Digital Media and Metaverse Entertainment Industry: The Future is Already Here
Table of content
- Digital Media and Metaverse Entertainment Industry: The Future is Already Here
- What Is the Metaverse?
- What Does Entertainment Look Like in the Metaverse?
- How Does Metaverse Impact the Entertainment Industry?
- What Is a Metaverse Development Company?
- What Do Metaverse Companies Develop?
- How Can Interexy Help?
- Final Thoughts
For example, the first artist who entered the metaverse entertainment space was Travis Scoot, who held a concert in Fortnite’s immersive surroundings, which opened to an audience of 12.3 million concurrent players.
In addition, this trend was particularly driven by the COVID-19 pandemic, which caused restrictions and limited concerts, and large gatherings. That is why the metaverse has become an excellent opportunity for artists to share their music and shows while people still enjoy their favorite brands and artists without leaving their homes. To be more specific, VR entertainment is the key to success in metaverse development.
It is worth noting that media and entertainment experiences located in the metaverse are going to be a converged world of interoperable spaces and no longer be standalone affairs. This means metaverse users will be able to review multiple entertainment venues, events, and services and choose them to their liking at any given moment. According to the report, the global Metaverse Market size is suggested to reach USD 426.9 billion by 2027 growing at 47.2% Compound Annual Growth Rate (CAGR). The market is valued at USD 61.8 billion in 2022.
What Is the Metaverse?
The term Metaverse describes a combination of virtual reality as well as mixed reality worlds that can be accessed through a browser or headset, allowing users to enjoy real-time interactions and experiences across distances.
Since metaverse is still in its development stage, it will represent a series of disconnected metaverses. Modern metaverse provides its own access, avatars, interactions, and even currencies that users can use to buy items and so on.
What Does Entertainment Look Like in the Metaverse?
The metaverse is sometimes described as a unified space that combines multiple virtual worlds into a single, interoperable location that can be easily accessed by many users. In sci-fi speak, the metaverse is a digital representation of our real world with shocking verisimilitude but with increased conveniences like teleportation, content projection, and infinite appearance customization.
Talking technically, the metaverse uses AI, VR, blockchain, mixed reality, as well as advanced IoT technology, which allows users to perceive and interact with virtual entities just like they can with real ones. Even though metaverse is developing its uses now and requires time to present its all opportunities, it seems that it will bring a vast range of implications for the entertainment and media industry.
To be more specific, the metaverse is an entertainment experience by itself. However, providing many opportunities for users to interact with virtual items and access a variety of events, the fact that it can help users feel like they are in the physical world and engage with unfamiliar yet acutely familiar surroundings is entertaining. That is why providers and developers should consider these capabilities to deliver content that users value and like.
Gaming in the Metaverse
Not everyone knows, but gaming and the metaverse have become synonymous. Games like Roblox and Fortnite are considered to be the most popular ones in offering the best metaverse gaming experience to their users. It is worth noting that these games deliver much more than ‘missions’ or ‘battles’ or ‘side-quests.’ Since they use blockchain technology, users are able to develop a world of their imagination via trading assets known as non-fungible tokens (NFTs).
Virtual Reality Theme Park
This trend seems to have the biggest potential in upcoming years since theme parks and amusement parks are key candidates for VR being costly to develop in the real world. Therefore, providers find it efficiently and safely open them in virtual reality. In addition, theme parks usually struggle with the location since it is challenging for most visitors to travel long distances for the experience if they are not local residents. That is why the metaverse allows for complex parks that can defy the laws of physics, easily attract visitors all across the world and develop them without extra costs.
Competitive Entertainment and Sports Betting
Experts believe that sports betting can become an incredibly profitable use of the metaverse for media and entertainment domains. Virtual reality will allow users to observe the game from close quarters, leading to better decisions. In addition, betting is driven by peer networks, making it an excellent option for the quintessentially social nature of better entertainment in metaverse experiences. As we mentioned, the metaverse also has its own currency.
Concerts Inside the Metaverse
The idea of virtual concerts isn’t new, allowing artists to still provide their concerts even in the world of pandemics and restrictions. Metaverse is the best place for virtual concerts since it gives opportunities for every person all across the world to attend concerts without leaving their homes. For instance, Imagine Dragons, Travis Scott, BTS, Muse, and Post Malone have been first trying this new concert format. Alongside higher convenience, metaverse also aids visibility and flexibility for the user while ensuring high revenue for artists.
