billion and was expected to rise to $800 billion by 2024.
- Around 74% of US adults who use Metaverse are planning to join.
- Facebook has invested around $10 billion in the Metaverse.
- Reports state that 25% of people will spend an hour in the Metaverse, and 30% of organizations will offer Metaverse-based products and services by 2026.
- There are around 50,000 users of web 3.0 virtual worlds.
- Web 2.0 Metaverse companies hold a market cap of $14.8 trillion.
We hope a quick glimpse of the current Metaverse statistics is enough to know the importance of Metaverse technology for your business. If you know why to invest in Metaverse, let’s indulge in the step-by-step development process.
How to Create Your Metaverse? Step-by-Step Development Process
Want to know how to develop a Metaverse? Follow these steps suggested by the NFT marketplace development company professionals and come up with an amazing Metaverse technology for your business.
Step 1 – Start with Business Idea Analysis
Like any other mobile app development process, Metaverse development starts with idea analysis. Remember that your idea doesn’t have to be AR-VR-related or ground-breaking. It should be focused on serving users’ needs and demands or improving the existing functionality of the Metaverse.
For instance, while working on cryptocurrency development, you can create more avatars and objects between multi-meta universes, or you can also develop a new controller for VR. It is the beginning phase of Metaverse development, so take enough time to brainstorm and come up with a unique idea.
Step 2 – Conduct Market Research
Before hiring Metaverse development company professionals to create a Metaverse, it is crucial to get an insight into the current market. Knowing about your competitors, target audience, and different Metaverse-based projects will give you a deep insight into everything.
Find out the loopholes in the current system to overcome them with your Metaverse technology. It will also help you understand the major prospects of your business idea in advance, and you’ll discover the best ways to implement it. Based on the information you gathered, draw technical documentation highlighting everything, as it will act as a roadmap later on.
Step 3 – Hire The Best Metaverse Development Company Experts
If you are new to the business world, you might don’t have the desired team for Metaverse development. Right? In that case, searching for the top Metaverse development company where dedicated Metaverse developers work is advisable. Ensure the experts are well-versed with the latest tools and technologies and have worked on such projects before.
To get assured of the same, you can refer to the portfolio of a blockchain development company or any organization you choose. For instance, if you want to launch a crypto-based Metaverse, make sure the developer possesses specialization in blockchain and Defi. Give more weightage to quality over quantity. It will also let you know the cost to build Metaverse.
Step 4 – Begin UX/UI Development & Prototyping
At this stage of Metaverse development, you can create the information architecture of the system, develop & optimize the user flow, and design the user interface. This is where the role of a UX/UI designer comes in. The design and appearance of the application matter a lot in grabbing users’ attention at first glance, so focus on the design as you are going to offer a real-life experience to the users virtually.
The design you will create will ultimately act as a prototype or an animated visualization of the interface in the form that will be displayed to the end users as the future product. So, rather than planning to hire dedicated developers, make sure the organization has a team of creative designers as well.
Step 5 – Begin Metaverse Development Process
Finally, you can begin the actual Metaverse app development process. Now that you have already hire Metaverse developers or availing Metaverse development services from an organization, share your business requirements well. The experts always divide the project into small chunks, so ask them about timely work reports to keep an eye on your work process.
To make your Metaverse app stand out, incorporate the latest tech stack as per your budget and business requirements.
|
Development Area |
Tech Stack of Metaverse Development |
|
Backend |
Java, Node.js, Python |
|
Frontend |
Vue.js, Angular, React |
|
Mobile App Language |
iOS: Swift, Android: Kotlin, Hybrid: React Native |
|
Database |
MySQL, PostgreSQL, Microsoft SQL Server |
|
Storage |
Amazon S3 |
| Cloud Infrastructure |
Google Cloud, AWS, Microsoft Azure |
| Frameworks |
Express, Material UI, Amplify |
Step 6 – Test & Deploy Your Metaverse App
When you successfully develop a Metaverse app, test your application carefully with the QA specialists. The professionals carefully test the product against bugs, usability, functionality, and compliance with all the specifications prescribed in detail. The process takes up to 20% of the development time. If you have inserted a smart contract during Metaverse development, you need to test it.
