Major Trends shaping the Metaverse
Major Trends shaping the Metaverse
The emergence of significant technologies has crossed beyond the boundaries of the physical environment and to bring endless possibilities in the future to come. Previously this technology was only popular in the gaming and entertainment industry but now it is almost adopted by all industries because of its outstanding benefits.
What is Metaverse?
It provides a highly immersive experience with 3D elements, where users can build their virtual world avatars to interact with the real world. Here the Metaverse has no boundaries and it will flow beyond the universe. The covid pandemic is also one of the main reasons for the birth of new technologies like Metaverse, where everything becomes online with virtual worlds.
Many internet giants have made high investments in this virtual space for building a better community in a combination of both virtual and real-world avatars.
Let’s see some of the major trends in Metaverse
The eCommerce sector has seen major growth in the pandemic as the traditional business system was most affected. With the ongoing digital transformation, retailers and brands are incorporating digital tools and technologies according to the expectations of modern customers. Metaverse has opened new opportunities, especially for the fashion and retail sectors, where it generates sales and revenue with the best customer experience, connectivity, and engagement.
Many brands like Nike have already launched digital wearables. Another metaverse company WEAR in Hong Kong built a digital environment for fashion enthusiasts and NFT collectors. It has an exclusive collection of fashion, lifestyle to music and they are accessible through WEARKey.
Gaming completely depends on VR and 3D technology. Due to the rise of the Metaverse, these technologies have seen exponential growth in today’s business market. The Sandbox, the cutting-edge gaming platform in Hong Kong developed a decentralized virtual world where the users can customize their avatars, own land, and conduct events. Players can also buy and sell digital assets in the Metaverse using the in-game Ethereum utility token SAND, which is a non-fungible token (NFTs). The shared space makes it easier for new players to enter the virtual world and monetize their unique virtual experiences.
- Social Media Platform
After the renaming of Facebook to “Meta”, it has shown significant changes in the social networking platforms. Here, the users can socialize through the simulations of realities with immersive virtual environments. It does not require any sensitive information such as photos, identities, and location. Millennium Hotels and Resorts, a real estate giant in Singapore has announced the opening of a virtual hotel in Decentraland. Here the visitors can roam the virtual hotel on the Metaverse platform while chatting with other avatars.
- Virtual Art Galleries
It is one of the new forms of virtually immersive space where Art enthusiasts and digital creators can show their NFT exhibitions to collectors in a virtual environment and even trade them. The growth of virtual art galleries is possible with the new technologies that include Blockchain, NFT, and Digital Assets. The market value of virtual art galleries will be estimated to be around $2.4 billion.
Metaverse has created a gateway to numerous opportunities for engaging with the art. The decentralized network protects each work’s intellectual property.
- NFTs and Cryptocurrencies
The metaverse is completely an open environment that cannot be controlled or regulated by an organization or government. The ownership of an individual and their digital assets cannot be seen or accessed without their permission. The NFTs and Cryptocurrencies are the major parts of the metaverse and there are about $ 10 billion in digital items that can be sold and purchased using the digital market. NFT’s as digital assets have been proven successful in the market.
The organizations will have a total cover over their metaverse ecosystem and the events that take place. Organizations can build their own set of regulations, and dress codes and sell products in their virtual world. In the next 10 years, the metaverse virtual environment will see more changes. It also offers transformative methods to interact and connect beyond limitations. It has numerous opportunities paving the way for the development and future of communication.
Sapizon Technologies is a leading Metaverse company in the market today. We develop Metaverse solution for different industries.