Recently, the winds of the digital revolution have already seized the entire world with new-day technologies. The technology has been expanded to such extent an entirely new digital world has been formed, namely, Metaverse. The term is already in chit-chats everywhere. But what do you think? Will it be the future, or it’s just a temporary trend? What impact it is making? And lastly, what you can do to get the benefit? Let’s have an overlook of the picture.
“You can think about the Metaverse as an embodied internet, where instead of just viewing the content you’re in it.” –Mark Zuckerberg, CEO of Meta.
When talking about the current stage of Metaverse, reports of Bloomberg surveys depict that the industry’s market is already experiencing an uptrend like no other sector. The industry’s market capitalisation has burgeoned to a whopping 478.7 billion USD with a compound annual growth rate of 13.1% in the year 2020. However, the surge is unstoppable. It is expected that, the industry will add up to more than 300 billion USD by 2024.
What do experts say? What’s next?
We’ve got a mixture of predictions about the industry. However, the surge is most common among all. Prosperous personalities, including Mark Zuckerberg, Satya Nadella, Elon Musk and Jensen Huang, are contributing to the industry immensely. The list is endless, though the side of the future is heavier than the industry just being FAD.
Furthermore, the investment volumes into the industry might shock you. They are over in millions and billions. You can check the data given by Statista on the some investments in Metaverse made by fortune companies.
- Facebook (Currently META) – The capital for investment is disclosed as a massive 10 Billion USD by the company.
- Google- The one who needs no introduction, Google also has invested $39.5 million in funds for Metaverse projects.
- Microsoft - Tech Giant Microsoft has signed a 70 billion USD deal in January 2022 and acquired a VR and AR manufacturer.
- Shopify – The Company is particularly interested in augmented reality shopping, which would entail consumers visually putting on garments or examining products in their homes before making a purchase.
Where is it impacting?
We expect we’re up-to-mark in predicting your queries. Though this query might have popped in your mind, why “Metaverse is expanding so much?” Well, there’s no rocket science. Metaverse is seizing almost all major industries, including tourism, real estate, gaming, corporate, etc. Not only seizing, but it is taking them to great heights. All benefits can be availed by anyone or even you by employing Augmented Reality and Virtual Reality equipment. Even some predictions state that Metaverse will become a place where everyone can meet, pay and live all together like the real world.
Blockchain, NFT, and AR/VR
Metaverse can be labelled as the Blockchain project which also employs AR/VR and NFTs for smooth functioning. AR (Augmented Reality) and VR (Virtual Reality) are hardware components such as sensors, wallet ledgers and digital cameras. They’re used to experience this digital world. You might be familiar with the terms NFT and Blockchain. NFTs are products of this world, and it is the main reason the Metaverse is seen as the future. You can purchase any land, products, or any single thing inside Metaverse with NFTs. The industry hasn’t surged alone but is carrying others as well. For, e.g., the AR and VR industry solely has clinched to become the 413 billion USD primary market after this.
Adverse effects
As the quoting goes, “Every coin has two sides”,
Metaverse does have a negative impact. And understanding its negative results are also as crucial as understanding positive impacts. The industry relies too much on VR and AR tools, and these tools discharge carbon to the environment upon employment. As the industry is on an uptrend, the employment of these tools is increasing, and so the global warming. Also, these tools release 5-10x carbon as compared to other devices.
It’ll hinder the growth of the world. However, research upon solutions is going on for compatible tools. After which, there are chances of another massive surge in Metaverse.
Final thoughts
After the long discussions, we came through all essential aspects of the digital world, Metaverse. After such details, we can say that the expansion can get hindered at some points, but the industry isn’t just a FAD. Moreover, more than 90% of surveys have labelled Metaverse as a future. In case you’re seeking more information, you can check our other blogs. Or, if you’re seriously interested in diving into this fast-paced world, we’re here to guide you to the best with our services. Check now!
About the author
This article is authored by Suraj Santlani. He works as a freelance content & copy writer in Web3, Crypto and DeFi space. Suraj has been active in this space since a year in which he managed to work with numerous clients in the space including Coinbase. For any of the writing services, you can mail Suraj at [email protected].
