Tech giants join forces to control and accelerate the development of the metaverse

More than 30 major IT companies have become members of the group whose goal is to develop a global strategy for the virtual space. Microsoft, Meta, Nvidia, Sony and other global technology giants have agreed to cooperate on this issue.

The Metaverse Standards Forum will develop transparent standards for the operation of augmented and virtual reality systems, as well as for the development of 3D technologies. One of the goals of the merger is to ensure that no IT company dominates the creation of the metaverse, in the same way that several stakeholders once developed the Internet.

“The potential of the Metaverse will be best realized if it is built on open standards,” the press release says.

Interestingly, many leaders of the IT market decided not to join the Forum. Among those, for example, are Apple, Niantic, Roblox Corporation. However, they will be able to participate in the initiative in the future, when the group will work in full force — the first meeting should take place in July.

According to the Canadian representative office of KPMG, institutionalists are showing great attention to the metaverse, non-fungible tokens, as well as to the tokenization of assets. Experts note that the tokenization of assets in the real estate market and the development of metaverses are of particular interest to investors.

“Metaverses are still at an early stage of development and companies are exploring this area. Institutional investors will continue to invest in the metaverse,” said KPMG.

In 2 years, the annual turnover of the sphere related to virtual spaces could reach $2 trillion, analysts say. Already today, some major IT players are working on creating their own metaverses.

For example, Microsoft is working on a project based on Microsoft Mesh mixed reality products — a platform for study and work, consultations, and the creation of collective projects. Tinder is creating a “tinderverse” with its own tokens, the ability to walk in virtual parks and go to online concerts.

It’s interesting, what the future with multiple metaverses will be like?