INSUBCONTINENT EXCLUSIVE:
Metaverse is set to become a major contributor to the world economy
One man is responsible for you often hearing or reading about metaverse in 2021
Stephenson coined the word metaverse in his 1992 dystopian novel 'Snow Crash' to describe a 3-dimensional virtual world where humans
For the uninitiated, 'avatars' are the graphical representations of real-life humans
Fast forward to 2021 and metaverse is one of the word of the year
But metaverse is no longer just a word but a potentially pathbreaking internet-enabled space with multi-sectoral use
There is no single definition of metaverse, which is a combination of two words – ‘meta' which means beyond in Greek, and
So, one can loosely translate 'metaverse' to 'beyond universe'
According to Dinis Guarda, founder of LynKey, a blockchain-powered prop-tech platform, the metaverse space is a combination of multiple
elements, where users can "live" within a digital universe and interact with other users
Some of the elements involved in metaverse include blockchain technology, virtual reality, augmented reality and game theory
Blockchain technology, which allows for trustless transactions and undebatable ownership of assets, is being seen as a major enabler in
Metaverse allows users to buy, sell or upgrade their assets like homes, weapons or skins in the virtual space, said Dominic Ryder, CEO of
vEmpire, a Decentralized Metaverse Investment Organization
According to a Grayscale report, people have already spent about $200 million in metaverse item sales
As the metaverse space expands, so will the amount of data it generates
This, many experts observe, will lead to questions about data reliability and safety
Blockchain technology, known for its data security and immutability, is being seen as a one-stop solution to the problem
Metaverse is also fueling a virtual real estate boom
For instance, Decentraland, which is a metaverse built on the Ethereum blockchain, allows users to buy virtual plots of land via MANA, an
Other platforms like Axie Infinity and Sandbox too allow users to buy virtual properties in cryptocurrencies. Metaverse is also becoming a
lucrative industry in itself
According to the Greyscale report, the market opportunity for "bringing metaverse to life" may be worth over $1 trillion in annual revenue
Additionally, metaverse, the report argues, will compete with Web 2.0 companies like Facebook
Facebook, in fact, is interested in the metaverse space, reports have indicated
As part of its efforts to penetrate the space, Facebook recently rebranded itself 'Meta' and is reportedly investing $10 Billion into it
Given that metaverse provides an immersive virtual experience akin to the real world, it is a natural "next frontier" for the gaming
"In addition to creating better ecosystems and making gaming more transparent, metaverse paired with the increased solutions of non-fungible
tokens will help offer better engagement, virality, and monetisation for games," said Guarda
Metaverse is set to become a major contributor to the world economy
PWC has predicted that the metaverse ecosystem will be worth over 1.5 trillion by 2030, impacting sectors like gaming, healthcare, ed-tech
"Play to earn applications are creating a new economy where service roles and monotonous roles can be replaced with new fun ways to earn
money, noted Ryder, adding such an economy will grant more freedom to a low wage worker. Celebrities are already riding the metaverse
bandwagon, with many creating their virtually 'avatars' and monetising them as merchandise
"This is an opportunity for artists and influencers to better reach their fans and create new businesses," said Guarda
