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Sunday 29th May, 2022
Metaverse is one of the hottest technological innovations around the globe right now. The trend primarily took off in 2021, especially due to the COVID-19 pandemic. However, the underlying technology for metaverse has been in place for quite a few years.
Metaverse comes from two words, meta and universe. Meta means beyond. So, the word metaverse means beyond the universe.
Some people have likened it to multiplayer games and Virtual Reality (VR) experiences. But there is a difference. Early games like multiplayer GTA, PUBG, Call of Duty, etc. did not provide immersive experiences wherein people could collaborate and own the content.
With the advent of blockchain technology and Web3, users can own the content they create.
Furthermore, the metaverse is a free space where one can create an avatar and roam around freely, unlike traditional virtual spaces. It has in-game economies through which users can monetize their work. This monetization is enabled by blockchain technology.
Today, numerous events including those from renowned celebrities are taking place in the metaverse. It is touted as the next phase of social media. Such is the impact that social media behemoth Facebook rebranded itself to Meta signifying its commitment to metaverse.
The NFT wave has also provided further impetus to metaverse. Right now projects such as Bored Apes Yacht Club (BAYC) and Shiba are also trying to gain ground in the metaverse space.
The year 2022 is expected to make an even bigger mark in the history of metaverse.
Brands, celebrities, events, meetups, dating, etc. are taking place in the metaverse. All these players are trying to revitalize their branding as people are homebound.
Currently, the most popular metaverses are Axie Infinity, Decentraland, and the Sandbox but the year may witness the arrival of newer players in the metaverse space.
In the industry, there is a consensus that metaverses should be interoperable so more development in this regard may be seen this year.
Another important issue to be tackled is governance and rules. Complaints about harassment in metaverse have also appeared in the recent past. Projects will have to come up with rules to ensure the safety of users. This may prompt discussions about censorship and decentralized governance. Sovereign governments may also step in to formulate the guidelines.
Metaverse space will grow leaps and bounds in 2022 and may also capture a significant chunk of investment in the Web3 space. As scores of brands and people are flocking to these immersive virtual lands, institutional investors may take a note of it and splurge out more money on potential unicorns.
Retail investors may also follow suit as they would see the coins or tokens rise in value. There may be people who may not like the concept of metaverse, but crypto offers them an opportunity to invest and become part of the industry.
Given the interest of entrepreneurs, users, and industry stalwarts, the wave of metaverse may become larger this year. It will become the prime place to hang out online once Web3 becomes mainstream, just like Facebook and Instagram in the Web2 era.
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