The VR industry has been touted as the next big thing – what is holding it back?
How popular is VR today?
Virtual reality seems to be the up and coming trend in the digital world. Technocrats everywhere are espousing the value of VR, and indicating that it will continue to gain market share among both the technically savvy and illiterate alike.
The popularity of VR has been hindered, however, due to lack of access to high quality 3D images for VR developers. Image repositories often provide some images for free, but those images are of lesser quality or have already been over-used.
Further, 3D technology is rapidly improving, often making images obsolete very quickly. Image creators must continuously invest funds into image creation hardware that is extremely costly in order to keep abreast of the marketplace.
Where is VR used?
VR seems to be growing in its actual use-cases, as well. More than simply a game platform or gimmick, VR can be used in a wide variety of applications where real world access is not available.
The VR platform is currently being used to train employees where actual live training is extremely risky, such as aboard offshore oil rigs. Property hunters will soon be able to take a genuine virtual tour in VR, tour the inside of the home, and check out the views, all from a broker’s office.
VR can even be helpful in battling irrational fears, as patients are forced to face their most terrifying fears, but all in the safety of a computer room. There are countless more use cases, and the potential for growth in these areas is enormous.
How big is VR’s potential for growth?
Obviously with these use cases and many more, the potential for VR growth in the near, mid-, and long term is very strong. Recent analysis indicated by the huge number of Google cardboard sales indicates that the lower-end VR market is massive.
However, in spite of the possible market growth, VR has not kept pace with analysts’ predictions, largely due to the lack of supply in technology and image production, and access that the market has thus far achieved.
What are the current challenges preventing that growth?
There is a number of challenges that are hampering the growth of VR. First, hardware for capturing 3D images is rudimentary at best, unless users seek out the uppermost level of hardware at extremely high price points.
Additionally, access to, and quality of, images that are currently available is limited at best. Developers are forced to either use low-quality images or develop the images themselves at a substantial cost, often pricing the bulk of the VR market out of their product.
Where high quality images exist, image depositories are able to charge substantial surcharges to users, profiting from the work of the creators, but not compensating them accordingly.
Are there any solutions?
The main need in the marketplace is for a 3D image depository that would allow users to both create and monetize their images with peer-to-peer (P2P) access. One company seeking to create just such an ecosystem is Cappasity.
The company intends to build a platform in which creators of 3D images will be able to upload, monetize, and promote their content. Buyers, on the other hand, will have access to the images and will be able to buy use rights directly from the seller, rather than from a centralized hub.
By enabling P2P transactions for participants, Cappasity has created a platform where users can monetize their content directly without relying on a centralized profit-taking corporation, while at the same time allowing buyers to seek content directly from sellers. Cappasity is now going through the SEC Compliance process to give US citizens an opportunity to take part in the token sale. The crowdsale starts on Oct. 25, and will last for four weeks.
Further, Cappasity has created a new image-capturing system that will make capturing new 3D images far more simple. The platform includes ways to capture images with hardware as simple as a mobile phone. Such technological advances are sure to help propel the VR industry toward its anticipated growth rates.
With huge opportunities available for future growth within the VR marketplace, a company like Cappasity is poised to both help the industry, and profit as well.
