As of this Wednesday gaming company, Roblox (RBLX) ended its first trading session of this year with a market cap of $38 billion. This is an eye-popping experience for a gaming company. But the boom in the gaming community due to the pandemic is also the main reason behind those numbers.
Roblox is experimenting with the concept of metaverse for a very long time now. If you don’t know then Metaverse is a term used for virtual shared worlds that provide interaction with other players in a virtual space.
The long-term goal of Roblox is to make it possible to make a metaverse inside the game where millions or even billion can gather at some point. This is also stated clearly in the company’s prospects. Building and creating metaverses is not that easy for individuals. So Roblox wants to give people building blocks so they can build and experiment with different types of metaverses. This project is going great and we hope that it will do the same in near future too.
There are lots of companies experimenting with the metaverses. Epic games also have their insights in creating a metaverse. They once hosted a Travis Scott concert and they also required a clip from the last star wars movie in Fortnite. It’s not only Epic games that held a virtual concert. Roblox also hosted a virtual concert of Lil Nas X. Microsoft is also involved in the metaverses too after they bought Minecraft in 2014.
Roblox is doing pretty well in the gaming part of the metaverses. But the challenge here is that how to convince people outside the community to come together to experience what Roblox has to offer. There are lots of challenges with the metaverse too like today’s limited technology. Big players who believe in metaverses are still holding out on Augmented Reality (AR) and Virtual Reality (VR) to improve enough so they can experiment with new things. The tech present today is still way old for new meta and it’s barely holding them.
Different companies also are investing in AR and VR tech. Facebook has been the most dedicated to it and they aim to release its first pair of Augmented Reality glasses somewhere this year. After Mark Zuckerberg bought the VR startup Oculus.
Microsoft has its AR headset too named HoloLens. It is mostly used in business applications and its price is over $3000. Apple has its plans too. So I think we will soon see a wave of enhanced AR and VR tech.
As technology advances, metaverses will get to see new things too. So if both sides work together then the community can experience the metaverses on a whole new level.