The right metaverse platform will offer a big opportunity for the entire blockchain ecosystem.
The concept of Metaverse has emerged as a newly imagined augmented reality that is predicted to take the world to new planes of existence and experiences in virtual reality. Simply, people can meet virtually and explore a myriad of realms beyond the physical world. Furthermore, it promises to be completely immersive, interactive, gamified and more collaborative than any other technology existing today.
Metaverse is becoming a lucrative industry in itself. Embedded on Blockchain technology, it presents a massive opportunity in the adoption of crypto currencies for transactions. Currently, there are tech giants that are building their virtual realms and will allow users to create their own digital avatars to play games and buy assets and products. These metaverse platforms will require users to participate in the digital economy by buying or selling their assets including real estate in the form of non-fungible tokens (NFTs).
The right metaverse platform will offer a big opportunity for the entire blockchain ecosystem. Additionally, it will drive a boom in the development of the crypto world by enabling the use of crypto currency as currencies.
Understanding Metaverse
In the last century, the internet brought about a new era of interaction facilitating global connectivity. Further with the widespread emergence of digitization in business, web 3.0 is taking the next stage of human interaction and unlocking the opportunity to build the next generation of tech giants building their own version of new digital worlds.
Metaverse is derived from two words – Meta and Verse and recognized as a universe of digital worlds where avatars are individuals, leveraging the possibilities of virtual environments. Considering human interaction as the basis of all businesses, it will be elevated to an augmented form where safety, security and trust will be ensured by technology frameworks. One such business sector that metaverse is going to alter is real estate which will be bought and sold virtually in the form of NFTs. The potential owners will be able to build wealth by selling, leasing, playing or staking their digital assets. The scenario will constantly evolve with users’ imagination and creativity which in turn will enrich the user experience and build engagement and wealth on metaverse platforms.
AR & VR: Key enablers of Metaverse
The users will be able to enter into the virtual world by using Virtual Reality based wearables. This technology will help users to visit the alternate virtual world while sitting in their homes. As a result, people will not be required to undergo long commutes, bringing more efficiency to purchasing real estate or any other thing. For instance, 3D forms of luxury brands can help users virtually try on clothes on their digital avatars before spending a hefty amount on making a purchase. Apart from this, users can enjoy watching movies or have social interactions with friends virtually. This allows them to avoid the hassle of stepping out into the physical world. In short, the metaverse is presenting endless opportunities to every business sector.
Metaverse’s endless opportunities will be realized by virtual reality. It will help the users unlock new capabilities in the realm of the digital world with an enriched and affordable experience. The metaverse platforms will radically increase the affordability of products and services giving people access to luxurious experiences virtually. For instance, it will help the users to experience travel to destinations virtually and also experience high-quality interaction with people around. This does not mean the products and services will become cheaper. However, the users will be able to spend in the virtual world while creating their digital wealth and experiences.
Metaverse is not a new concept, but its adoption on the back of progress in connectivity and gamification is projected to further catapult the growth of crypto currencies. Also, the use of NFTs will grant property rights to digital assets giving a sense of ownership to users and enable them to build wealth on platform. In simple terms, users will be able to travel, shop, purchase real estate and indulge in entertainment virtually by using NFTs. As a result, cryptocurrency and NFTs will fuel the growth of metaverse and will help users have a completely immersive experience on metaverse platforms.
Source: Business World
