The Metaverse Takes Shape As Themes Converge
The metaverse is emerging as the new version of the Internet, capturing the attention of investors, Internet leaders, and major corporations. This virtual-reality powered, blockchain-driven, multi-device-accessible form of online life has the potential to generate trillions of dollars of revenue across many major fields. Here is a look at this up-and-coming Internet revolution.
Metaverse Definition
The metaverse is a new way of accessing the Internet that uses virtual reality to make many experiences of daily life possible entirely within the digital world. For example, people may be able to spend time with friends, work, make purchases, and play video games, all entirely virtually. Here are the 6 identifying features of the metaverse:
Identity
Within the metaverse, people can choose avatars to represent themselves in any way they can imagine.
Multi-Device
The metaverse is accessible through any device, and uses a VR headset to create an immersive, 3-d experience.
Immersive
The metaverse's immersive experience currently encompasses sound and images, but could eventually utilize all of participants' senses.
Functioning Economy
The metaverse's economy will work similar to how Roblox' economy works, where they can earn and spend real money or in-universe currency to enhance their experience of the multiverse.
Community
The metaverse makes a digital community possible for all participants.
Operating in Real-Time
The metaverse takes place in real-time, and continues even when a participant is not engaging in the metaverse.
Metaverse: Potential
Early attempts at a metaverse-type experience have indicated that this approach to the Internet could be wildly successful. For example, VR concerts have drawn millions, while Roblox' platform popularity draws more than 1.5 billion visits every year to some of its most popular games.
Metaverse: Open Architecture
Currently, metaverse experiences tend to be restricted to specific hardware or applications. However, over time, the metaverse is likely to become decentralized, making it compatible across devices, hardware, and applications. This development will allow participants to simply use a device to enter the metaverse, where they can earn and spend currency, embrace the work of all contributors, and utilize blockchain to truly decentralize the experience.
Metaverse: Opportunities
The metaverse has the potential to drive revenue across a huge array of industries and fields.
Development
Perhaps most obvious, developers and creators of digital experiences will be required to deliver the metaverse ecosystem. Currently, developers have been earning upwards of $30 billion for their digital creations, and that is for experiences outside the metaverse.
Ads
Just as social media currently presents participants with in-platform ads, the metaverse is likely to provide in-platform ads to promote both real-life and digital products and experiences.
Digital Events
Within the metaverse, participants are likely to be able to attend digital concerts, movies, and more. These events could create upwards of $94 billion in opportunities.
Hardware
Hardware, such as VR headsets, will be essential for accessing the metaverse, creating a huge opportunity for manufacturers. This opportunity could be as high as $100 billion.
Financial Applications
The metaverse will give birth to new financial realities, including multiple currencies, storing their digital purchases and currencies, and more. FinTech, as a result, could realize a large economic opportunity for facilitating these transactions.
The metaverse is gradually beginning to take shape, even though a total metaverse experience is likely years away. Its growth is likely to be driven by social media platforms and video game developers, while e-commerce and blockchain are also likely to benefit. As the metaverse develops, chances are that it will present incredible opportunities that investors should be ready to act upon.