If the last century represented an era of mass production and the rise of the internet, the 21st century might be known for creating and expanding the virtual world or Metaverse
. It promises to be far more immersive, interactive, and collaborative than what the internet has accomplished so far.
Yet, despite the lofty ambitions and promises made by many entrepreneurs dabbling in this space, it has become clear blockchain technology
will underpin the metaverse and help create a sustainable ecosystem for all players. While it would not be too far-fetched to assume the metaverse will impact traditional jobs or activities pretty much standard fare today, its impact on society and how humans interact with each other will be profound.
When the COVID-19 pandemic raged across the world and grounded economies, it was the internet and the resulting Work from Home (WFH) technology aids that helped companies stay afloat, and arguably, even expand rapidly. Various sectors like education have radically changed post-pandemic and have become more technology-intensive.
The metaverse will potentially alter these sectors further by introducing virtual reality (VR) based wearables. These wearables will introduce the users to an alternate virtual world from the confines of their homes. People will be able to interact without the need to undergo long commutes, breathe in polluted air or even dress up for different occasions. Children will be able to study various subjects and modules at their own pace and expand their horizons beyond what is currently possible with traditional syllabi.
Post-work routines like watching movies or social interactions with friends will have their alternatives in the virtual world without the hassles involved in the physical world. In short, the possibilities with the Metaverse are endless.
Technology company Together Labs recently announced that VCORE, an ERC-20 token that rewards active, international players, creators, and earners across the Metaverse, will be available to users outside of the US and Canada via its IMVU platform. With a new token launching in 2022, VCORE should give its users access to a new type of economy where every player may participate in the future of the Metaverse.
But as is with every ecosystem, the functioning of the Metaverse will depend on how easy it is for people to transact in. This is where cryptocurrencies
fit in and have already set the ball rolling with various projects utilizing them to facilitate real-world and digital transactions.
Moreover, with the ability to seamlessly convert from fiat currencies to cryptocurrencies, people will switch between the physical world and the Metaverse with relative ease. Consumers will purchase digital avatars and virtual land and even throw a party for loved ones by using crypto tokens that are issued by entities facilitating these virtual interactions.
Artists will perform in the Metaverse, get paid in cryptocurrencies, and exchange those earnings for goods to subsist in the physical world. The expansion of the Metaverse will expand the value unlocked and potentially laed to a rapid expansion of the global economy.
Dominic Ryder, CEO of vEmpire says Metaverse has become the next natural progression for the way people interact digitally, and the possibilities are endless. There are options like the Sandbox
(for creative minds and gamers that want to build experiences). There is also a Decentraland
, which is becoming a hub for all sorts of events.
“Then, you’ve got Axie Infinity, and Starl, which are two completely different models and platforms, yet equally thriving in that digital space. I believe that the pandemic has put this progression in overdrive, as almost everyone used to working in the office has been obliged to adapt to working remotely and digitally. It is only a matter of time before those people begin spending more of their time outside of work inside the Metaverse,” Ryder says.
Today we already have a nascent version of the Metaverse existing with digital goods like Non-Fungible Tokens
(NFTs) representing popular art and digital memorabilia already being lapped up by investors and crypto fans alike.
With major players like Meta Platforms
Inc entering this space and confidently signalling it could be the new future, it is only a matter of time before we see other entities following suit. It could lead to an exponential expansion of the boundaries of the Metaverse and unlocking vast volumes of value hitherto unknown to consumers and investors alike.
– Murtuza Merchant is a former journalist who works at The Transform Group and takes a keen interest in the ever-evolving world of cryptocurrencies.
(Edited by : Yashi Gupta)
First Published: Dec 7, 2021 5:14 PM IST