The masters of the metaverse are in Central Florida.
That’s according to the Orlando Economic Partnership, which is spearheading an initiative to establish the region from Orlando to Miami as the “MetaCenter,” the national hub for technologies that power the metaverse. They include gaming, simulation, virtual reality and artificial intelligence.
Central Florida is moving to be the first U.S. market to embrace the identity of a metaverse hub, said OEP Chief Innovation Officer David Adelson. “After watching intently for years as the building blocks of this new frontier unfold, the metaverse is taking shape – and it is evident that Orlando’s tech companies play a big part in developing this new world.”
What is the metaverse?
The metaverse concept refers to a network of interconnected virtual worlds where users can interact with various services and with each other. It’s expected to be boosted by Web 3.0, the term given to the next iteration of the internet that will be decentralized and blockchain-based.
The metaverse is a concept that’s quickly gaining popularity among startups, enterprise companies and the public at large. For example, Facebook last year rebranded as Meta Platforms Inc. (Nasdaq: FB) with a new focus on the metaverse, and The Walt Disney Co. (NYSE: DIS) in February charged Senior Vice President Mike White with leading the entertainment giant’s metaverse strategy.
The metaverse presents an $800 billion market opportunity, according to Bloomberg research.
How does the metaverse relate to Orlando?
Metro Orlando is home to a large number of companies and research efforts focused on technologies that directly or indirectly support the metaverse, specifically in five tech verticals:
- Augmented and virtual reality: The Central Florida chapter of the VR/AR Association is the biggest and most active in the world, President John Cunningham told Orlando Inno. Meanwhile, Orlando is home to one of the nation’s highest concentration of Unity (NYSE: U) game engine licenses and the OEP's "digital twin" that virtually recreates 800 square miles of metro Orlando.
- Artificial intelligence: AdventHealth in 2019 opened the world’s largest medical “mission control” center in Orlando, which uses artificial intelligence to guide ambulance dispatches, patient transfers and treatment prioritization.
- Gaming: Electronic Arts Inc. and Iron Galaxy Studios LLC employ more than 900 people combined at two downtown Orlando video game studios. Meanwhile, The Princeton Review last year named UCF Florida Interactive Entertainment Academy’s graduate video game design program the best in the world, and ranked Full Sail University among the top 50 undergraduate game design programs.
- 3D reconstruction: This encompasses the region’s $6 billion modeling, simulation and training industry and Orlando’s photonics/optics sector that includes industry leaders like Luminar Technologies Inc. (Nasdaq: LAZR) and UCF’s fast-growing photonics college.
- Internet of things: This can make essentially any device a smart device, and it’s powered by semiconductor technology and lightning-fast data networks. Semiconductor maker SkyWater Technology Inc. (Nasdaq: SKYT) recently set up shop in Osceola County’s NeoCity, while Lake Nona is home to one of Verizon Communications Inc.’s 5G Innovation Hubs.
Meanwhile, the Miami market is an emerging leader in blockchain and cryptocurrencies, two other integral components of the metaverse.
Who is involved with the MetaCenter initiative?
While the OEP leads this effort, it has support from others, including but not limited to:
- Breakthrough Orlando: The task force that's crafting the region's five-year technology growth plan also will shape the MetaCenter strategy.
- Cathy Hackl: Known as the “Godmother of the Metaverse,” Hackl leads the metaverse consulting group Futures Intelligence Group. Hackl is working with the OEP on its metaverse strategy.
- Government leaders: The MetaCenter initiative has the support of Orlando Mayor Buddy Dyer and Orange County Mayor Jerry Demings.
- Orlando Tech Council: Orlando Tech Council Chair Charlie Lewis helped validate Orlando’s metaverse credentials. “After months of digging into the strengths of the region, the common thread we discovered was the metaverse,” Lewis said.
- VR/AR Association: The local VR/AR Association chapter is expanding its focus from extended reality tech to the metaverse at large, Cunningham said.
What does the MetaCenter idea mean for Orlando’s economy?
Local governments, economic development groups and the tech community at large have spent years trying to build up the region’s innovative identity and diversify its economy with more high-wage, high-tech work. Labeling the region as the center for metaverse technologies not only boosts Orlando’s innovation profile, but it also may draw more companies and jobs here, Lewis said. “There are jobs, opportunities for entrepreneurs and lots of talent and knowledge here.”
What’s next?
So far, the OEP has filed for a trademark for the term “MetaCenter” and will launch a website dedicated to the initiative this week. The MetaCenter is expected to get a big boost June 1 when a video highlighting Central Florida as the MetaCenter will play during the AWE extended-reality expo keynote address by Unity CEO John Riccitiello.
From there, the OEP aims to target trade shows and conventions for the region that relate to the metaverse, take a “road show” to cities from California to New York to spread the word, create specific targets for job creation/economic impact and other emerging projects.
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