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Metaverse Platforms
Overview
The metaverse is an integrated network of interactive and persistent virtual worlds that is considered to be the next universal iteration of the internet. The concept is centered around delivering a greater immersive experience through additional dimensions (e.g., enhanced interactions via VR/AR and haptic solutions) to interact with information and other users. Metaverse platforms refer to interactive and persistent virtual worlds/environments that are hypothesized to integrate and form the user-experience layer of the metaverse, facilitating activities such as collaborative remote working, education/training simulations, gaming, and social interaction.
Although the metaverse concept calls for the interoperability of all platforms, until recently, they operated in relative isolation. The creation of open standards to solve the issues associated with the interoperability of digital assets and identities across platforms are still a work in progress. Metaverse platforms are enabled via core technologies such as extended reality, the blockchain, cloud/edge computing, and 5G. Furthermore, the growing share of Gen Z consumers and their income levels, monetization opportunities for creators, and significant enterprise interest are likely to drive the industry forward.
Industry Updates
Market Sizing
The US Metaverse Platforms market could reach USD 6.6 billion–12.6 billion by 2028
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Use cases
There was a notable surge in metaverse activity between 2020 and 2022 with brands from various industries, particularly consumer discretionary, consumer staples, and information technology, launching experiences on popular platforms. This included the textiles, apparel and luxury goods, personal products, and software subsegments for their respective industries.
The primary use cases revolved around marketing and remote work, as the metaverse offered a unique opportunity for brands to engage younger demographics through immersive experiences and virtual spaces that facilitated remote collaboration, enhanced team cohesion, and streamlined communication efforts.
We have identified key metaverse use cases below:
Market Mapping
Disruptors in the industry operate in six distinct segments, with a majority of the startups being concentrated in the social gaming and pure-play social platforms segments. They are also the two highest-funded segments (April 2024), as they have been growing for relatively longer, offering traditional gaming and virtual social experiences before becoming metaverse contenders.
The social gaming platforms segment has significant incumbent activity, led by brand launches on Meta’s Horizon Worlds platform and Epic Games’ Fortnite Creative. Incumbents also have a notable presence in the Work platforms segment, which includes Meta’s Horizon Workrooms platform and Microsoft Mesh (offered through its Teams software).
Social gaming platforms
Pure-play gaming platforms
Pure-play social platforms
Work platforms
Digital avatars
Virtual events platforms
The Disruptors
The metaverse platforms landscape is currently dominated by disruptors that offer social gaming experiences in terms of the number of players and users, as well as total funding. User-generated content (UGC) plays a major role in social gaming platforms as it enables them to feature new in-game assets and experiences at scale and incentivize users/creators through monetization opportunities.
Roblox, with more than 68 million daily active users as of 2023, has grown organically as a gaming platform (since 2004) and is currently a leading metaverse platform. Other notable players in the space include Animoca Brands’ The Sandbox platform and Decentraland, although the platforms registered a decline in users as investor interest in the sector waned after the crypto winter.
Metaverse platforms for enterprise use cases primarily consist of companies that offer meeting and collaboration services (e.g., Gather, RemoteBridge and Mytaverse). Additionally, Wave remains prominent in the virtual events segment. Notable players in the digital avatar segment include Genies and Wolf3D (Ready Player Me creator).
Funding History
Competitive Analysis
Incumbents
Meta is the leading player in the space, with its flagship Horizon Worlds platform offering social gaming experiences and virtual events. The company also has a presence in the work platforms segment via Horizon Workrooms and the digital avatars segment via the Meta Avatars Store. Other notable metaverse work platforms include Microsoft Mesh and Amazon’s AWS Cloud Quest. Additionally, NVIDIA offers its Avatar Cloud Engine (ACE) for the creation of digital avatars.
The vast majority of incumbent partnerships is related to the social gaming platforms segment, with brands partnering to launch virtual worlds in the metaverse. Acquisitions for the sector remain sparse, although this notably includes Microsoft’s acquisition of Mojang (September 2014) for USD 2.5 billion.
Notable Investors
