4 companies building metaverses

What companies building metaverses will be critical to the metaverse in the short-term future? If you haven’t had a chance to read our new 7 series, “Intro to the metaverse”, check it out and learn more about the metaverse and why it matters. We’re covering a new topic every week on the subject of virtual world. This past week, we kicked off the series to introduce what the metaverse is and how it works. Now, let’s look at four major metaverse players that cannot be ignored.

Companies building metaverses to watch

Meta

https://about.facebook.com/meta/

It doesn’t matter whether you “like” Facebook or not: it’s a social media platform that can’t be denied. When over 2 billion people actively use your platform, you’re a tech giant – even if you lose the  “cool factor” that you once had a decade ago. Facebook’s rebrand to Meta is primarily the reason that you’ve been hearing so much about companies building metaverses.

Many crypto enthusiasts dislike the idea of a Zuckerberg-led metaverse, arguing that metaverses should be decentralized. Regardless, Meta is spending billions of dollars to ensure  a major foothold in the metaverse. 

Decentraland

https://decentraland.org/

We all know that blockchain technology is integral to the metaverse, but there was already a 3D virtual world before Facebook’s rebrand. That platform is Decentraland, where users can buy and sell virtual land as NFTs, using a cryptocurrency called MANA. In October 2021, the price of the MANA token was under a dollar. After Facebook rebranded to Meta, the MANA token spiked around 400%.

Facebook might be a massive company, but Decentraland has a first-mover advantage in the metaverse space. The platform boasts about 300,000 active users, and it recently partnered with Tennis Australia to host a virtual version of the Australian Open. 

Animoca Brands

https://www.animocabrands.com

It shouldn’t come as a surprise that social media platforms and blockchain gaming companies are pivoting to the metaverse, given that it may soon be worth trillions of dollars. However, if there is one company that is already shaping the way the metaverse looks: it’s Animoca Brands. The company is uniquely positioned because it’s both a blockchain gaming company and VC firm. 

Animoca Brands is the parent company for the Sandbox, a platform with its own metaverse that many view as a competitor to other metaverses such as Decentraland and CryptoVoxels. Also, they’ve made strategic investments in metaverse-related companies like Axie Infinity, OpenSea, and Dapper Labs. 

In other words: this VC firm has invested in some of the most critical companies building metaverses in the world. Animoca Brands also just raised over $350 million to build out the metaverse, giving it a pre-money valuation of around $5 billion.

Recur

https://www.recurforever.com/

We know that some of the biggest corporations will need a partner to guide them through the metaverse and help them understand how to take advantage of NFTs. Recur is a platform that has already established relationships with power players, and markets itself as a white-label solution for companies hoping to enter the NFT space. 

We profiled the metaverse entrepreneurs behind Recur in the past, and it’s clear that both Trevor George and Zach Bruch have positioned themselves well. The company wants to be “the gateway to the metaverse,” and their partnerships with big names like Viacom and Sanrio have helped Recur establish credibility. The fact that Recur is chain-agnostic bodes well for capitalizing on different metaverses, as well.

How will the metaverse evolve?

There is no way of knowing which metaverses will emerge as the “top metaverses,” although there are already established players. 

Regardless, there doesn’t seem to be any way that these four companies don’t help determine how the metaverse will evolve. Whether it’s NFTs, blockchain gaming, or virtual land, interest in the metaverse only seems to be increasing. Microsoft recently made a big bet on the metaverse with its Activision acquisition, and Disney’s IP means that its own metaverse patents could end up making them billions of dollars. 

2022 will see more companies building metaverses than ever before, but expect more differentiation between metaverses so that organizations can market specific features or unique selling points.