The Metaverse will likely grow into a $1 trillion market according to a November 2021 report by Grayscale. With barely two years since the concept gained popularity, virtual worlds have become common amongst crypto natives, celebrities and big tech corporations, including Meta and Microsoft. Today, this nascent crypto ecosystem is touted as one of the promising niches, combining the power of Artificial Intelligence (AI), Virtual Reality (VR) and Blockchain.
So, what exactly is driving adoption in the metaverse? First and foremost, blockchain-oriented virtual worlds are perhaps the closest we are to unlocking the possibilities of Web 3.0, also referred to as the decentralized web. In this new paradigm of the internet, users will have the autonomy of control, enabling them to vote on critical developments based on an incentivized economy model.
More importantly, the metaverse enriches the Web 3.0 experience by introducing a way for people/institutions to replicate real-world activities in a virtual world. A concept that will provide enormous opportunities for advanced interactions in modern-day work settings or casual events. Imagine a virtual world where one can move around as an Avatar or acquire property to develop and host virtual events, that’s the idea of the metaverse.
“When we talk about the metaverse, we’re describing both a new platform and a new application type, similar to how we talked about the web and websites in the early ’90s. It’s no longer just playing a game with friends. You can be in the game with them.” explained Microsoft’s CEO Satya Nadella during a keynote address.
A New Paradigm of Digital Interactions
The world of technological innovations is ever changing, from the yahoo era to Web 2.0 and now the much anticipated decentralized web. Is it possible that future netizens will exist within virtual cities? From the look of things, it seems that globalization is not only a matter of connecting economies but also bridging the gap in social interactions. Well, the metaverse is gradually proving to be a perfect vehicle for the latter.
What started with the debut of Non-fungible token (NFT) infrastructures has paved the way for development of virtual worlds such as Decentraland and The Sandbox. These two ecosystems were the pioneer metaverse platforms to launch and now host some of the most expensive virtual land parcels. In one instance, an investor parted ways with $450,000 just to acquire a piece of property next to…
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