Companies such as Adobe, Alibaba, Huawei, IKEA, Meta, Microsoft, Sony Interactive Entertainment, Qualcomm Technologies and the World Wide Web Consortium have teamed up to form the Metaverse Standards Forum.

The forum will leverage industry-wide collaboration on the interoperability standards required to build the open postsystem and to explore where the lack of interoperability hinders the development of the postsystem. It will also explore how the work of Standards Development Organizations that define and develop the necessary standards can be coordinated and accelerated.

However, Apple and Alphabet are missing from the series, although Channel NewsAsia reported in January that CEO Tim Cook had thwarted its reversal ambitions at the time, saying it would invest further in having more AR applications in its App Store. CNBC also reported in January that Google has a new team focusing on AR operating systems. MARKETING-INTERACTIVE contacted Apple and Alphabet for feedback.

Hosted by computer software company Khronos Group, the Forum is open to any organization or university at no cost and will focus on realistic action-based projects such as prototypes, hackathons, plugfests and open source tools to accelerate testing and adoption of metaverse standards, while developing consistent terminology and development guidelines.

It also aims to promote consensus-based collaboration between different Organizations and companies that develop standards to define and align requirements and priorities for convertible standards – accelerating their availability and reducing dual effort across the industry.

The Forum’s activities will be guided by the needs and interests of its members and may include various areas of technology, such as 3D elements and performance, human interface and interaction standards such as AR and VR, user-generated content, avatars, identity management, privacy and financial transactions. Forum meetings are expected to begin in July 2022.

Neil Trevett, president of Khronos, said the Metaverse Standards Forum is a unique coordination space between standardization bodies and industry, with a mission to promote the pragmatic and timely standardization needed for an open and inclusive post-universe.

A recent McKinsey & Company report entitled “Creating Value in the Post-Universe” found that the post-universe will have an impact of up to $ 5 trillion by 2030, equivalent to the size of Japan, the world’s third largest economy today.

The potential impact of the metaverse market on e-commerce is expected to be between $ 2 trillion and $ 2.6 trillion by 2030. Similarly, it is estimated that it will have an impact of $ 180 to $ 270 billion on the academic virtual learning market in the US Out of 144 billion to $ 206 billion impact on the advertising market and $ 108 billion to $ 125 billion on the gaming market.

According to McKinsey, metaverse is emerging as “the biggest new growth opportunity for several industries in the next decade” due to its potential to launch new business models, products and services. The metaverse also serves as an engagement channel for both B2B and B2C purposes.

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