The Metaverse will likely grow into a $1 trillion market according to a November 2021 report by Grayscale. With barely two years since the concept gained popularity, virtual worlds have become common amongst crypto natives, celebrities and big tech corporations, including Meta and Microsoft. Today, this nascent crypto ecosystem is touted as one of the promising niches, combining the power of Artificial Intelligence (AI), Virtual Reality (VR) and Blockchain.
So, what exactly is driving adoption in the metaverse? First and foremost, blockchain-oriented virtual worlds are perhaps the closest we are to unlocking the possibilities of Web 3.0, also referred to as the decentralized web. In this new paradigm of the internet, users will have the autonomy of control, enabling them to vote on critical developments based on an incentivized economy model.
More importantly, the metaverse enriches the Web 3.0 experience by introducing a way for people/institutions to replicate real-world activities in a virtual world. A concept that will provide enormous opportunities for advanced interactions in modern-day work settings or casual events. Imagine a virtual world where one can move around as an Avatar or acquire property to develop and host virtual events, that’s the idea of the metaverse.
The world of technological innovations is ever changing, from the yahoo era to Web 2.0 and now the much anticipated decentralized web. Is it possible that future netizens will exist within virtual cities? From the look of things, it seems that globalization is not only a matter of connecting economies but also bridging the gap in social interactions. Well, the metaverse is gradually proving to be a perfect vehicle for the latter.
“This is the first step to launch the first truly community-owned metaverse where creators get a meaningful share of their hard work.” noted Mary Spio, CEO of CEEK.
For a long time, this has not been the case, celebrities and artists have often been limited by geographical boundaries. Additionally, Web 2.0 service platforms end up taking the lion’s share of a creator’s revenue when disseminated through channels such as Instagram, Facebook and Twitter. With the arrival of the metaverse, tides will gradually change in favour of the creators; no wonder tech giants are also trying to capture a share of this growing market.
As it stands, it might be too early to predict which direction the metaverse will take. Is it going to be built by centralized intermediaries or on decentralized blockchains like Ethereum? The perfect scenario would be a combined effort to create interoperable worlds but only time can reveal what the future holds. That said, one thing is almost certain; we are heading to an era where people will be living inside computers.