Three years back, nobody would’ve imagined what 2020 was about to bring for us. We were forced to live our lives online! While that created problems for all of us in the beginning, we somehow got used to it over time. Thanks to technology for getting us through the dark days that covid bought for us! The sudden online shift gave the tech giants an opportunity to improve the ways in which humans interact. From shopping to meetings, everything moved online and we had to accept it because we had no option. Facebook rebranded itself as “meta”, following the hype!
Metaverse – a blockchain-based virtual reality platform, enabling users to share experiences and interact in real-time. It is a 3D digital world where users can shop, socialize, work, play and do everything that they can do in the real world. Metaverse translates to ‘beyond universe’ and this is probably the best definition you can get right now, considering that it’s still in its early stage. Taking components from Augmented Reality, Virtual Reality and Mixed Reality, Metaverse aims to erase the fine line between the real and virtual worlds.
Metaverse is not only taking the world of technology by the storm, there is a lot of money involved in selling the whole idea to the world. Now, everything in the metaverse, from avatars to outfits, is digital. These digital assets can be created, bought and sold as NFTs.While it is still in its early stage, the global ‘metaverse’ market was valued at $337.23 million in 2021 and is expected to reach $1003.06 million by 2030. While some industries are still struggling to find their ways and to understand the whole concept of metaverse, the early birds have already caught their worms!
Brands and celebrities are investing in the metaverse because it’s the future of everything, from advertising to socializing! Last year, Travis Scott earned a record for the highest attended concert with an audience of 12.3 million while he performed within the Fortnite metaverse. Not only this, many luxury brands like Balenciaga, Gucci, Burberry, etc. have started selling NFTs in the multiverse of metaverses! Analysts say that the market for global virtual luxury goods could reach $50 billion by 2030.
Talking about the worldwide acceptance of this ‘virtual world’ is a tricky task! While the younger generations are accepting it as an opportunity to play & earn at the same time, it is facing some sort of backlash from the older generations. We believe that metaverse has a good potential and would probably lead us towards a better & safer future but again, it’s a matter of perspectives, as it was in 1997 with the launch of the ‘world wide web’.
Sources :
What is the Metaverse, exactly?
How luxury brands are making money in the metaverse
