What is metaverse? Learn about the new virtual world

Metaverse: The new virtual world

Whether you’re a tech-geek or someone with no background in the technology world, the chances are high that in recent times you must have encountered the term metaverse. It is the most heard ‘’buzzword’’ in recent times.

With Fortune 500 companies like Facebook (Now Meta), Microsoft, Google, and many more developing and working on their metaverses, makes it interesting to understand what exactly metaverse is!

What is metaverse?

It is very interesting how the word ‘Metaverse’ was coined. Metaverse is a combination of two words, ‘Meta’ and ‘verse’.

Metaverse is ideally a real-time 3D virtual world built on the backbone of the newest iteration of the internet Web 3.0. Metaverse would allow the users to meet, play and socialize together in 3D fictional spaces through VR/AR.

Tech-experts all over the world, believe that metaverse will give a massive boost to blockchain technology. Since the metaverse is a virtual world, the currency used to buy items in this world would be virtual too. Cryptocurrency would be used to buy items. Furthermore, NFTs will be used to prove the ownership of the digital assets.

Future scope of the metaverse

As discussed earlier, the metaverse is gonna be the new exciting way to socialize and buy/sell items and do almost anything possible to perhaps do in real-life. It is in lay-man language, a new virtual planet, and isn't it exciting to be a part of the new planet!

Bloomberg estimates that the global metaverse market could generate $800 billion in revenue by 2024, while another estimate puts the size of the market at $1.6 trillion by 2030.

Since the metaverse is like a new planet, it will revolutionize and give rise to various industries. It would host spaces for the new businesses to flourish and grow.

Blockchain:

Metaverse will give massive rise to the blockchain industry. Blockchain verticals such as cryptocurrencies and NFTs will see exponential growth due to their virtual nature, which makes it extremely important for the metaverse.

Virtual event hosting:

Post-covid, we have realized that there is a need for virtual events, and the metaverse can help virtual events feel real. Metaverse would help us transition from just a 2D camera to a 3D world, where users would get a more personalized experience.

Advertising in metaverse:

As metaverse grows in coming times, the advertising industry would see a change too. Companies can advertise using virtual billboards. For instance, a clothing apparel brand can use 3D avatars to showcase its products to its customers.

Gaming industry:

With the rise of NFTs, the gaming industry has already started to see growth. People want to buy gaming avatars using cryptocurrencies. Moreover, metaverse will improve the virtual gaming experience by multi-folds. Games would be more interactive, real, and easily monetizable.

Real Estate in Metaverse:

Buying real estate in the metaverse has already made its way with big enterprises investing in virtual lands, making big returns out of it. Even celebrities like Snoop Dog are investing in the virtual land, where they plan to host varieties of their events. In less than a year, the average price of land has risen from a few hundred dollars to thousands of dollars, which will keep on rising.

The above mentioned, just to name a few, are industries that would need to adapt and use metaverse to their advantage.

(Credit: https://museum.xbox.com/en/. An example of a metaverse world - Xbox museum)

With the benefits that the metaverse has to offer and the rise in Web 3.0 and blockchain technology, the metaverse will be the new iteration of the internet. We must leverage it to our advantage.

We, at Seaflux, are Blockchain enthusiasts who are helping enterprises worldwide. Have a query or want to discuss Blockchain projects? Schedule a meeting with us here, we'll be happy to talk to you!