Unless you’ve been living under a rock, you’ve probably noticed that the metaverse has been on everybody’s mind.
The metaverse itself combines technologies related to 3D, virtual reality, blockchain, and the internet. You can find a complete article about the Metaverse in this written piece by Tezro.
Most of our exposure to the metaverse comes in the form of online games that release players into a 3D artificial world where they’re free to do just about anything.
Games like Decentraland and The Sandbox challenge players to purchase and develop their own plots of land to generate an income. And through the use of NFTs, such games have made concepts such as digital ownership a possibility.
From custom NFTs to actively participating in-game, celebrities like Snoop Dogg and Deadmau5 have also begun heavily investing in the metaverse.
But celebrity endorsements aside, many have often wondered whether the metaverse is the next step forward for humanity or just another bubble.
The answer is a mix of yes and no, so join us as we take a look at the future of the metaverse.
Why the metaverse is here to stay
1. The rise of NFTs
NFTs have permanently altered how we think about art and its various forms. In the past, priceless works of art existed only in the real space; NFTs and the metaverse have disrupted the status quo.
But that’s not all NFTs have done.
NFTs have also made it possible for gamers and content creators to monetize their efforts in-game. As we’ve seen in games like Decentraland and The Sandbox, real estate speculation in the metaverse is entirely possible.
And if Peter Molyneux’s latest iteration, Legacy, is anything to go by, then NFTs and the metaverse are quite likely far from done.
2. Improvements in VR technology
It’s hard to believe that just a few years ago, VR technology was something that existed primarily in the realm of science function. But thanks to advancements in technology, VR has become not only possible but also more affordable.
And as VR tech allows for a highly immersive experience, the synergy between it and the metaverse cannot be denied.
VR headsets allow players to become one with the digital world, and when combined with the metaverse, this has the potential to transform the way we consume digital media.
3. The metaverse is an excellent business opportunity for businesses
Because the metaverse allows users to immerse themselves in a separate reality, many have recognized its potential as a marketing tool.
From zero contact showcases to virtual tours, the metaverse allows marketers to connect with their target market on a whole new level in a post-COVID world.
And when combined with augmented or virtual reality technology, customers can enjoy a whole new level of immersion – possibly one that has not been seen before the metaverse implementation.
Why the metaverse may not be the future
Despite all of the above reasons, this doesn’t mean that the metaverse is infallible; in fact, there is one major reason why the metaverse may end up being a bust.
Digital addiction
The metaverse’s ability to provide users with deep levels of immersion is both its most vital point and weakest factor. And this is because an overly-immersive digital world can skew an individual’s perception of time and maybe even cause addiction.
Digital addiction or internet addiction is gradually becoming a significant concern for governments and people worldwide.
Hence, this leads to fears that the metaverse and its technologies can negatively affect people’s mental health and general well-being. As a result, this may expose companies affiliated with such industries to possible legal consequences, i.e., China’s restriction on online games.
Closing Thoughts
The metaverse is most definitely an exciting development with many possibilities for business and entertainment.
However, we can only speculate as to what effect the metaverse will have on the future.
