There has been rapid advancement in technology. The internet, too, has come a long way. The evolution of the internet for so many years has resulted in the next version of the internet, i.e., the Metaverse.
What is the Metaverse?
The Metaverse is a stimulating digital world powered by augmented reality (AR), virtual reality (VR), and blockchain technologies that help individuals build social connections. In the Metaverse, the features of the physical and virtual worlds are combined to create space for enhanced user interaction that replicates the real world.
The Metaverse gives humans an opportunity to participate in a network of 3D virtual worlds, a socially connected world where people can live, interact, shop, and work with others all from the comfort of their home, sitting in the physical world. Be it in gaming, in online communities, or even in business meetings, people will interact with each other in different avatars.
The Metaverse is not a new idea in the market. The term “Metaverse” was first coined by Neal Stephenson, a science fiction writer, in 1992. This concept is quite popular among gaming companies.
The Metaverse Standards Forum
There is still a lot to be desired before the real power of the Metaverse can be unleashed. However, the increasing adoption and success rates of technologies like augmented reality and virtual reality have necessitated the need to fast-track many Metaverse projects.
The Metaverse Standards Forum is a group formed for the development of open standards for interoperability. For the Metaverse to be adopted and implemented completely, interoperability is vital. Interoperability makes it possible to generate a seamless user experience across various Metaverse projects.
Top brands like Microsoft, Meta, Unity, Ikea, and many others have joined hands to develop The Metaverse Standards Forum. The real power and potential of the Metaverse will be realized only if it is built on open standards.
How Much Money can be Made with Metaverse?
It is predicted that the global Metaverse market size will reach USD 800 billion by 2024. There are different ways in which money can be made.
Play-to-earn gaming
Play-to-earn (P2E) games have become the most popular way of earning money through the Metaverse. It is possible for you to earn cryptocurrencies by completing certain levels in games. Certain gaming platforms also offer non-fungible tokens (NFTs) when certain in-game missions or tasks are successfully completed. The earned NFTs can be traded with other players or exchanged on various NFT exchanges in return for fiat money. Axie Infinity, Alien Worlds, The Sandbox, and Decentraland are some of the most popular cryptos NFT games.
Virtual Events
Metaverse allows the audience (users) to assemble together and attend various virtual events. With the power of the Metaverse, musicians and artists can host live virtual events. The virtual events can be attended by people from any part of the world. To attend virtual events, all people need to do is purchase tickets, just like they would do at a real, physical event. Digital events are a monetization opportunity for artists, event managers, and even brands.
Digital Shopping
Top manufacturers and brands around the world, like Gucci, Nike, and others, have partnered with various Metaverse platforms to create a virtual version of their products. Customers can buy this virtual merchandise, like footwear and clothing, to promote interaction with the brand.
Virtual Real Estate
The Metaverse real estate is a piece of land in the digital world that can be purchased by a buyer, just like a plot of land is purchased in the real world. After purchasing the digital piece of land, one can think about developing it or renting the plot or land to builders who are looking for a property in the digital world. The plot of land may be developed into a large commercial complex or mall, which will generate revenue for the virtual plot owner.
Metaverse Tokens
Typically, every Metaverse platform has its own unique currency. Retail buyers can invest in these currencies, thus allowing them to make money in the long run when the price increases.
Digital Advertising
Most brands and businesses are leveraging the power of the Metaverse to increase brand awareness amongst the youth. Brands have already started buying virtual hoardings and posters in it. It is slowly gaining a reputation for being an efficient promotional tool for brands. Digital advertising serves as a lucrative monetization opportunity for those who own space in the Metaverse world.
Metaverse has gained tremendous popularity in the last few years. However, the world is yet to witness the best of it.
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