Metaverse: The parallel world is just around the corner
Virtual reality had come a long way since its appearance nearly a decade ago. The adventure of experiencing something surreal in real life is trendy and in demand. The gaming industry has been booming in recent years, so new technologies and ideas are also popping up.
Blockchain has changed our understanding of online life. We sell real estate via smart-contracts, invest in NFT art, and earn within online gaming. Businesses on one side and customers on the other are becoming more correlated in the digital world. If a company is not selling its products or services online, we say it is not successful.
Imagine your life could double in the parallel world. You can shop, study and interact with people in the 3D sphere. Reminiscent of Black Mirror, is not it? Each person has their avatar, and it is possible to recreate yourself in an immersive world.
Facebook announced the creation of an avatar and even renamed the company’s name META. It will be a vast digital world known as the metaverse. While social media users only interact by showing and viewing content, the new dimension of metaverse will encourage users to interact multidimensionally.
Remote working is a popular trend even though the pandemic is almost over. The Covid 19 pandemic has put all offline social interactions on hold. It gave a massive boost to creating a comfortable environment where you can distance yourself socially and still be very social. The idea is to provide lots of social activities and presence without leaving home.
While the industry is growing, the global metaverse market is estimated at $47.69 billion in 2020. The main growth driver is the combination of real-world and digital experience.
Speaking of key drivers, we do not just need to focus on the gaming industry when imagining how the Metaverse will work.
The blockchain, as I said, has given us many more options for investments. Finally, users could create their avatar and interact with other users and engage in games. But the most exciting thing from a blockchain perspective is that people can create, invest in, and trade assets within the Metaverse. It can be used for cryptocurrencies or non-fungible tokens ( NFTs). Knowing that the NFT and Blockchain market is growing very fast, we expect that it will give users more opportunities to do business and participate in decentralized wealth activities.
Metaverse developers should be concerned about privacy and security protocols. As we know, DeFi does not require you to prove your identity. This means that all transactions and interactions within the Metaverse should be structured with fraud in mind.
Meanwhile, we know of many tech companies that are making their way to the metaverse. As we mentioned earlier, Facebook Inc. has undergone a massive rebranding and set new goals. Mark Zuckerberg introduced us to Meta Platforms Inc. and stated that the future is in the hands of an “embodied internet where you do not just look at content, you are in it.”
A number of large technology companies have begun to develop infrastructure for the Metaverse. Among them are many famous game companies like Epic Games, Inc. and Nvidia Corporation. Now is the time to put strategy and development first.
What is the future of the Metaverse industry? Only time can show, but regarding current trends, the expected projected revenue in 2028 will be no less than $828.95 billion.
For now, we have to ask ourselves one question – are we ready to enter the parallel universe?
Tel Aviv, NOVEMBER 17, 2021