The metaverse presents growth prospects that leading brands are eager to investigate and exploit.

How consciously are big IT companies working to shape the metaverse?

The Metaverse is actively shaped by major tech companies like Meta, Microsoft, Nvidia, Apple, and Alphabet, among others. For example, Facebook’s renaming to Meta, Microsoft’s acquisition of Activision Blizzard, Nvidia’s Omniverse, Sony’s plans to release the PlayStation VR2 headset later this year, and the potential for Apple to… enter the AR market in 2023, according to McKinsey and company.

So how aggressively does venture capital invest? Non-fungible token (NFT) market OpenSea has raised $300 million worth $13.3 billion in a Series C fundraising round led by Paradigm and Coatue, demonstrating the significant amount of venture capital invested in the sector. A $150 million funding round for a metaverse tech company was led by Andreessen Horowitz and SoftBank. Additionally, in order to create a virtual environment, Yuga Labs (the company behind the Bored Ape Yacht Club) secured $450 million at a $4 billion valuation, with The Sandbox receiving $93 million from SoftBank and Niantic getting $300 million from Coatue.

Companies and Brands

The number of use cases is growing and organizations are exploring new strategies to gain an advantage. The metaverse presents growth prospects that major brands are eager to explore and exploit. LEGO contributed to Epic Games (creators of Fortnite). Additionally, Balenciaga, a luxury brand that has a dedicated metaverse section and launched its latest collection online, worked with Epic Games.

The value of any Metaverse functionality (such as owning digital assets) will increase with the number of consumer use cases and offerings, as the Metaverse is expected to exhibit substantial network and synergy effects.

This means that for the metaverse to realize its full value proposition, a fully connected end-to-end ecosystem must be created. The metaverse, virtual reality, and augmented reality will finally begin to deliver genuine, observable, and quantifiable productivity increases in education and healthcare.

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