In the previous part of this series, we discussed a few opportunities in the metaverse. In this part, we will continue with the remaining points of opportunities, see the technology behind the metaverse, and the top projects currently working on it.
Opportunities (continued from Part 1)
Imagine a person who is working in the metaverse, perhaps as a receptionist of the digital shop of an art gallery, wants to take a break. They walk down the lane and go to the movie hall. They hold NFTs as tickets and watch a movie. Re-imagine Amazon in 3D. The same person can walk down a lane further and go to the digital shop of Amazon. They then walk through various passages, choose the items he needs to buy, and the same gets delivered in the real world. The experience is integrated. You live in the metaverse, and it’s a lifestyle. It is becoming as real as possible. Scary? Yes, that too!
Gaming will be one of the biggest use cases. We already have projects like Enjin, whose NFTs can be used in multiple games. These NFTs will give you complete ownership. A “car” NFT in one game can become a “portal” in another game. You don’t need multiple web pages – just walk down the road, port yourself to another part of the metaverse. Port yourself further away and go into a multiverse created by bridging multiple metaverses. You are always connected and integrated. You can take a My Neighbor Alice NFT and play in The Sandbox.
There will be a transport system: underground trains, ships, airplanes, portals – who can say. People can use arcade sim malls to get inside the metaverse too.
You can work in the metaverse and earn your livelihood. Axie Infinity proved this. A metaverse with good economics which puts pressure on the supply side will do well. The current job of building the architecture, including buildings, means NFTs will become very hot. Add to this earnings from rentals, also exchanging assets in the marketplace – it’s a lively universe. The play-to-earn philosophy works because the metaverse token appreciates. And it appreciates because people see value in using this innovative technology. The more they use, the more the economy thrives.
What is a Metaverse?
If I summarize all the above points, a metaverse (also means “Beyond Universe”) is a virtual place, which consists of divisible spaces (lands) which can be owned by individuals on which various concepts can be set up and which can be monetized. Such concepts can be any real-life ecosystems (marketplaces, book reading sessions, business meetings, gaming, live concerts, etc.), all powered by blockchain (through NFTs), run by a Decentralized Autonomous Organization (DAO), and giving a taste of real-life in a digital connected space. A most important fundamental of a good metaverse is that it should be self-sustainable.
Few cutting edge technologies together contribute to this massive innovation and give a consolidated environment:
- Blockchain: Through NFTs, blockchain provides immutable digital ownership.
- Virtual Reality: Virtual Reality was limited to watching videos, playing games, etc. The metaverse uses the full power of Virtual Reality. You are an avatar who has an entirely digital experience in the metaverse.
- Artificial Intelligence: Artificial Intelligence combines with NFTs and creates amazing visuals in the metaverse, such as changing weather, creating more evolved PvE environments.
Other technologies like User Interactivity (Human-Computer Interaction), Computer Vision, Edge, and Cloud computing also play an important role.
The most popular metaverse is Decentraland. It is a matured ecosystem with big projects using the platform. Other notable projects include The Sandbox, NetVRK, Evolution Land, Bloktopia, etc. There have been some newer projects, games that call themselves metaverses. However, be wary of the fact that they might not have the complete 360% array of features required by the metaverse. Facebook is also building its metaverse. It needs to be seen how they use blockchain and how decentralized will they be.
The metaverse is as real as possible to the real world. We have been sucked into the digital world. However, everything we were using was applications, mostly lifeless. This new technology will integrate many standalone digital applications. It is poised to become as innovative as the mobile phone. What needs to be seen is whether the metaverse can be run using DAOs and become sustainable. Interesting times ahead.
Read More: How To Participate In A Red Kite ($PKF) IDO