The pandemic has undoubtedly brought our attention to the need for extraordinary technological advancements. It’s perhaps not surprising that many firms are venturing into the digital realm.
New-age technologies such as AI, ML, AR, and VR are becoming the driving force for the digital world, adding value to the virtual world. A 3D universe is a platform where people connect and share their experiences and engage in a real-time stimulating environment.
It is a notion of a new world in which people can create avatars not only to play games, shop, or socialize but also to conduct competitive business. Kanav Singla – Founder and CEO Metadome takes us through the process.Why invest in Metaverse?
The Metaverse Revolution
Though the concept of a metaverse is relatively new, there is substantial ambiguity regarding how to describe it. However, all definitions presume that new-age technologies such as extended reality (XR), a combination of augmented, virtual, and mixed reality settings that are accessible and interactive in real-time, will be the metaverse’s entrance point. These cutting-edge technologies have signaled the arrival of novel applications in industries such as gaming and entertainment, enterprise solutions and simulations, and military and defense.
Furthermore, businesses now can expect blockchain as a pivotal player in the metaverse development because it facilitates verifiable claims of ownership and the transferability of digital assets. The goal appears to be that XR and blockchain will collaborate to develop apps that increasingly combine our physical and digital identities, enabling new forms of social and commercial engagement.
The metaverse market is expanding in tandem with the advancement of new-age technology. According to Fortune Business Insights, the global metaverse market will grow at a CAGR of 47.6 percent, from $100.27 billion in 2022 to $1,527.55 billion in 2029. The research further highlighted that the COVID-19 pandemic led the demand for metaverse experience higher-than-anticipated across all regions, including Europe, US, and Asia Pacific.
The Impact of Blockchain and Cryptocurrency On Investment
Metaverse is currently inextricably tied with the blockchain and cryptocurrencies. It is partly due to the potential use of smart contacts and non-fungible tokens (NFTs), which allow an individual to purchase and exchange products with security across the metaverse.
On the other hand, the metaverse is evolving as a platform where individuals can buy and build things with a token. In the scenario, “metaverse cryptocurrencies” are assisting businesses to invest and grow concurrently. The concept also uses blockchain technology to deliver various services, including digital governance and accessibility, safe transactions, and easy accessibility. Increased investment in virtual digital world services based on Blockchain technology will likely drive global market growth.
The metaverse has entered the mainstream, and businesses seek investment opportunities to expand their brand and acquire market revenue. The metaverse represents the next step in the growth of internet technology. The metaverse, with its exceptional disruptive qualities, comes with a loaded opportunity and has gained a good investment choice for the future. Furthermore, increased investment across sectors and a spike in platform usage will highlight the virtual world’s blazing environment for growth.
Like other markets, the Metaverse is heavily influenced by pure conjecture, but it is also profoundly affected by the ability to monetize virtual land through games, events, word spaces, and other profit-generating ventures. A slew of companies is already proclaiming Metaverse as the next big thing in innovation and looking to invest in the virtual world. However, the metaverse is currently changing the world and creating a buzz all over.
The Future Roadmap in India
Despite being a new concept, the metaverse is reshaping our era and gaining significance with future innovation. As the concept of Metaverse begins to proceed with the blockchain-enabled Web3 technologies, the near future will bring changes in our real world in many ways and may even replace some real-world activities.
The future of the metaverse could potentially play a significant role in the evolution of the virtual economy, which relies on video games and virtual worlds, with minimal disturbances. Some Metaverse non-fungible token (NFT) businesses have already made their NFTs useful in metaverse fields such as apparel, footwear, and so on. A growing number of NFT fans see the potential to invest in virtual lands in such games and sell or rent them for a fee.
With prominent players entering this arena and firmly indicating that it may be the new future, it is only a matter of time until other entities follow suit. It has the potential to exponentially expand the limits of the metaverse and uncover massive amounts of value previously unknown to consumers and investors alike. The future of the metaverse also depends on the principle of operating openly and without interruption.