It’s hardly lost on anyone that trends like the Metaverse and NFT are hot on the internet right now. But what exactly is the Metaverse and how might it affect our future?
What is the Metaverse?
Metaverse can be described as a combination of virtual reality, augmented reality and video where we as users live in a digital universe.
Metaverse and cryptocurrencies
Two terms that are closely related are Metaverse and cryptocurrencies. For the metaverse to have commercial potential, there needs to be ways to easily conduct transactions in it. In this context, cryptocurrencies are ideally suited for the purpose and many projects have already been set in motion to facilitate digital transactions.
By converting from fiat currencies to cryptocurrencies, it is quite easy to switch between the physical world and the Metaverse. Consumers will be able to purchase digital avatars and virtual land using so-called crypto tokens issued by devices that facilitate these virtual interactions.
How will the Metaverse affect us?
Already we have seen artists appear in the Metaverse through the sale of digital art through NFTs. It’s a crypto technology that gives you a unique piece of a blockchain – a kind of digital fingerprint. You get paid in cryptocurrencies and then exchange that income for goods to live and exist in the physical world.
For many, however, this is still something that is relatively complex and does not directly affect our everyday lives. Perhaps more interesting is how the Metaverse might affect how we live our lives.
With the rise of the Coronavirus, we became increasingly dependent on the internet when working from home. It also forced companies in sectors such as education to take steps to become more technology-intensive.
It is also for jobs where the Metaverse may become most useful in the near future. VR-based wearables could give users access to an alternative virtual world at home, where people no longer need to commute to work.
Schools will also be able to study different subjects and modules at their own pace, without having to follow traditional curricula.
The metaverse is likely to affect traditional jobs and the way we interact with each other as people. There are endless possibilities with the Metaverse and we are likely to socialise with friends and acquaintances in the virtual world, without the problems that exist in the physical world.
Game development is one of the areas where we are seeing enormous growth. At the moment there are many game companies competing to create pieces that will become part of a metaverse.
Even among companies that want to demonstrate their products, there is already the possibility of an alternate reality where customers can wander around and take a look at the products and test them in a virtual environment. This also creates entirely new opportunities in the fashion industry, for example. By trying on clothes virtually, you can both get the right size of clothes and try out combinations you like.
Shoppertainment is already being used as a term in the fashion industry to describe a combination of Shopping and Entertainment. Here, the Metaverse may quickly gain greater commercial importance.
In conclusion – exponential development
We are currently experiencing exponential development in the Metaverse concept and this will create huge potential for everything from businesses, consumers to investors.
In other words, there is every reason to keep up and prepare for the developments in this area!