Metaverses: Virtual Spaces That Could Set Us Up for a Phenomenal Life in the Future! – DataDrivenInvestor

Aug 11
As of August 4, 2022, the market cap of cryptocurrencies is more than US$1.06 trillion. These digital currencies are the foundations of a world transitioning from centralized Web 2.0 to decentralized Web 3.0. A lot of applications have born from the underlying technology behind cryptocurrencies, with smart contracts, non-fungible tokens, decentralized finance, decentralized autonomous organizations, and metaverses being in popular usage. We will be solely focusing on the latter of the applications as mentioned above — metaverses in this article, as these are one of the popular trends in Web3 now.
Metaverses are virtual environments where people can carry out social activities in the form of digital avatars. These platforms are typically built on blockchain networks and supplemented by devices based on other Web3 elements, such as virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). Even though full-fledged metaverse platforms like the ones we have seen in movies are non-existent today, we are faring better with every passing day.
There are metaverse platforms that strive to bring the best virtual socializing experience possible with available technology, which releases updates often to realize the vision of utopian worlds in the virtual space. Platforms in the current trend that qualify to be called metaverses including Decentraland, The Sandbox, Polkacity, Axie Infinity, and My Neighbor Alice.
Web3 Gallery has opened the world’s first real-world Web3 store in New York City, which allows brands to exhibit themselves in the store’s frames.
“The Metaverse isn’t some far-off dream of the future, it’s right here, right now.” — Takahiro Hara, creator of Avatars United
Metaverse gaming platforms are based on virtual worlds that follow the Web3 principle of empowering the end-user at any time. These platforms utilize non-fungible tokens (NFTs) for in-game products and smart contract programs for in-game transactions. Popular examples in the current trend include Axie Infinity, Illuvium, Prospectors, Sorare, Genopets, Wirtual, and My Neighbor Alice.
These games can be broadly categorized into two models: Play-to-Earn (P2E) and Move-to-Earn (M2E). The former model concentrates on rewarding gamers for completing in-game tasks, and the latter focuses on people’s wellbeing by rewarding them for physical activity and movement. Metaverse games can even have a rental facility where gamers can rent their gaming assets to fellow gamers who do not have enough resources to own them or want to try out the game.
Gym Class VR, a metaverse basketball game, has earned 4.9 stars from 14,000 reviews on the Quest Store for its Beta version, and it will have a full-fledged release this fall.
Metaverse marketplace platforms sell digital/physical products backed by non-fungible tokens (NFTs). These can be standalone or present inside other metaverse platforms such as games and social spaces. The scope of metaverse NFT marketplaces is huge given their predecessors’ (NFT marketplaces) growth during the 2021 NFT boom. All it takes for such platforms to set their metaverse ventures is to integrate themselves into the virtual worlds of their choice.
A stark difference between conventional Web3 NFT marketplaces and metaverse marketplaces is that the latter permit buyers to experience the asset they are buying beforehand through VR, AR, and AI technologies. While artworks, music albums, video clips, and sports memorabilia would remain the highest-grossing products in the metaverse store space, real-world brands are also expected to venture fastly into the space for many reasons.
One of them is that the technology allows brands to provide exclusive benefits that are actually beneficial to loyal customers, with the usage of NFTs to ensure the authenticity of their products in the real world being another huge reason. It should also be remembered that these platforms could only be based on the blockchain that the metaverse is hosted, thereby disabling the option of cross-chain and multi-chain businesses.
Metaverses are growing at extreme levels, powered by crypto transactions. These digital currencies can be cryptocurrencies, platform native tokens, or even real-world asset-backed crypto stablecoins. Metaverses concentrate on enabling digital lives for humankind, and a world without an economy (even if it’s digital) is equivalent to a world without Oxygen. Metaverse payment solutions come to the rescue as we are transitioning from a centralized Web2 world to a “decentralized society,” as quoted by Vitalik Buterin in the research publication for soul-bound tokens. These solutions enable users to control and transact money faster while allowing multi-currency wallets and fiat tender, all within highly-secured metaverse environments.
The COVID-19 global pandemic was one of the biggest threats this generation of people has witnessed firsthand. While disrupting the way that the world functioned, prolonged restrictions enforced by governments due to the pandemic have pressed the brake for mass social events such as concerts and meetings. With metaverses growing like wildfire in 2022, it is safe to say that events in the virtual world could be game-changers. Already, performing artists like Snoop Dogg have conducted music events inside blockchain-based metaverse platforms, while a few others had their events in gaming platforms like Fortnite.
Ceek, a metaverse event platform, has partnered with the city of Miami Gardens in the USA to create its own metaverse. The city is famous for hosting exciting international events such as the SuperBowl, F1, and Tennis Open.
Yet another important public space that people missed during the global pandemic was office environments. People had to work from their homes, and some firms even switched to fully-remote working environments. Despite the advantages of working from home, the value of networking through physical spaces could not be replicated in remote working environments. Metaverses might just have the solution for the issue as they can utilize multiple Web3 environments to bring virtual offices to life, where people can work from their homes. In contrast, virtual in-person meetings can be conducted through avatars in those spaces. These spaces would then form a vital part of the metaverse economy in the future.
“The metaverse is here, and it’s not only transforming how we see the world but how we participate in it — from the factory floor to the meeting room.” ~Satya Nadella, Microsoft CEO.
Even though the world’s healthcare system has evolved to its best across the years, the global pandemic showed the loopholes and inadequacies of the system as it tore apart the healthcare segments of many international nations. Virtual worlds might provide solutions the world needs right now. Metaverse healthcare solutions can assist medical professionals with training, research, diagnosis, and patients’ mental-wellbeing. Gamification, surgical procedures, and insurance can also be integrated into these solutions in different ways that supplement the real-world healthcare system.
Therefore, metaverses have the potential to be at the forefront of the next crypto boom, which is around the corner and could begin anytime soon. These virtual worlds can close in our visions of a utopian life which cannot be attained only using the real world. Still, there are many regulatory business-based issues surrounding the possibility of a unified metaverse, although multiple metaverse platforms will certainly thrive on their own.
Suppose you wish to be part of such a visionary movement while making profits. In that case, it is best to take your ideas to a metaverse development company that can assist you through the process of realizing your business in the virtual world.
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