By Christos Makrides
The metaverse economy could be $8 to $13 trillion total addressable market by 2030 with a wide range of use cases across sectors, according to To the 2020 report by Citibank. Most metaverse experiences apps have been directed largely around entertainment, such as virtual concerts or concerts, but several leading academic institutions have been experimenting as well, including Arizona State University. Immersive Dreamscape The University of Nicosia Open Metaverse Initiative.
But experts and institutions differ in their definition of metaviruses. “metaverse is the next evolution in social connectivity and the successor to the mobile internet,” characterized by the ability to “smoothly” navigate between spaces, according to to dead. In contrast, Apple views the metaverse as an extension of physical reality using augmented and virtual reality (AR/VR) products.
Others see it as more than that. “The metaverse is a virtual world of universes all tied together in a web3 value layer around economics, interoperability and security, but it has to have a connection to the physical world as well… It’s not a set of 2D avatars wandering around in a virtual space,” said Caleb Applegate, President company executive the passage.
Other leading web3 consulting firms share a similar view. “While the vast majority of interest and investment in the metaverse has been on ‘first player ready’ type experiences (eg, virtual reality, 3D worlds), Vayner3 believes there is a much more visible and scalable opportunity with augmented and virtual reality,” said Allen Hina. , web3 operations manager at Finer 3. There will be an association between physical and digital assets.
While the expansion and rise of Sandbox and Decentraland have made it easier for people to see the metaverse as only a virtual game, blockchain is primarily about enabling identity and self-ownership – not gaming’s new virtual spaces. “If studios are simply trying to make money or stand out from other studios with the blockchain, I would strongly advise them to reconsider… the end user wants easy access, games that are easy to learn and hard to master, and the ability to buy out immediately if they want to spend money in-game, and have an engaging experience.” Cory Wilton, co-founder of Mirai Laboratories.
Web3 is about ownership. Applegate continued, “Everyone knows through web2 that you are the product…Web 3 is all about owning your digital identity.” Transactions are validated and uploaded to the blockchain based on a decentralized consensus-building process, allowing users to own their own data and even digital assets. A potentially large part of the value that the metaverse could bring is the connection between digital and physical assets that are all represented and protected by an immutable, censorship-resistant, and anonymous digital ledger.
This contrasts with the web2 ecosystem where tech giants have the way of communication and search channels with customers, rather than brands. “Most brands are increasingly relying on these platforms to authenticate an individual’s identity on the Internet… a system that was intentionally created to keep companies from being intermediaries about their customers. But now with Web 3, companies can now reliably verify a person’s identity via their existing wallets. on the blockchain and communicate directly with their customers,” said Brian Wallace, Vatom’s chief marketing officer.
“Businesses, especially large corporations, need to understand the huge difference between seeing beyond tomorrow, the facts and realities of what can be done today, and how we can digitally connect with the evolution of technology and social behaviors,” Hina continued. For example, NFTs will serve as the main mechanism where brands reward and motivate users to engage with them on an ongoing basis, and brands will learn how to work together in an interoperable ecosystem.
One recent example of this is the partnership between Starbucks and Polygon. “Big brands are beginning to realize the importance of how they interact digitally with their community in more inclusive ways. With Polygon, users can own their own digital items and data, allowing for unique digital innovation we couldn’t before,” said Ryan White, CEO of Polygon. Polygon: “The Starbucks partnership advances and advances what rewards programs can do to empower users in a new way.”
It is unlikely that a single unambiguous definition will emerge. Instead, brands are more likely to adopt different interpretations based on perceived needs among consumers.