How Does Metaverse Impact the Entertainment Industry?
1. Enhances the Movie-Watching Experience
Metaverse allows users to choose their own seats in a cinema rather than hoping for the right one. In addition, these virtual cinemas also allow users to walk around and explore the sets and locations of their favorite films. This has been shown to significantly enhance the movie-watching experience.
2. Allows for New Forms of Entertainment
Alongside improving existing forms of entertainment, the Metaverse can also give the drive for new ones. For example, metaverse-based games give users an opportunity to compete against each other in the virtual world. Some platforms also allow users to develop and share their own virtual worlds where they can create their own events.
3. Creates New Opportunities for Marketing and Advertising
Metaverse allows brands to create virtual experiences that help users to interact with their products in new engaging ways. That is because marketers and advertising brands are getting more and more creative with their user experience in the metaverse, allowing them to attract more users and get higher revenue through new ways.
4. Develop a Tough Competition for Content Creators
As could be expected, the metaverse also changes the landscape for content creators. This means they now need to always develop vast and unique content for the audience’s engagement, constantly fighting immense competition. That is why the key for content creators is to bring fresh ideas and unique and innovative content to get users.
What Is a Metaverse Development Company?
A metaverse development company is a team of engineers, designers, and testing teams that helps businesses, brands, and artists to launch a future-ready metaverse by supporting the technical and development needs of the project. It is worth noting that metaverse development companies should have relevant experience and expertise in blockchain, augmented reality, and virtual reality. Only qualified experts will be able to design and develop metaverse components such as 3D virtual spaces, NFT marketplaces, metaverse applications, and decentralized platforms.
See Our NFT & Blockchain Development Process
Download this file to see how we helped our NFT clients, how we can lead you to success and what process we use to achieve this
What Do Metaverse Companies Develop?
Metaverse 2D/3D Design
A trusted development team will develop any asset for your metaverse, like digital art, to generate or replicate any 3D object, creating an efficient bond between your brand and customers. The design team can create any asset based on your requirements and business needs.
NFT Development for Metaverse
NFT development services provided by metaverse companies will cover the entire process of creating and distributing NFTs, starting from generating the asset to minting it into blockchain and choosing the best way to distribute it among users.
NFT Marketplace Development for Metaverse
Metaverse development companies maintain a full cycle of NFT marketplace development services with in-depth knowledge of NFT and blockchain technologies while also providing broad expertise in the market.
Blockchain Wallet Development for Metaverse
Experienced software engineers create state-of-the-art blockchain wallets that allow storing currencies and non-fungible tokens for further use in the Metaverse.
Machine Learning & AI for Metaverse
Metaverse developers should also have expertise in Machine Learning and Artificial Intelligence algorithms to deliver highly personalized experiences for customers of the Metaverse.
Smart Contract Development for Metaverse
Smart contract development services are essential for metaverse development since they create a safe and effective environment to maintain blockchain assets through fast and stable smart contracts.
How Can Interexy Help?
Interexy is the pioneer in NFT and metaverse development, partnering with Sandbox for every NFT launch. Being a development team for Lil Durk NFT drop and MetaMine, our team has outstanding expertise in all technologies needed for a successful metaverse development, including blockchain app development services, AR, VR, AI, and many more.
For example, we are now working on the MetaMine project, which will be a Metaverse digital asset storage. The client’s goal is to get a quality product to raise investments. The app will let users buy any psychic item (clothes, jewelry, car, house, and so on) in real life and make its digital copy in the app. Users will also choose Metaverse if they want to take the item in for further use. MetaMine allows users to dress up avatars in Metaverse just like they look in real life while also giving their avatars houses, cars, animals, and so on.
Metaverse is one of the hottest trends in many industries now. Things that we could only imagine years ago are becoming real. However, the metaverse entertainment industry still requires development and growth. That is why it is vital to understand what the future Metaverse will bring for these domains if you want to enter the space and reap benefits. Let’s have a quick call to discuss your ideas with our experts.