Are You Taking the Metaverse Seriously? What About NFTs?
Updated: Apr 6
It’s the most prominent tech trend since Crypto; so… why not?
2022 is set to be the year of the Metaverse IPO explosion.
The New York Times says it’s a “boom.” Many predict the Metaverse will set new boundaries in the technology sector.
Yes, it seems the Metaverse is on track to be the digital world where we interact, play, and work using innovative ways previously thought unimaginable.
It is likened to the Internet’s affect on how we communicate, make purchases, and do research.
The Metaverse is going to make such an impact that Morgan Stanley projects it will have an $8 trillion transmittable market by 2030 ($1 trillion per year over the next eight years). To put this in perspective, dot-com created about $100 billion in wealth in its first year. So, what we see over the next year could be ten times larger than the dot-com boom.
A glance at the present geography of the Metaverse reveals enticing luxury shopping, casinos, art galleries, and much more. And, as it is easily reached from anywhere in the world, more people are visiting for work, play, education and a host of other reasons.
By 2025, it could be one of the 20 most valuable economies globally.
Facebook CEO, Mark Zuckerberg, is moving his entire company to the Metaverse, a virtual world closely connected to the real world, where almost anything is possible.
Let’s get a feel for the Metaverse by taking a look, for example, at the social media “friends” you haven’t met; but with whom you have a personal connection. This has evolved into entirely virtual worlds where people meet, interact, and have real relationships (without physical contact) as digital avatars of themselves.
With Metaverse, you experience much more than a Zoom call; a virtual-reality headset gives you a 3D panoramic view of the place you’re in and allows you to hear whatever’s going on as if you were actually there. Additionally, through haptic devices, mechanical interfaces that provide physical feedback, like the touchscreen on your smartphone vibrating against your fingers, it’s possible to feel a virtual handshake or a hug.
This technology allows us to go anywhere and do almost anything from the comfort of our couches while feeling like it’s actually happening.
And, with 5G networks, individual data bandwidth is soaring; so, we’ll be able to experience much richer, digitally enhanced worlds.
Therefore, even if this sounds like science fiction to you now, don’t ignore it; especially knowing what happened with past technological breakthroughs. It wasn’t long ago that people doubted the Internet and Crypto more recently, but the Metaverse will create even greater opportunities.
Over 20 companies tied to the Metaverse are positioned to hit the market this year.
Billionaires like Elon Musk and Mark Cuban are already positioning themselves in this revolutionary technology; consequently, and although it’s early, we can see that the Metaverse has kickstarted the largest money migration in US history. At this very moment, investors see returns as high as 4,900%, and it’s just the beginning with the $40 Trillion mentioned above, ripe for the picking.
Ultimately, I must ask if you have ever thought about the boom of the NFTs and their potential use in the Metaverse?
One of the most notable use cases of NFTs, which has been gaining attention recently, would refer to accessing the Metaverse.
NFTs can disrupt the traditional social network paradigm of user interaction, socialization, and transaction in the Metaverse; and, some say they will become the key for accessing the Metaverse. It feels like everything is becoming connected somehow, and the future of the world that we know might be very different from what it is today.
You can read more about NFTs in my previous article Here.