The concept of Metaverse has been around for a long time, but it has only received special attention from the public since Mark Zuckerberg changed the name of his billion-dollar corporation from Facebook to Meta. Zuckerberg also stated his goal was to create the Metaverse. Can your business do the same thing as him? We’ll learn about the process of building your own Metaverse in this Tech Town article.

Things to consider before starting a Metaverse project

Ask questions like the one below to decide if your business needs to build a Metaverse project, evaluate the steps required, and determine how to make money with it.

Where to start the Metaverse journey?

There will be no need to start developing Metaverse right away. Just keep in mind that there are plenty of opportunities to test before building an actual project. Example: Join an existing virtual world like Decentraland as a user. All you need to do is log in to the system and create an avatar. Using it through will help you better understand how the virtual world works and get a feel for all of it.

Is it possible to make money with metaverse?

There is a way to make money through Metaverse without building your own project, which is to invest in existing projects. Decentraland, The Sandbox, and Axie Infinity are just a few of the projects that have proven successful. 

It is also possible to try buying metaverse crypto tokens or even digital real estate on a specific virtual world. In fact, the real estate business in the Metaverse model has shown increasing investment potential. For example, The Sandbox – a Metaverse game project that has attracted more than $86 million in NFTs sales. 

Or, your business can build your Metaverse on top of existing infrastructure. For example, Nike used their Roblox infrastructure to build a version of Metaverse called Nikeland.

Should the Metaverse be built?

This is perhaps the most difficult question, as we all know that the development of Metaverse requires considerable investment and research. We can’t help but wonder if all the hard work pays off in the end.

As with any new technology, the best strategy is to give it plenty of time and start small. In any case, Metaverse certainly has a lot of potential and the advancements in its development have contributed to the creation of new markets, such as the sale of virtual goods and digital real estate. Metaverse also presents compelling new opportunities for brands to engage with their customers through portfolio visualization, interactive content delivery, and personalized service assurance. 

According to Simon Powell, Head of Thematic Research at Jefferies, “A single Metaverse can last for more than a decade, but as it grows, it has the potential to disrupt almost anything in human life. .” 

Once we’ve considered those questions, we’ll move on to the most important part of this article

Metaverse project development process

Search, define an idea

As with any other technology project, the development of the metaverse and related applications begins with an idea. It doesn’t have to be groundbreaking or VR/AR related. That idea just needs to provide a tangible benefit to the target audience or somehow improve one of the elements of the Metaverse. For example, an Enterprise can start a cryptocurrency project that can be used in various metaverses or create a new controller for virtual reality. 

Here are some Metaverse ideas:

•     Marketplace to sell items from the metaverse.
•     Freelance platform with a focus on creating clothes for avatars.
•     The freelance platform focuses on creating houses, cities, countries for anniversaries (such services are already in demand, for example in Minecraft).
•     AI enhances some of Metaverse’s technologies or components, such as voice translators, which simulate the voices of conversation participants in real time.

The most popular metaverse forms today:

•     Role-playing games 2D/3D/VR/AR/MR/VR360
•     VR/ 3D/VR/AR/MR/VR360 virtual reality RPG games
•     Virtual sports games in 3D/VR/AR/MR/VR360
•     Meetings in virtual space 3D/VR/AR/MR/VR360
•     Online classes in virtual space 3D/VR/AR/MR/VR360
•     Virtual social networks in the form of 3D/VR/AR/MR/VR360 are equivalent to real spaces and contexts such as cities, offices, houses, etc.
•     New or imaginary spaces, universes, contexts such as on the moon, Mars, outer space, under the ocean, underwater, etc.

The construction of Metaverses creates different virtual environments and societies called separate Metaverses. In which developers can integrate Blockchain technologies, NFT, AI…. for players to participate, receive rewards, buy and sell, exchange things in it.

Define your idea and move on to the next step.

Looking for a development company

The next step, businesses need to find a development company that will take care of the technical part to implement the idea. The requirement for a tech company here is that they understand their chosen niche and have had several successful projects before. Example: If we want to launch a crypto project in Metaverse, we need a team that specializes in blockchain and DeFi, such as Merehead. If you plan to create a new VR controller, your business will need to find not only programmers but also experienced engineers with the right skills and interest in VR and AR.

Project opening phase (business analysis)

Before the selected development team starts creating the design and writing the code, the business needs to decide on the business part of the future project. Specifically, businesses need to start building Metaverse with analysis of the market, competitors and target audience. Through this, your business will have an understanding of the prospects of the idea and figure out the best ways to implement it. 

Based on the information received can help us to more accurately determine the scope of the upcoming work, the composition of the development team and the optimal choice of technology.

UX/UI design, prototyping

At this stage of development, the information architecture of the system is created, user flows are developed and optimized, and the user interface design is also developed. This is the job of UX/UI designers. The result of their work will be a prototype – an animation of the interface in the form in which it will be presented to the end user in the future.

Code development

At this point, the team starts coding the Metaverse application for your business. They implement the front-end and back-end components of the future project and integrate external services such as payment gateways or liquidity pools. The coding process itself is often split into several parts and takes anywhere from one to several months, depending on the complexity of the project.

Product testing

This task is performed by QA professionals. They test the newly created product for defects, functionality, usability, load, compliance with specified specifications. All of these work typically take up about 20% of the development time. If the application uses smart contracts, they also need to be tested. And this should be done not only by internal QA experts but also by independent auditors (this will take weeks to months).

Deployment and release

Once the application is built and thoroughly tested, it is deployed to local or cloud servers. If this is a mobile app then it must be added to mobile app stores like: App Store, Google Play, Microsoft Store, Amazon App Store and others. This requires a few more days to a month of real-time and the business needs to shell out a few hundred dollars.

Product Support

App creation doesn’t end after release. Usually, it takes a little more time for the development team to catch all the bugs, check user reactions, and improve or add (or remove) some features. In addition, the business owner also needs to organize a support service that helps users solve problems with your application and collect feedback from them. 

Metaverse and project development Metaverse has a lot of issues to discuss, and here is what your business needs to do to create a virtual universe of its own. In the following article, we will cover technical details in Metaverse development, read on if you are interested. 

Hopefully the information Tech Town brings will be useful to businesses. Contact us if your business has any technological challenges.