What in the world is the metaverse? Others use the term Web 3 to define the metaverse as Web 3 involves participating in cyberspace and not just using it as a source of information.
It is, to put it simply, a shared virtual space that is hyper realistic, immersive and interactive, thanks to the use of augmented reality and virtual reality technology, according to Sensoriumxr.com.
“It’s about being within the computer rather than accessing the computer. It’s about being always online rather than always having access to an online world,” said Matthew Ball, a venture capitalist, in an article in The New York Times.
Others define it as the future of the internet.
It is in essence a virtual world where people can engage in a wide range of activities just like in our normal, real day-to-day lives. And because there is a virtual world, there is a virtual economy.
As technology company Sensorium said, crypto makes the metaverse go round.
To experience the metaverse, one can use a smartphone and download a metaverse app. Sensorium Galaxy’s mobile app is one example.
But if you want a more immersive and spectacular experience, you can use a virtual reality headset or augmented reality smart glasses. With these devices, you’ll surely fall deeper into the rabbit hole.
It’s an amazing world, this metaverse, so say tech experts. Last year, video gaming platform Roblox hosted Gucci’s 100th anniversary with the launch of a virtual Gucci Garden space which allowed visitors to immerse themselves into the Gucci experience including purchasing and wearing exclusive Gucci virtual items.
You can also take virtual vacations, buy and sell digital real estate, meet new friends, attend concerts, etc. Some teenagers are now opting to celebrate their birthday parties with their friends on the metaverse — it’s strange, it’s interesting, it’s fun.
Nasdaq-listed Agora, a live interactive streaming platform, conducted a survey about metaverse and results showed that many believe the metaverse will become so popular in the coming years.
’57 percent of respondents think that the metaverse will become the most popular place to buy, store and trade cryptocurrency, while 18 percent disagree and 25 percent feel neutral.”
‘$13 TRILLION OPPORTUNITY’
Global banking giant Citi, in a recent report titled “Metaverse and Money: Decrypting the Future,” believes that metaverse will be the next generation of the internet, with the potential metaverse economy estimated at up to $13 trillion.
It said that “a device-agnostic metaverse accessible via PCs, game consoles, and smartphones could result in a very large ecosystem.”
“We estimate the total addressable market for the metaverse economy could grow to between $8 trillion and $13 trillion by 2030,” Citi said.
Corporate giants are now looking to hitch a ride on the growing metaverse craze.
Singapore’s DBS Group, for instance, is looking for ways to bring banking services to the metaverse while Coca-Cola said it is launching a gaming-inspired drink in the metaverse.
Indeed, the possibility of e-commerce is real and it is already happening. There’s now a growing population of mostly young people making money in this parallel universe with the use of crypto, NFTs, etc. — while having fun.
There could be issues on cyber security, privacy, regulations and the loss of human connection but these may not be enough to stop the metaverse craze.
In the Philippines, conglomerates such as the Aboitiz Group and the Gokongwei Group have joined the metaverse bandwagon. It is predicted that others will follow. It is after all the evolution of the internet. ###