Remember, testing holds the same importance as developing a Metaverse app, so take enough time and test everything carefully. An error-free application can earn you success and profit as it completely satisfies the users’ demands. It will also let you know the cost to build Metaverse along with testing.
Step 7 – Launch The Metaverse
Finally, when you complete all the six steps mentioned above, launch your Metaverse app successfully and deploy it to a local and cloud server. If you have developed a Metaverse mobile app, add it to the stores, including App Store, Google Play Store, Microsoft Store, Amazon App Store, etc., depending on the platform’s availability. It is another factor adding to the cost to build Metaverse applications.
So, this is a simple seven process that will help you develop a perfect Metaverse app adhering to your business needs and demands. Every developed step involved impacts the development cost, so be careful and incorporate features, tech stack, and other elements accordingly.
Revealing The Cost To Build Metaverse App!
The Metaverse development process is the same as other business applications, so the cost will be somewhat the same. An average cost to build a Metaverse app lies between $20,000 to $30,000 and more, depending on the application requirements. But, as we all know, developing a Metaverse requires more effort and time, so the cost will vary accordingly. Also, it requires expertise to craft a perfect Metaverse-based business app.
Some of the major factors that will greatly affect the Metaverse development costs are –
1. 3D Modellers
3D modelers are a crucial component of Metaverse applications, so it is the major factor impacting the cost to a great extent. Inserting it will make your Metaverse alive and grab the users’ attention in no time. So, the type of 3D modeler you choose for your Metaverse app will increase or decrease the cost accordingly.
2. Decentralized Database
If you are developing a Metaverse app on a large scale, you will need a decentralized database to store the information. It helps to split the workload among multiple machines and leverages sophisticated algorithms to keep things balanced and on track. So, the more database you will require, the more you will have to pay for them.
3. Dedicated Developers
As we all know, the Metaverse development process requires expertise, so you will have to hire dedicated developers for the same. So, the experienced developers will charge quite high compared to a newbie or a developer with basic skills. Looking for a Metaverse development company that offers the best services at reasonable prices is advisable.
4. UX/UI Designers
Along with hiring dedicated developers, you will have to hire a UX/UI designer who can create an amazing and unique design for your Metaverse application. So, this is also a cost addition factors for your Metaverse app.
5. Features, Tech Stack, & Other Elements
Every business application has features, tech stack, and other essential elements, and the Metaverse app is no different. So, if you are planning to create a unique Metaverse application for your business, you will need to incorporate the unique features, of course, and this will add to the cost to build a Metaverse app. That’s why the experts always suggest deciding everything before developing a Metaverse application.
These are the five major factors affecting the cost to develop Metaverse applications. Each of the factors highlighted above holds crucial importance in making an application successful, so insert them as per business needs and budget.
Conclusion!
The Metaverse isn’t just a trend; it is something more than that. In the coming time, more than 90% of the business applications will be Metaverse-based, so businesses should start incorporating this amazing technology. We hope that after reading this blog, you must have got an idea of the cost to build Metaverse along with its development process.
So, look for a reliable Metaverse development company with a team of dedicated developers, designers, testers, QA, and more. Dev Technosys, leading mobile app development, and website development company, can craft all types of applications for all business domains. Get your Metaverse app developed with us!
Frequently Asked Questions
Q1. Is Metaverse Build on Blockchain Technology?
Yes, the Metaverse is built using blockchain technology. It is a very crucial part of the Metaverse as the blockchain enables users to buy, protect, store, and sell digital assets on the Metaverse platform. So, you can get in touch with a blockchain development company to build a Metaverse app for your business.
Q2. What is the Cost to Develop Metaverse?
An average cost to develop Metaverse lies between $20,000 to $30,000, and it might go up to $50,000 depending on your business needs and requirements. So, to get an exact cost, you will have to share your project requirements with the professionals, and after analyzing things, they will let you know the exact cost to build Metaverse.
Q3. How Can We Make Money Through Metaverse?
There are ample ways to generate money and profit from Metaverse applications, such as –
- Marketplace in the Metaverse
- Play & earn Metaverse games
- In-app advertisements
- Metaverse virtual real estate
