Where is the Metaverse Going?
Since the beginning of 2022, the metaverse has made headlines, with researchers and analysts predicting that it will be valued at a whopping $800 billion by 2024. The metaverse has gained a lot of traction from big tech organizations such as Meta (Facebook’s parent company), Microsoft, Nvidia, and Magic Leap.
The term metaverse has been coined using the prefix “meta,” which means “universe.” The metaverse combines blockchain technology, artificial intelligence (AI) and algorithms, augmented reality (AR), Web 3.0, and virtual reality (VR). It creates a digital virtual space for people to connect, interact, work, play, sell artworks, and own and trade properties using different cryptocurrencies. The metaverse is illustrated by enhanced 3D physical reality with infinite opportunities.
Put simply; the metaverse is the union of the physical and virtual worlds in the next generation of the internet and social platforms through 3D physical reality software tools. It presents endless possibilities for major tech, online entertainment, and networking companies to grab a slice of what would be an $800 billion market opportunity.
Users in this virtual space are signified by digital avatars, thereby making it possible to interact with others and engage in different activities. Some metaverses are merely copies of existing physical entities, while others are just visualizations that allow participants to explore their imaginations. It is important to note that the metaverse is expanding and evolving at an unprecedented rate, given the increased participation of individuals and companies that invest in this virtual world.
The concept is still in its nascent stages, with technologists working tirelessly to bring it to reality. However, it has shown great potential in changing the video gaming, entertainment, marketing, and communication industries. For example, the metaverse allows people to sell their artworks such as paintings, music albums, photographs, videos, digital art, etc., and real estate through billboards. Some of them also allow businesses to rent their own virtual spaces to other companies for advertisement purposes.