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Financial Outlook of Developing a Metaverse Platform like Decentraland

Financial Outlook of Developing a Metaverse Platform like Decentraland
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    June 23, 2023 Last Updated: June 23, 2023

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Needless to say, the last two decades usher in the internet era, but there is another big player in the market that is all set to rule the future. Yes, we are talking about the Metaverse that can change the perception of the people, they view the virtual world earlier.

Metaverse has remained successful at stirring up commotion in the contemporary world. Numerous industries have already invested in this possibility and are using it to plan their future operations. 

Now, although there are many examples that put the metaverse in the limelight, Decentraland is the one that has produced huge splashes in the virtual world.

One of the reasons why investors are showing high interest in Metaverse like Decentraland, The Sandbox, AXIE INFINITY, and so on. Well if you are one among them and are worried about the cost of building a Metaverse like Decentraland, this blog is for you. Here you will get each & everything you must know about the development cost, factors affecting the development cost, and much more.

So let’s begin the journey!

What is Decentraland Metaverse?

Imagine a world where anything is possible – a world beyond your wildest fantasies. a place where you are free to express yourself completely, do whatever you want, and go through experiences you never believed possible.

Yes, this is what Decentraland is all about. Launched in 2017, Decentraland is an online realm powered by the Ethereum Blockchain that will take you to a place of limitless opportunities. It is a realm where fantasy and reality converge, with your own imagination serving as the only constraint.

In simple words, a virtual world like Decentraland allows users to produce and trade digital assets, own virtual land, and take part in a variety of social and economic activities.

The platform employs Blockchain technology to build a decentralized virtual environment that enables users to trade and develop virtual property using MANA (Decentraland’s native coin).

Why You Should Create Your Own Metaverse Like Decentraland?

Matavese has taken the world by storm. If we consider its market reach, the revenue in the metaverse market can reach 54.94bn USD in 2023. It is further expected to grow at an annual rate of 36.71% (CAGR 2023-2030). This way it can reach a market volume of 490.44bn USD by 2030, covering almost every market segment.

Graph

Moreover, if we go with Decentraland, it has some astounding stats to prove its worth.

  • According to the Videogamesstats, Decentrland has more than 8,000 daily active users and about 56,697 monthly active users.
  • The number of NFTs minted on Decentraland has risen to more than 2.7 million.
  • The market capitalization of MANA currency is somewhere around $723 million.
  • If we go with liquidity, there is rarely any Metaverse platform like Decentraland that offers high liquidity. The trading value of MANA tokens is somewhere around $200 million.

Undoubtedly, these stats indicate a bright future for the Decentrland. Then why not develop your own metaverse like Decentraland to gain maximum benefit from the metaverse revolution? 

create a Metaverse like Decentraland

Factors Affecting the Development Cost of Metaverse Platforms like Decentraland

When it comes to the factors that can affect the overall development cost of Decentraland; type of industry, technical complexity, user experience, interface design, content generation & curation, scalability & server architecture, compliance & security measures, marketing & promotion, and so on play significant roles.

Well, to understand it better let’s discuss some of the major factors you must consider before going for full-scale development.

1Tech Stack

Needless to say, technology & tools play a crucial role in metaverse development, and as a result, they highly influence the overall cost. Here is a tech stack that can make a difference.

  • Virtual Reality (VR)

VR offers an immersive and engaging experience. Users can explore virtual worlds, interact with virtual objects, and communicate with others through special headsets. It increases the sense of presence and reality within the metaverse ecology.

Moreover, a seasoned VR app development firm has the know-how to create immersive experiences that will astound your audience.

  • Artificial Intelligence (AI)

The metaverse benefits from AI integration in terms of the overall experience. By identifying users’ patterns of activity, AI-powered algorithms create a customized environment. AI also enhances user interactions by adding richness, reactivity, and adaptability to the metaverse through chatbots and lifelike simulations.

  • Augmented Reality (AR)

By superimposing digital content over the real world, AR blurs the boundaries between the real and virtual worlds. Users are able to engage with virtual items through AR-capable gadgets like smart glasses. Moreover, contextual data and virtual items blend into users’ immediate surroundings and improve their metaverse experience.

  • Internet of Things (IoT)

IoT technologies allow businesses to achieve seamless integration of physical items and the digital world. A lively and engaging virtual environment is produced, thanks to the Internet of Things, which enables real-time data transmission via connected devices and sensors.

