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Despite not receiving the expected attention last year, Metaverse technology has found its place among the prominent concepts of 2023. Current research indicates that the metaverse is expected to reach a market size of between $700 billion and $900 billion by 2023, but it is rereleased that at least 5 years are needed for the technology to scale. 

TURKEY - Despite not gaining the expected attention in 2023, metaverse technology has regained its place in the business world’s agenda as of 2024, driven in part by the impact of artificial intelligence. Predictions conducted by the research and consulting firm Bain & Company indicate that the metaverse market is expected to reach between 700 to 900 billion dollars by 2030. Ovesis, a company specializing in augmented reality (AR), virtual reality (VR), and metaverse technologies since 2017, and believing in the potential of metaverse technology that defines a new form of internet and interaction, has started working on its platform to bring Turkish companies to the virtual world in 2024

Sharing his thoughts on the subject, Ovesis CEO Eser Memişoğlu stated, "Metaverse lost the popularity it gained in 2022, driven by the high number of users it reached through immersive gaming and experience platforms, but it will regain importance as real-world scenarios emerge. Ovesis provides easy-to-understand and integrated solutions for companies struggling to enter the Web3 and metaverse technologies. Especially with the ongoing Oversar project, we offer augmented reality support to websites in just 2 easy steps.”

“Metaverse needs 5-10 years to scale”

In the mentioned research, the development process of metaverse technology was compared to the development process of technologies considered new and unique for their time, such as smartphones, gaming consoles, personal computers, etc. According to this, it is predicted that scaling the metaverse may take 5 to 10 years. On the other hand, it was noted that waiting for this scaling process to get acquainted with the metaverse could be too late for companies. Eser Memişoğlu, CEO of Ovesis, stated that understanding the use cases of new technologies and forming a conceptual framework for that technology takes time. He said, "At Ovesis, we have been developing various solutions such as AR Stores, VR Sports, VR Fairs, VR Concerts, etc. since 2017. These solutions, especially with the momentum e-commerce has gained in recent years, have enabled many businesses to offer user-centric shopping experiences. Businesses that have transformed their websites into three-dimensional virtual stores with Ovesis solutions have discovered that the virtual world can also be used for immersive experiences in events such as concerts, fairs, and sports matches and that their existing infrastructure is sufficient for this without the need for large-scale investments.”

Operating in the field since 2017

Eser Memişoğlu, who is also one of the founders of the Turkey Metaverse Platform, stated, "After Meta announced the Oculus VR headset in 2016, we developed the world's first virtual reality-based fairground, VR Fair, which has been used in events like the Defense, Aerospace, Space, and Industry Fair SAHA Expo. Our solutions, like VR Sports and VR Concerts, followed this. Since 2017, we have been building shopping and living spaces in the metaverse. Our journey continues with Ovesis Metaverse, the most powerful metaverse ever created. Accessible on all platforms, including mobile devices, web, and virtual reality hardware, Ovesis Metaverse will offer a brand new socialization, entertainment, shopping, and trading experience. Our technologies, which can be customized for corporate needs and adapted to sectors with industry-specific applications, will make Turkey a metaverse country."

Aims to transform Turkey into a metaverse economy

Kuzey Çağdaş Eroğlu, Vice Chairman of the Board of Directors at Ovesis, noted that they have laid the foundations of metaverse technology through their R&D efforts to date and are working to make metaverse a scalable technology in Turkey. He concluded his remarks with the following statement:

“Countries like the United Arab Emirates prioritize the metaverse economy and are turning it into a national policy. With our belief in this technology, we have invested in developing programmers and introducing private companies and universities to the metaverse concept. Now, with our knowledge and experience in the AR/VR and metaverse sector, we have embarked on a journey to become a unicorn. We see this goal not as an individual target but as a societal mission. Ovesis, operating under the motto “Your Marketplace in the Meta World”, aims primarily to transform Turkey into a metaverse economy, cultivate business models that can succeed in the metaverse universe, and nurture entrepreneurs capable of implementing these business models.