There are various opinions about what the Metaverse is and what it implies for humanity. While some consider the Metaverse to be a game or some sort of virtual reality escapism, in fact it is much more.
When Mark Zuckerberg, founder and director of Meta (Facebook), announced the rebranding of his company, he mentioned that the Metaverse would be something like an "embodied internet," meaning that users would no longer passively consume information, but instead interact with data and 3D objects in real time while performing everyday activities like working, learning, shopping and spending time with others. The metaverse is linked to the emerging concept of Web 3.0, a decentralized, open source version of the Internet.
Simply Put: The metaverse is a virtual 3D space where users, companies and creators meet to interact with one another, manage digital objects and perform various activities.
According to research by Grayscale, a leading digital currency investment manager, the metaverse has the potential to become a $1 trillion annual revenue opportunity combining the niches of advertising, digital events, e-commerce, gaming, hardware, etc.
Although it’s not fully developed yet and there’s still work to be done regarding the completion of the VR environment, it has already presented itself as fertile ground for all those who wish to expand their business in that way or invest in the technology.
NFTs (non-fungible tokens) have already been widely integrated into the metaverse. They behave just like any other virtual asset and they include avatars, plots of land, wearables, equipment, digital art, and so on.
NFTs as assets and crypto tokens as native currencies will be a defining feature of the metaverse, enabling users to own and manage valuable digital properties, and do commercial transactions with others.
Some well-known vertical market brands are already investing in the virtual space. These include Adidas, Gucci and Nike which have already opened their stores in the current metaverse, selling their products as NFT assets. Normally, these assets can be interacted with and redeemed in a physical store for their physical versions.
Another example of businesses that are venturing into this world are online gaming companies. They turned to metaverse-friendly products to allow their users the management of digital tokens.
In addition to the cases just mentioned, technological giants such as Google and Microsoft are also investing billions of dollars in the development of the metaverse.
If you are excited about the possibility of developing a metaverse product or branching out virtually, the opportunities are endless! We can provide advice and help you kickstart your metaverse business with the help of our blockchain and Web3 experts.
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