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    HomeBusinessAs ed-tech industry hits a rough patch, companies bet big on metaverse

    As ed-tech industry hits a rough patch, companies bet big on metaverse

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    The global metaverse market size is expected to grow at a compound annual growth rate (CAGR) of 39.4% to reach $678.8 billion by 2030 revealed ‘Metaverse Market Report 2022’ by Grand View Research.

    Metaverse seems to be in vogue these days as from brands to athletes and now even ed-tech companies have made a dash for it. XR Central, which creates metaverse platforms across industries, claims to have seen close to 100% rise in demand from the education sector, Shrey Mishra told FE Education Online. “The common request we get from the sector includes STEM-based virtual labs, game-based environment to study and content authoritative space in which the authors can create their own content,” Mishra added.

    According to ‘Metaverse Market Report 2022’ by Grand View Research- a business consulting firm, in 2021 the global metaverse market size was estimated at $38.85 billion. The report further revealed the metaverse market size is expected to grow at a compound annual growth rate (CAGR) of 39.4% to reach $678.8 billion by 2030.

    Career Launcher, which offers competitive test preparation coaching, has launched CL Meta in this May. The company claims to offer virtual classrooms, study rooms, career counselling sections, and a virtual shopping mall to learners.”The transition to metaverse will enable the organisation to become more experiential and immersive,” Nikhil Mahajan, executive Director and CFO, Career Launcher said. Currently, the company claims to have piloted one center on CL Meta. It further plans to incorporate metaverse experience across 200 centers over the next six to 12 months.

    Interestingly, while many are yet to create a revenue around metaverse, ed-tech player Edverse, claims to have cracked the code. The company which primarily earns a commission has divided its user base into four parts consisting of learners, educators, promoters and creators. “We will earn commission from the fee paid by students who will attend classes in the metaverse. Similarly, teachers will pay us a commission on the fee earned by them and promoters will pay us for allowing them to lend the platform,” Yuvraj Krishan Sharma, founder, Edverse, explained. 

    However, industry experts opined that whether one attends classes in metaverse or in physical format,  quality of education should be the prime focus. “We are here to deliver education through the metaverse; it is just a medium, not metaverse through education,” Tanay Pratap, CEO, Metaversity, said. 

    Anshul Baghi, founder, CampK12, who added that the focus should be to prepare children with technologies of the future in order to make them future-ready. The online coding platform for children has launched a metaverse coding platform, namely Hatch. The platform claims to enable students to build their projects in the metaverse and publish on the virtual space. “We aim to target over 10 million users in 2023 through our free platform Hatch, which creates top-of-the-funnel customers for us,” Baghi said. 

    Read also: Invact Metaversity starts its second innings; to launch new courses in six to eight weeks

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