Metaverse 101 — Here Is What You Need To Know!
Facebook just underwent a metamorphosis! It changed its name to Meta in October, and the rebranding sparked renewed interest in the Metaverse, a realm that exists beyond keyboards and computers. From Microsoft to Zuckerberg, the Metaverse has become a computer-generated utopia where users can become a part of and interact with one another virtually.
What we can achieve inside this area is still under discovery. Many of us are unfamiliar with the terrain, and the maps required to navigate it are still under creation. Let us explore its current state.
Purpose of Metaverse
In simple words, the purpose of Metaverse is to let you meet your digital twin!
The metaverse promises to allow a broad junction of our digital and physical lives, whether in virtual reality (VR), augmented reality (AR), or just on a screen. It is applicable in wealth, sociability, productivity, commerce, and entertainment.
Two intertwined words (Meta and Verse) do not require headgear at all. Consider the Uber app informing you how far away the car is from the location. Consider the LiDAR sensor on recent iPhones, which can take a 3D image of your surroundings. Consider how Netflix makes recommendations based on what you have already viewed. The metaverse (also known as “web3” by many) is a virtual progression of our existing Internet.
The Bridge b/w Metaverse, Cryptocurrencies, NFTs, and Other Trending Technologies
The crypto world aims to fuel an open metaverse in which user interaction and content creation are neither regulated nor centralised. However, for the virtual realm to remain in sync with reality, the concepts of NFTs and DeFi adapt their fullest influences. This is why hot technologies consistently stress these game-changing use cases by listing Metaverse, NFT, and DeFi-relevant tokens in the current space.
Moreover, while some may not see their potential right now, these use cases and empowering tokens will be arduous to come by until the world embraces the notion of Metaverse, NFTs, and Decentralized Finance. Specifically, over time, making the internet, art ownership, and money more accessible and transparent!
Potential Market of Metaverse
The metaverse is the next great technological platform, luring online game developers, social networks, and technicians to an approximately $800 billion market potential.
According to recent Reports and Data analysis of NEW YORK PR Newswire, the worldwide metaverse market is to reach USD 872.35B in 2028, with a revenue CAGR of 44.1 per cent during the forecast period.
Major Players — Venture Capital Activities in the Metaverse Space
The worldwide Metaverse market to reach $280 billion by 2025, more than doubling from $46 billion in 2020.
1. Fortnite, Epic Games’ metaverse platform, produced $1.2 billion in revenue in its first ten months of operation.
2. Travis Scott’s Fortnite concert drew 12.3 million concurrent attendance, 27.7 million unique players over five showtimes, and 45.8 million views.
3. In 2021, global digital gaming expenditure reached $129 billion.
4. The NFT marketplace OpenSea is on course to become a $100 billion firm in record time.
5. Sandbox, another metaverse platform, is on the verge of selling its 10,000th parcel of land in the next six months.
6. Through a digital land auction on its metaverse platform, Ember Swords raised $203 million in 21 days.
7. During SIGGRAPH week, Unity, one of the leading gaming engines in the metaverse field, paid $320 million for Parsec.
8. VRChat has received an additional $80 million in funding to extend its metaverse platform.
It does not matter which way you turn, there are massive sums at stake here, driving both investing fever and terror.
