Even while simply browsing your favorite social media application, you’ve likely heard of the Metaverse. The futuristic dreamland of Mark Zuckerberg will have millions of people connected using AR and VR technologies. This may sound like the Ready Player One novel and film. However, the Metaverse can also be a goldmine in waiting for smart investors ready to change the world.
What is the Metaverse?
The Metaverse is an incredible platform that cannot be compared to anything that has existed before. It exists as an interconnected network of 3D virtual worlds with infinite opportunities and choices to be made. It will exist as a parallel to our world and, as such, would keep operating even when users log off.
Unlike the internet, users will enter the Metaverse with their avatars and can see and realistically perceive the world with virtual reality technologies. Therefore, the Metaverse’s virtual reality worlds are the prime highlight of the platform as it will be the primary medium of interacting with the objects and agents in the Metaverse.
What Makes the Metaverse Unique?
Unlike many VR video games, the Metaverse isn’t just a game. When talking about it, most people tend to compare it to VR Chat, a massively multiplayer online game with various worlds for people to interact with. While it is a close comparison, it still falls short of explaining the unique features of the Metaverse. These are:
The decentralization of the Metaverse implies that no single entity will own it. This means that millions of companies across the world will collaborate to create the Metaverse. However, the entirety of it will belong to the users. This will put major decisions in the hands of the users, much like a democratic voting system.
● Independent Economy
The Metaverse economy isn’t bound by any country, and it has its own currencies. For the most part, the transactions in this world are expected to be carried out using cryptocurrencies or real-world money. However, what truly makes this different from a video game is the ability to make real money in the Metaverse.
The interoperable feature of the Metaverse will allow it to connect several smaller worlds together and allow users to bounce between them. Quite like how you can switch between websites with ease, you will be able to jump between the worlds of the Metaverse and keep your avatar information and wallet constant.
● Collective Spaces
Unlike traditional video games, the Metaverse is more of a place to hang out and be social. You may also find the action-filled WWII shooter you’ve always wanted to play, but it’s likely you’ll be doing so with several other players as well.
What Makes it Valuable?
The Metaverse is valuable as a permanent place where people can make memories. It will help provide experiences that we aren’t able to experience in real life.
For instance, if you find your work life stressful, you will always have the option to escape away to your private island in the Metaverse for some relaxation. Moreover, the virtual reality and augmentation reality aspects of it will make it seem very real.
A World of Infinite Opportunities
The Metaverse is a limitless universe that can have several applications. Apart from the fact that all your owned items will be NFTs that can be traded, it offers an array of utilities.
The social aspects of the Metaverse have been evident from the start with the concept of shared worlds. It will be the platform that replaces phone calls and video calls as the medium that lets you feel most connected to your loved ones.
The video game industry has been booming incredibly at a growth rate of 12.9%. Moreover, its $195.65 billion net worth speaks volumes about its rising popularity – even among adults. The Metaverse will be a medium for gamers to fully immerse themselves in action and get all the thrills of being present in the games they love.
The Metaverse will also be an excellent place for employers to host virtual meetings. Not only will this reduce the expenses of renting out office spaces, but it will also make meetings more interesting. Moreover, there is a possibility that entire companies could be registered inside the Metaverse as virtual companies.
Meta’s Quest 2 VR headsets already have several experiences for leisure, such as sitting in a virtual theatre to enjoy a movie, fishing by a realistic lake, or even traveling to various locations. These activities are only going to increase with time as the Metaverse develops into what it’s meant to be.
Much like the film Ready Player One, within the Metaverse, it will be possible to purchase something and have it delivered to the real world. In fact, VR-based eCommerce will be as social as visiting the mall with friends, except in the comfort of one’s home.
As all of a person’s inventory in the Metaverse can be traded like NFTs, investors can find a booming goldmine here. In fact, it will be possible to set up a shop where you can trade these items with users based on demand. Since $41 billion were spent on trading NFTs in 2021 alone, trading them in the Metaverse has the potential to become a hundred-billion-dollar industry.
Events and Entertainment
Events and Entertainment will work in a similar manner to any real or virtual concert of today. In fact, there have already been a few concerts by famous singers such as Billie Eilish, and these have been incredibly popular among fans across the globe.
The Metaverse may not be here yet, but that makes it the perfect investment opportunity for growth. Since the competition is low, the time to make your mark is now, so that when the Metaverse is valued at over $1 trillion, you’ll also be able to reap the benefits.