Why Is the Metaverse Important? For those who are still scratching the surface, finding an absolute answer can be a huge challenge but not for the majority. The majority of tech giants, futurists, enthusiasts, celebrities, governments, investors, and individuals have already stepped into the Metaverse. These people own virtual lands, characters, places, art, and other types of digital content bought with real money.
From Facebook, Microsoft, ByteDance, Nike, and Coca-Cola to Snoop Dogg, Paris Hilton, Shawn Mendes, and Lady Gaga, there is a huge pool of businesses and individuals who have dived into this whole new immersive world even before its being materialized for the mass audiences. This clearly shows that the Metaverse has got a huge potential and is capable of revolutionizing the world soon.
What Are the future changes on a global scale? Built on the foundations of Web3, decentralization, virtual reality, and digital currencies, Metaverse is a whole new world for everyone to explore and step into. It is the future of the world as its impact on major global segments is significantly clear. From business, finance, and economics to gaming, entertainment, and lifestyle, the Metaverse is expanding in all possible ways and redefining many industries on a global scale.
It has introduced unique concepts like decentralized finance (DeFi), Non-Fungible Tokens (NFTs), Social Economics, Virtual Consumerism, Digital Investments, and much more. This has not only given rise to new opportunities for investors and companies but for individuals as well in the form of lucrative employment opportunities and passive income generation.
From those who oppose to those who endorse, it is a fact that the Metaverse is going to become the future and the next generation of the global internet. Businesses have invested billions of dollars and it seems like that there is nothing that can stop the Metaverse from becoming a trillion-dollar industry in the future.
The Metaverse along with its immersive experience is going to evolve as a trillion-dollar social economy soon. While taking a closer look at the current industry insights, it is quite evident that this new age of internet is already evolving at an unprecedented pace. Technavio, a market-leading research organization reports “The market size is expected to grow by $677.98 billion from 2021 to 2026.”
When it comes to mentioning key industry players, there are some huge market names. From software, hardware, networking, and cloud computing to gaming, business, and entertainment, companies from all over the world are constantly investing massive money in the Metaverse.
Top celebrities have bought raw land in the virtual real estate segment, top fashion brands are planning to launch virtual merchandise and accessories, top tech giants are introducing smart and exciting experiences, and so on. 3D worlds like The Sandbox, Decentraland, Somnium, and few others have shaken the world and now owns a huge pool of fans who are continuously injecting real money into this virtual world that will soon make it worth trillions of dollars.
It is indeed true that constantly evolving technologies are playing a key role in enriching our lives with more ease, convenience, fun, and excitement. This now includes a huge share of the Metaverse. After Neal Stephenson coined this term in his novel Snow Crash, there is a lot that has been introduced under the banner of the Metaverse.
In the near future, communication is something that will reflect new shapes and dynamics. It becomes possible because the Metaverse allows its users to travel to any place and make their presence virtually. The future use cases of AR and VR are going to change dramatically.
Today the majority of people use smart devices like mobile phones and tablets to access their entertainment sources but in the future, people will prefer using AR and VR technologies to access and experience the same content.
What’s more interesting is that the entire gaming industry is about to make a radical shift from conventional PC and console-based gaming to virtual gaming. There are already a few but famous projects within this domain namely Roblox, Decentraland, Axie Infinity, and many others are already trending higher.
Moving on, the global financial market has already been shaken by the concept of DeFi or Decentralized Finance. It is expected to give an unimaginable rise to the idea of “Social Economy”. This also includes an indispensable dependability of making payments through cryptocurrencies.
According to Mark Zuckerberg in a The Verge podcast, the Metaverse will soon become a place where its users will interact, work, play, and eat with each other. According to Insider, Snoop Dogg promotes his Snoopverse as an all-in-one place where people can enjoy virtual concerts, shopping, parties, and many other activities. Similarly, Paris Hilton offers copies of her outfits to the fans. According to CoinDesk, Genies, which is a virtual avatar company, is making digital replicas of Cardi B, Rihanna, and Migos.
Even if you move forward from entertainment, fashion, and lifestyle, finance, economics, arts, and gaming are few of the other highly distinguished segments. All-new technologies like the Ethereum Blockchain, Smart Contracts, and Cryptocurrencies are expected to continue growing with key focus on the Metaverse.
It is also noticeable that the entire industry, which is built up of advanced technologies like blockchain, digital currencies, and smart contracts ,is full of uncertainties. According to Forbes, a huge market crash has been noticed on May 12, when the prices of top digital currencies namely Bitcoin, Ethereum, BND, XRP, Solana, Cardano, Terra’s Luna, And Avalanche dropped unimaginably. Particularly, Luna lost almost 99 percent of its worth in a few hours and is dragging down the entire industry.
This is not the first time that the global cryptocurrency market has faced a drop but it is indeed the first time that top ranked digital currencies have lost their worth in a very short time. Investors are hopeful that the market will regain its value, but there are only a few signs.
From those who oppose to those who endorse, it is a fact that the Metaverse is going to become the future and the next generation of the global internet. Businesses have invested billions of dollars and it seems like that there is nothing that can stop the Metaverse from becoming a trillion-dollar industry in the future.
