Metaverse, the latest addition to the technological world, sways the market with a storm. According to market research, the use of Metaverse is increasing at 39.4% CAGR, estimated to reach $ 1.607 trillion by 2030 globally.
Regardless of the probable uncertainty in accepting new technology, people come forth in favour of the Metaverse. According to another study, 52% of internet users have joined the Metaverse for various purposes, including work, entertainment, investment, education, social reasons, online dating, and gaming.
If you are considering investing in the Metaverse, this is the right time. Most internet users accept Metaverse well, which can add significant value to any business. Hiring a mobile app development company like Esolz can enable you to enter this new and growing virtual world.
However, if you are excited about this new journey but wondering about the cost of developing a metaverse app, we got you covered. This blog is designed to give you a detailed understanding of the metaverse application development cost.
So without any further ado, let’s dig in.
Cost of Developing a Metaverse Application
The cost of developing a metaverse application depends on various factors. Before calculating the development cost, you must understand all the influential factors. The factors include the type of application, designated sectors, required features, tech stack, and many more.
Let’s keep reading to learn about these influential factors.
Types of Metaverse Applications
Metaverse can be of different kinds. The developing process and required expense will vary for every particular type. So you must preselect a type of Metaverse depending on your budget, required functions, and facilities.
Traditional centralized Metaverse is part of Web2 and is used for many popular applications. This popular application includes PUBG, GTA, Fortnite, and many more. In this type of Metaverse, you can use an online avatar, which you can modify. Also, you can use them to visit places in the virtual world and interact with other users. In this type of Metaverse, the application is controlled by authorities. You need to follow certain guidelines, or the authority can take any actions if they think necessary.
Decentralized Blockchain Metaverse
If you consider a decentralized blockchain metaverse for your application, your app will get autonomy in transaction and functionality. The operations, features, payment, and currency will not be bothered or answerable to any authority. The users of the application are blessed with administrative capacity. However, some pre-established guidelines need to be followed by the application. The metaverse app holders must carry out all the transactions via digitally coded smart contacts. Users who need to use these contacts will be allowed to utilize them.
One of the influential factors in calculating the cost of developing your metaverse application is the designated sector. Suppose you need to develop a metaverse application for the gaming sector; the operation and the required expense will differ from developing applications for other sectors.
Let’s look at the probable cost of developing metaverse applications for different sectors.
In online gaming, the cost of developing metaverse applications is influenced by included features. Developing and adding these features to the application increased the development time frame. Which also impacts the cost of the development. Approximately $30k to $300k is the general cost for developing an online gaming application. Some popular metaverse gaming applications include Axis Infinity, Splinterlands, Sandbox, Decentraland, and My Neighbour Alice.
Metaverse is slowly inculcated into social media applications and is well-accepted by netizens. In social media, the range of features is limitless, and incorporating them requires a significant amount of time and money. Meta has already spent over $100 billion on R&D and product development.
However, depending on the features and other functionality to develop a metaverse social media application, the cost ranges from $25k to $400k.
The immersive technology of the Metaverse allows users to buy and utilize a piece of land in the virtual world. This trade can be done by virtual currencies including NFT, which can also be converted into real currency. Apart from buying a piece of virtual land or pixels, the real estate application allows people to build homes and other infrastructure in the application. Users can experience shopping, attending events, and doing other activities.
Realizing this conceptual world can cost between $15k to $300k, depending on the other factors.
Depending on the company’s vision, many features have to be incorporated into a metaverse application. Some of these features are application specific, and some are used generally in every application. These features impact the development cost of a metaverse application.
One of the major features of metaverse applications is digital avatars. These avatars are self-portraits of users who can convey feelings and sentiments and interact with others. These avatars can be exact replicas or a recreation of a preferred character.
Through the Metaverse, users from all over the world can communicate. Machine learning for automatic translation is used to interact with people from diverse geographical areas. Without a linguistic barrier, it makes for a completely immersive experience. Adding this advanced feature can provide a fantastic user experience; however, features like this significantly add to your budget.
Non-player characters, or NPCs, are avatars that exist in the Metaverse. NPCs in a metaverse facilitate communication between real people and those portrayed by NPCs there. In every metaverse application, it is a non-negotiable feature that you need to add. Suppose you create a gaming application, so an NPC will introduce the game rules and help the user/player to understand the game better. Also, if you add any mission to your gameplay, the NPCs brief them to the user. These game characters make the Metaverse more realistic and exciting.
Users should be able to do business using digital avatars to establish a genuine metaverse ecosystem. In the Metaverse, people can exchange items using digital assets like cryptocurrency.
One of the most important features of any metaverse application is its security. You need to include robust app security. The users must feel secure in your application; otherwise, it will not succeed. Security protocols should be followed for the application. The more you shield up your security system, it will automatically increase the cost.
So choose the security system for your application wisely.
Developing an application requires a set of tools; these tools significantly influence the developing process and the application’s functionality. Every individual tool provides unique abilities and functionalities to the metaverse application. Furthermore, it drastically affects the budget of metaverse application development.
AR (Augmented reality)
A means to enhance objects that are overlaid in a real-world setting is through augmented reality. A VR gear and a mobile smartphone can both be used to use augmented reality. By allowing the user to engage with computer-generated things that represent actual objects, it offers an interactive experience. AR can be utilized in a metaverse for teaching, interacting with environment items, playing games, etc.
VR (Virtual Reality)
The terms virtual reality and Metaverse are frequently used interchangeably. In essence, Metaverse is a platform where a virtual world is built. The technology that makes the Metaverse accessible in a virtual setting, however, is virtual reality. The developed Metaverse can provide a considerably more immersive experience thanks to the two working together.
AI (Artificial Intelligence)
Artificial intelligence, or AI, is the technology that aids in making the Metaverse a more welcoming and useful place. It offers people distinct sensations and contributes to more immersive experiences.
Several CGI and animators have become well-known since the Metaverse was first introduced. The environment must be 3D for avatars to move since the Metaverse is a navigable virtual world. The importance of 3D Animation will only increase as CGI artists strive towards photo-realism.
In every development process, be it a metaverse application or any other application UI/UX plays an important role. Enabling the best user experience is what ensures the application’s success. So you need to invest carefully in UI/UX designs. However, the more complicated the design, the more expensive the development. It is advisable to strategize the design precisely and execute it with the highest proficiency.
Developing a metaverse application requires a team of experts. You can hire 100 web developers, but the application may differ from what you desire. You might waste a significant amount. So always choose the right team.
Also, there is another thing which you need to keep in mind is the budget. The more members joined in the development team, the expense will go higher. Choosing a team with proficient developers is recommended; it will limit your expense, and you will get an excellent metaverse application.
Location of the Development Agency
The expense of developing a metaverse application is different for every region of the world. For different regions, the price of the development varies. For instance, In Asian regions like India, Bangladesh, and other countries, the development price of a metaverse application is charged around $30 to $50 per hour. In the US, that price goes up to $125 per hour. So you can save a massive amount of money only by choosing the right place.
So now you have an idea about the development cost of a metaverse application. After you choose all the variants, you can easily calculate the total expense. When you hire a mobile app development company in India like Esolz Technologies to develop your metaverse, depending on the development requirement, you can get the application within $15k to $300k. So what are you waiting for? Start your Metaverse journey today.