In addition to this, with the help of this cutting-edge technology, people can actively interact with smart items, thus increasing their control and involvement within this networked ecosystem.

  • Blockchain

Blockchain brings decentralization, transparency, and security. Whether it’s decentralized apps (dApps), secure transactions, or ownership verification of digital assets, all can be accomplished with ease just by deploying distributed ledger technology. Apart from this, blockchain technology gives users complete control over their digital assets in the metaverse, which facilitates peer-to-peer transactions.

  • 3D Animation

Using excellent images offers an unmatched level of realism. This state-of-the-art technology gives life to the virtual ecosystem and all of its various components. Utilizing cutting-edge 3D animation techniques that include complex modeling, rendering, and animation procedures one can elevate the immersive experience to new levels. This multidimensional method produces realistic settings and allows for the production of lifelike avatars.

2Features

Although when it comes to the basic features it doesn’t cost much but when we talk about advanced features they significantly raise the overall development cost by a huge margin. Some of the advanced features include

  • Avatar Customization

It takes a lot of design and development work to provide users the ability to create their avatars with a variety of options, including clothing, accessories, and other physical characteristics. Hence this feature will significantly increase the development cost.

  • AI-Powered NPCs

Needless to say, there is a requirement for advanced AI algorithms and behavioral modeling to use artificial intelligence (AI) for building Non-Player Characters (NPCs) that interact with users and offer dynamic experiences. Now this complex feature demands a lot of time which results in high development costs for Metaverse like Decentraland.

  • In-World Economy

Creating safe transaction methods and economic infrastructure is necessary to integrate a metaverse economy where users can buy, sell, and trade virtual goods. Now offering that level of security and experience demands extra efforts from experts that lead to an increase in the overall development cost.

3UI/UX Designing

Users must be drawn to and kept on a metaverse platform by an engaging user interface (UI) and an easy-to-use user experience (UX). The creation of aesthetically pleasing settings, clear controls, and responsive user interfaces thus demands efforts from experts and adds to the overall development cost. The more sophisticated and immersive design you go with, the more you have to pay.

4Size of the Team

Metaverse like Decentraland demands an experienced development team. So you are required to hire a seasoned metaverse development company that not only provides you with a sufficient team but certified team members too, guided by a solid team lead.

The team requirement to create a Metaverse like Decentraland is as follows

An Independent database

  • 4-5  full-stack developers with proficiency in Node.js and React.js
  • Professional UI/UX developer for designing interfaces
  • 3 skilled developers with practical experience in Unity, Unreal, and CRYENGINE respectively
  • 2-3  modelers who can use Blender and Max3Ds to bring a virtual world like Decentraland to life
  • A Decentralized Wallet developer in order to ensure secured transactions
  • 2-3 Decentralized dApp producers for crafting a top-notch app.

5Location of the Metaverse development agency

The location of the metaverse development firm is one of the crucial factors that affect the cost of developing a virtual world like Decentraland. For instance, hiring an Asian development team rather than one from another region of the world may result in lower development costs.

The overall cost of the development process is most significantly influenced by the exchange rates across the various geographic locations. While hiring US-based developers would cost between $80 – $100 per hour, it would only cost, on average, between $40 – $80 per hour in India.

Cost of Building a Metaverse Like Decentraland

Now that you are aware of the factors which affect the overall development cost of a metaverse like Decentraland, let’s discuss how much it can actually cost you to create your own metaverse from scratch.

In simple words, an average Metaverse platform like Decentraland costs you anywhere from $40,000 to $300,000. Rest it all depends upon your specific business requirement.

In addition to this, if we go industry-wise, the development cost will be as follows.

Gaming Industry: $25,000 to $400,000

Real Estate: $13,000 to $300,000

Social Media: $30,000 to $400,000

Cost of Building a Metaverse Like Decentraland

Why Choose Blocktunix Over Other Metaverse App Development Companies?

Although it demands a substantial financial commitment, creating a metaverse platform like Decentraland has enormous commercial potential. The price might vary widely, from hundreds of thousands to millions of dollars, depending on the technology stack, the size of the development team, and the features as per the need of a business.

But the multiple monetization potentials a metaverse platform offers, however, can justify this investment. All it demands is an involvement of a premier Metaverse app development company that offers technical expertise, design & content creation, customization, testing & quality assurance, support & maintenance, 100% transparency, and so on under a single roof. And this is what Blocktunix is known for. 

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