The metaverse world is one of the most popular, robust, and demanding technology in the virtual world. It is a world of technologies with no boundaries between countries.
One can attend classes in college even without being physically present. One question may arise: We already have such platforms as video conferencing. How will the metaverse benefit the universities, and what does the metaverse university development cost?
If you planning to keep your toes in the metaverse education sector, then you are at the perfect site. We are already working on 20+ metaverse-based businesses. For complete information about the metaverse platform development, you can get it to touch with us anytime. We are available 24*7 for you.
How Much It Costs To Develop Metaverse University
The development cost of the metaverse depends on various factors, how advanced the features are, design cost, UI/UX design, etc. In this blog, we will discuss the Virtual university costof development. Multiple technologies are used in developing the university in the metaverse.
The development cost may also vary from region to region and from company to company. Here are a few factors that determine the cost of building a university in the metaverse:
Metaverse Designing Cost
5k to 10k
Outsource Software Cost
$35 to 65K
$1500 to 4k
Quality Assurance Team And Testers
The size of the company also affects the cost of the university in the metaverse. The bigger the companies are, the more they will charge hourly. Here are some approximate costs as per the size of the company for the cost to develop metaverse university.
Small Size Company
$2,000 to $ 25,000
Mid Size Company
$25,000 – $2,00,000
Large Size Company
$4,50,000 to $15,00,000
The cost mentioned above is approx. Cost may vary depending on the complexity and the nature of the application.
One of the major things that affect the development of a metaverse university development cost is the level of complexity of the application. The complexity of the application involves how many advanced features you will involve in the platform, the number of panels, and all.
Level Of Complexity
Basic Level Application
$40k to $44k
Average Level Application
$45k to $60k
$65k to $90k
Benefits Of Building University In Metaverse
The top universities, like Stanford University, Nanyang Technological University, and the University of Tokyo, etc., are already available on the metaverse platform and taking the lead in the education industry.
The metaverse development company is helping colleges and universities to be on a platform where anyone from anywhere can join the classes without being physically present.
It can help the universities to connect the maximum number of students, and even the students can enroll in their dream universities without shifting to different countries.
70% of the youth in the US are moving towards the decentralized platform to get maximum freedom.
The metaverse is making a new world for the users to experience things they have never seen before or wish to see but could not afford.
Students are getting online education from multiple universities, but the major setback is the connection between the tutor and the students. This is one of the reasons that get global-stage online education is not getting equal recognition as regular classes.
The metaverse platform can provide the sense that the student is in front of the teacher. This will lead to attention and high-quality education.
Suppose the universities launch their classes in the metaverse. In that case, they can easily take admission as much as they want into the metaverse and still provide quality education with the space in the metaverse.
How You Can Build University In Metaverse
The metaverse development company can be the best solution provider for the development of the university in the metaverse. You have to be very sure while choosing the metaverse platformas it is a robust technology, and there are very few companies who all are working on the blockchain platform.
To develop the university in the metaverse, you must go through the initial and most important steps.
Research the scope and vision of the project before getting into the market of the metaverse.
Make sure you have a well-versed plan for the university's development in the metaverse.
The metaverse development company you are hiring for the development of the virtual university.
Be ready with the business's correct blueprint to avoid any unfortunate situation during the development.
Discuss with the metaverse platform development company what else could be added to the platform to improve the user experience.
Beta testing before launching the project in the marketplace so that you can know the loopholes that may affect the user experience of the tutors and the students.
How You Can Generate Revenue From University In Metaverse
We completely understand that the major concern for investing millions into the platform is generating a good amount of revenue. Here are some ways you can generate revenue from a platform like a university in the metaverse apart from traditional ways like tuition fees.
Learn-to-earn model is one of the most successful models that can help the business to generate revenue from the platform. The student has to pay some amount charges in the form of crypto to attempt various quizzes and reward-based exams, and in exchange for that, if they excel, they will get a reward such as the NFT certificate.
We can understand this with the example of the Binance course, where the Binance platform offers courses to understand the complete concept of the blockchain. In exchange for that, they are offering free NFT certificates to students.
Library In Metaverse
Libraries in the metaverse are another way the university can generate revenue from. Because the libraries on the metaverse do not take any space and can be sufficient for the n number of books and users.
You can also keep the libraries open to the public, apart from the university's students. The libraries will have entry charges and charges for reading books that will be a good source of income.
Events In Metaversity
The universities usually arrange events in their universities for exploration. The students actively participate in such events, and the other business ventures also join such platforms for their promotion among the students. This could be a good idea for revenue generation.
You can allow a third party to join the platform and organize the event. The same can also occur in Virtual universities if you have heard about the concerts on the metaverse by global celebrities like Justin Beiber and Snoop Dogg.
To know more revenue generation ideas from the university in the metaverse, you can get in touch with RisingMax Inc. We have been working on the metaverse for the last 6 years, delivered more than 10+ projects, and are still working on various other projects based on the metaverse.
The university in the metaverse will be one of the most successful blockchain business ideas. You can take the lead into futuristic technology and set your university into the metaverse platform.
Contact RisingMax Inc. for a free consultation on blockchain-based business platforms. Apart from the metaverse application development services, we also provide NFT platform development, decentralized gaming platform, and web3 gaming application.