Over 500 New Companies Are Working on Building the Metaverse

The number of companies working on the Metaverse went from 200 in July 2021, to more than 500 in July 2022, according to a new report by Newzoo. 

Two years ago, if we polled people on the street and asked them about the Metaverse, we would have gotten a lot of blank stares. But now, thanks to the higher demand for virtual living, people are talking about it both online and offline.

The idea of 3D virtual worlds is becoming more and more popular with each passing day. So, it’s no surprise that the number of companies working on building the Metaverse is growing at an unprecedented rate.

Last week, Newzoo released a report on the Metaverse, Blockchain Gaming, and NFTs in which they revealed just how many people are working on the Metaverse.

What Companies Are Working on the Metaverse?

Ever since Mark Zuckerberg announced that he’ll be rebranding his Facebook company as Meta and turning his attention to building a 3D virtual world, the number of companies working on the Metaverse has exploded.

Zuckerberg isn’t the only one who’s interested in this new technology. Companies like Microsoft, Nintendo, and Amazon are all racing to build their own version of the Metaverse. There are over 500 companies working on the Metaverse right now, and that number is only going to grow in the coming years.

Some are small startups while others are large corporations. How far have some companies come with their projects? According to Newzoo, you have companies like Balenciaga, Louis Vitton, and Nike all working on virtual runaway shows and turning their products into NFTs.

Image Source: Newzoo

Why Did the Interest Rise So Much?

The interest in the Metaverse has risen significantly because of the pandemic. With so many people stuck at home, they’re looking for ways to connect with others and have some fun. The Metaverse provides a perfect solution to that problem.

It’s also worth noting that the rise in interest in the Metaverse has coincided with the rise in interest in Blockchain games and NFTs. This is no coincidence. The two technologies go hand-in-hand.

Last but not least, it’s important to note that people are actively looking for a successor to the Web2 Internet. The transition to Web3 should decentralize the tech economy, changing the way brands interact with end-users and tech middlemen.

Are Blockchain Games About the Hit the Mainstream?

There’s no doubt that blockchain games are on the rise. The popularity of games like Cryptokitties, Gods Unchained, and Decentraland is proof of that. But are they about to hit the mainstream?

While NFTs grew into a multibillion-dollar market last year, crypto games haven’t reached that level of popularity yet and it’s questionable if they ever will.

A large problem for the crypto gaming industry is its inability to find a unique audience. You see, crypto games are still mainly being played by crypto investors, trying to make a profit. Until a sizable portion of non-crypto investors starts playing these games, they’ll never reach the mainstream.

How Far Are We From the Metaverse?

The Metaverse has the potential to change the way we live, work, and play. We may not be living in the Metaverse full time yet, but we’re getting closer every day. With more than 500 companies working on the Metaverse, our chances of living in a Ready Player One world are getting better by the minute.

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