Compared to what the internet has so far accomplished, it promises to be significantly more immersive, interactive, and collaborative.
With a growth rate of 38.25 percent CAGR, the metaverse market size was estimated to be worth USD 124.04 billion in 2022 and USD 1655.29 billion in 2030.
Some pertinent reasons why Blockchain Can Underpin the Metaverse
Along with the various aspirations and assurances given by numerous business people investing in this field, it is now obvious that Blockchain technology will support the metaverse and aid in building a long-lasting ecosystem for all participants. The metaverse will undoubtedly have an impact on everyday tasks that are pretty much regular fare today, but its effects on society and how people interact with one another will be far-reaching.
When the COVID-19 epidemic impacted the globe and brought down economies, it was the internet and the Work from Home (WFH) technology aids that kept businesses afloat and, in some cases, even helped them grow quickly. Following the epidemic, a number of industries, including education, underwent drastic upheaval and increased reliance on technology.
RECENT ADVANCEMENTS
- A popular tech start up Together Labs recently declared that its IMVU platform will make VCORE, an ERC-20 token that rewards active, worldwide players, creators, and earners across the Metaverse, accessible to users outside of the US and Canada. By introducing a new token in 2022, VCORE should provide its users access to a brand-new economy that allows everyone to take part in the Metaverse's future.
- According to Dominic Ryder, CEO of Empire, Metaverse has evolved into the next logical step in how people connect online, and the possibilities are limitless. Options like the Sandbox are available (for creative minds and gamers that want to build experiences). Decentraland is another place that exists and is becoming as a centre for many activities.
- It is only a matter of time until we see additional businesses follow suit, especially given the fact that large players like Meta Platforms Inc. have entered this market and confidently declared it might be the new future. It might cause the Metaverse's borders to grow exponentially, unleashing massive amounts of value that have previously remained hidden from both investors and consumers.
CONCLUSION
By introducing wearables based on virtual reality (VR), the metaverse has the potential to significantly disrupt these industries. From the comfort of homes, these wearables will introduce the users to a different virtual world. Without having to endure lengthy trips, breathe contaminated air, or even dress up for various occasions, people will be able to interact. In contrast to what is currently feasible with conventional syllabi, children will be able to study numerous courses and modules at their own pace and broaden their horizons. In fact, a young form of the Metaverse already exists, with digital products like Non-Fungible Tokens (NFTs) symbolizing well-known art and digital collectibles being eagerly awaited by both investors and cryptocurrency enthusiasts.
