Metaverse is a regular buzzword. It has been hitting the headlines of organizations as it is going to be the next best thing in the upcoming years. It is a virtual world that gives users an immersive real-world experience. In 2024, the metaverse is expected to reach 30 trillion dollars virtually.

If you are planning to create a metaverse platform, you're on the right track. It can help you deliver new experiences to your audience and will surely take your business to new heights. Now the question is, how much does it cost to build a metaverse platform in 2023?

In this article, learn everything about the cost to build a metaverse platform and what factors affect the overall metaverse platform cost.

Metaverse Development Cost

The cost of development of the metaverse platform is based on the client's demands, requirements, ideas, industries, and more. In general, the cost of developing a metaverse platform starts from $10,000.

It is important to note that the metaverse is an emerging field, and its cost might change as technology advances, and new tools and platforms become available.

Factors Affecting Metaverse Development Cost

Metaverse platforms include the use of various technologies such as blockchain, IoT, AR, VR, and many more for an enhanced user experience. With all these technologies, the development cost will surely be high.

However, you can develop a metaverse platform at a reasonable price, depending on your project complexity. The overall development cost can vary between $10,000 to $400,000 based on several factors. Let's have a look at some of these factors:

Hardware and Infrastructure

To teleport users into the virtual world, hardware and infrastructure play an essential role. VR headsets, laptops, and smartphones serve as a medium to enter the virtual realm. For non-stop connectivity, 5G towers are needed to ensure better internet connectivity. The infrastructure server can cost you around $1,500 per month.

Also See : Top Metaverse Development Companies Worldwide

Complexity Of The Design

The more complex the design of the metaverse platform, the more costly it will be. It can include a number of factors, including detail of the virtual environment that needs to be created.

Maintenance

The ongoing maintenance and updates required to keep the metaverse platform running smoothly can impact the development costs. It includes optimizing performance, fixing bugs, and updating content. For instance, the maintenance of the infrastructure can cost you around $1,500 per month.

Team Size And Location

The size and location of the development team can also have an impact on development costs. Larger teams and professionals from expensive regions might result in higher metaverse development costs. For instance, the support staff salaries will be around $10,000 per month. This will impact the cost of development.

Other factors that can affect the Metaverse development cost include the salaries of the following developers and designers:

• UI/UX Designers

• Decentralized Wallet Developers

• Full-stack developers

• React.js and Node.js Developers

• Decentralized DApp Developer

Metaverse Development Cost Across Industries

The development cost of the metaverse platform depends on the type of industry. Each industry has its own virtual world creation requirements and cost estimates to build a platform. Let us take a look at some of the popular sectors and the cost of building a metaverse platform.

Online Gaming

The cost of building a metaverse platform in the gaming sector can vary greatly depending on a number of factors, such as the size of the development team, the complexity of the platform, the technologies used, and more. However, some estimates suggest that building a basic gaming metaverse platform can cost anywhere between $30,000 to $300,000. Some of the trending metaverse gaming platforms are The Sandbox, Alien Worlds, Axie Infinity, and more.

Social Media

Social media platforms are now exploring the potential of the metaverse, including social media content ideas. For instance, Twitter has already launched a virtual reality experience that allows users to interact and connect in a 3D space, providing ample opportunities for creating engaging social media content. Additionally, Snapchat has partnered with Bitmoji to create virtual avatars, opening up new avenues for innovative and immersive content creation. If you're considering building a social media metaverse platform, incorporating captivating content ideas can enhance user engagement. The cost of developing such a platform varies depending on the elements you wish to add, with basic social media metaverse platforms typically ranging from $25,000 to $400,000.

Real Estate

In the upcoming years, the metaverse will enable users to buy and sell digitized land. For real estate investors, these digitized lands provide a profitable opportunity. The development process of metaverse real estate is based on the customer requirements such as 3D modeling technique, the plan layout, and more. On average, the cost of building a metaverse real estate platform will cost around $15,000 to $300,000.

Education

A basic metaverse education platform might not need a lot of detail or complexity. But it will still need to be able to handle a lot of users and comprises features such as learning materials and virtual classrooms. On average, the development cost will range between $10,000 to $100,000.

Key Features Of the Metaverse Platform

Your metaverse platform must include the following features:

Blockchain-Based Operations

Blockchain is an essential part of the Metaverse because it allows users to protect their virtual assets and provides them with digital evidence of ownership. Data volume and the importance of security are increasing in the Metaverse. Blockchain expertise and technology are required to guarantee data validity in the Metaverse, and artificial intelligence is used to safeguard its diversity and wealth of content.

Immersive Experience

The main building blocks of the metaverse are AR/VR. AR/VR technologies in the Metaverse will give users real-world experience. It will bring games to life, and classes, concerts, and plays will be more authentic.

Security

You cannot avoid security features in the metaverse platform. It should have better standards of protection and user identities.

Web3 Support

The goal of Web3 is to bring in a new internet era. It is the development of user ownership and control over online content, digital content, and online identities. The technologies of Web3 and the Metaverse coexist in ideal harmony. As a virtual setting that favors a decentralized web, the Metaverse may use Web3 as the foundation for connectivity.

The Bottom Line

The Metaverse will soon be a key technology that is going to reshape the digital world in the upcoming years. Various organizations and companies have already started to leverage such lucrative opportunities. With the advancement in the metaverse, the development cost invested will surely have a higher ROI.

Hope the above guide provided you the clarity regarding the metaverse development cost and what factors impact the overall cost.