The Metaverse is at the forefront of the Web 3.0 growth, and crypto economies are the next growing investment frontier. The rising question in the business world is wether the Metaverse is worth investing in? Is it here to stay or will we see another boom and bust, just like it happened with Minecraft not too long ago.
The Metaverse Evolution
Notice we didn’t say revolution. While this technology has taken the globe by storm, promising to change the way we approach commerce, entertainment and participation, it isn’t really new. While some may feel that the metaverse is a passing fad that will have no impact, they are mistaken.
The metaverse is an evolution not a revolution which will make adoption easier.
Followers of all things blockchain, crypto and NFT-related are aware of the hype around the metaverse. Significantly, businesses are flooding the space with cash, with Facebook even changing its name to Meta.
Microsoft has entered the metaverse with its own development team, while companies as diverse as Nike, Gucci and PwC have staked metaverse claims as well on platforms like Decentraland and The Sandbox.
What is the Metaverse?
The Metaverse is a collection of interconnected, immersive, 3D virtual environments where people from all over the world may interact in real time to create a persistent, user-owned internet economy that transcends the digital and physical worlds.
The full meaning of the metaverse is unknown at this time. The concept behind it, though, is universal and familiar: a reality in which people will be able to come together, connect even better, and enjoy immersive activities all around them.
The purpose of a company’s metaverse, regardless of how it’s built, is to transfer consumers into a new world where they may enjoy more engaging activities.
Today, virtual worlds are causing a stir across a variety of spaces. Platforms like Decentraland, Axie Infinity, and The Sandbox are bringing in new visitors and players and driving real revenue for traditional companies and Fortnite and Roblox have become household names.
All of these metaverses are arriving at a moment when people are looking for a way to unwind. Many individuals are yearning for more of an escape from reality as a result of economic uncertainties and a global pandemic. People have found that these metaverses are places where they may be creative and express themselves without having to worry about anything else.
The world will stop scrolling
It may be hard to fathom now but the world is heading toward a non-scrolling future, one in which devices will be replaced by immersive experiences. Mobile phones will become as quaint and as obsolete as landlines that used to keep us tethered to our homes and offices.
Many detractors of the metaverse quickly dismiss it as a fad, comparing it to the popularity of NFTs or even the dot-com bubble. These criticisms, on the other hand, overlook the metaverse’s promise and the fact that we’ve been trending towards immersive experiences for quite some time.
We’re in the midst of yet another cultural transition right now. The millennial age is coming to a close, and Gen Z is taking over. Many Gen Zers are already displaying certain distinguishing characteristics, such as a desire to explore and play video games and make money while doing so.
Gamers will lead adoption
Gamification is everything for many people in this age bracket. Millennials are more likely to spend their days scrolling through feeds to see what their friends and family members are up to, while Gen Zers are more likely to spend their days exploring virtual worlds with their peers. To them, exploring a new virtual environment with your friends is preferable to sitting at home scrolling through Instagram feeds or Snapchat Stories.
Big enterprises and IT companies were the first to observe the shift in trends. As a result, they’ve made considerable changes to the space in order to attract the attention of a younger demographic.
Corporations are making these bets based on researching generational habits. Millennials and Gen Zers use their gadgets to play games and explore digital environments from the comfort of their homes, and this happens more frequently than you might imagine.
Many of them will be on the lookout for the next great thing to grab their interest, and the competition is already fierce. Companies who can harness their attention may be able to control the metaverse future.
Metaverse possibilities are infinite, from engagement and games to advertising and data optimization. It’s worth noting, though, that these prospects aren’t quite the same in terms of importance.
Gaming is one of the areas where the metaverse is already bearing fruit, according to the business. Platforms like Axie Infinity and Decentraland demonstrate this. In fact, gaming will probably lead to a faster and more widespread adoption of the metaverse, and it won’t be limited to gaming.
One of the main reasons why the metaverse isn’t merely a passing craze is because there are genuine opportunities and businesses are beginning to see the limitless potential in everything from branding, to live events to virtual malls. Indeed, individuals can now harness the power of the metaverse through a leveled playing field.
Metaverse appears to be here to stay
Any technological advancement will undoubtedly be faced with opposition, and the metaverse is no exception. However, like many other innovations in the past, the metaverse appears to be here to stay.
The metaverse will alter the world as we know it by extending reality (and creating new ones).
The internet’s future holds utopian visions of decentralized financial systems and the ability for communities to thrive in spaces of their own design.
Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.