For technophiles, the metaverse represents a nirvana: a place to immerse yourself in any digital world, and participate in any physical reality, at any time - and also be able to see and feel anything, even if you are thousands of miles away from that real place.
The digital economy is growing in the Metaverse. Now an individual can create, buy, and sell goods. And, in the more idealistic visions of the metaverse, it's interoperable, allowing you to take virtual items like clothes from one platform to another. In the physical world, you can buy a shirt from the mall and then wear it to a movie theatre. In the metaverse, on the other hand, you could create a persona that you can take everywhere as easily as you can copy your profile picture from one digital space to another.
The metaverse will alter many sectors further with the incorporation of virtual reality (VR) based wearables. These wearables will introduce the users to an alternate virtual world from the confines of their homes. - think interacting without the need to undergo long commutes, breathe in polluted air or even dress up for different occasions. With education in the future, children would be able to learn various subjects and modules at their own pace and expand their horizons beyond what is currently possible with the traditional curriculum.
As the metaverse concept is starts to adopt Web3 technology enabled through blockchain technology, the future metaverse would be something very similar to our real world in many aspects, and can even replace some real-world activities. Today, the virtual space is developing into a metaverse that exists with digital goods like NFTs representing popular art and digital memorabilia already being lapped up by investors and crypto fans alike.
Already some metaverse non-fungible token (NFT) vendors have enabled their NFTs to be usable in metaverse games such as when purchasing clothing and footwear, while brands are looking to venture into the domain. Here, both users and creators will benefit from the increase of non-fungible tokens (NFTs) being incorporated into in-game assets.
As the metaverse realises itself with time, many are recognising opportunities to invest, sell and rent virtual land on Web3-based games. Alongside virtual land and NFTs, the future metaverse will utilise a virtual economy that highly depends on video games and virtual worlds where disruptions are almost non existent.
With major players like Meta entering this space and confidently signalling it could be the new future, it is only a matter of time before we see other entities following suit. It could lead to an exponential expansion of the boundaries of the metaverse and unlock vast volumes of value formerly unknown to consumers and investors alike.
The future of metaverse also spans on an idea of running openly, almost without interruptions from a single community or company as the participation of creators span from across the world as more brands are looking to open outlets on the broader metaverse just like on the internet of current times.
Moving forward, in terms of social lifestyles, we foresee that post-work routines like watching movies or social interactions with friends will be explored through alternatives in the virtual world without the hassles of the physical world. In simple words, the possibilities with the metaverse will be endless.
What is the Metaverse?
The Metaverse is a network of 3D virtual worlds focused on social connection and it can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from digital media, to create spaces for rich user interaction mimicking the real world.