Think of the metaverse as a highly immersive, three-dimensional virtual world accessible in first-person view through an Avatar. While the concept appears far-flung or stuff for science fiction, recent developments in digital tech suggest that the metaverse is upon us.
Upon full maturity, the metaverse is expected to contribute about $3 trillion to the global economy. The metaverse economy will be bigger than most countries’ GDP. What are the real-life applications of this reality redefining technology, and how does it work?
How the metaverse works
The metaverse may be difficult to define because it is still in the conceptual and early development stage. Insights from leading blockchain technology companies suggest that the metaverse is conceived as a digital version or equivalent of the real world and is accessible through customizable avatars. It works through a combination of high-end, sophisticated technology, including blockchain, cryptocurrency, virtual and augmented technology, spatial technology etc.
Metaverse activities include shopping, retailing, social interaction, adventure, and work. Like the internet, the metaverse is a blank canvas for endless possibilities and creativities with several niches and use cases. For example, Facebook, now Meta, conceptualizes the metaverse as a business and social interaction-centric digital world.
Certainly, the metaverse economy will be wholly supported by decentralized blockchain technology. The cryptographically secured digital ledger will hold immutable records of metaverse transactions and store ownership and transaction records of NFTs and other interoperable digital assets and cryptocurrency – thus strengthening our own dear “metaconomy” and reinforcing its integrity against fraud and compromise.
Metaverse Blockchain Technology Real-Life Application
It appears we don’t have to wait for all eternity for metaverse maturity to enjoy its use case. Currently, the digital tech space enjoys diverse metaverse blockchain use cases and applications. Some of them include the following:
Top-notch Socialization
One of the perks of living in the 21st century is the opportunity for endless connection and socialization we enjoy. A smartphone click connects you with most people globally – yet the metaverse promises to make the experience more immersive, fun-filled, easier and better. Through your customizable avatar, you can attend and host parties, join a community, and learn and work in the metaverse without leaving the comfort of your own. All you need to do is connect to the metaverse with a metaverse adept VR headset, immersive computer or smartphone.
Facebook, now Meta, is getting this right with its Horizon World, which essentially allows you to connect and interact with avatars through your smartphone and VR headset.
Video games and virtual concerts
Even if you are not remotely interested in video games, you must have heard of Fortnite and its mind-blowing success story. Developed by epic games, Fortnite is considered a metaverse best use case, application and success story.
Players not only play to amass useless XP points and get entertained, but Fortnite also supports borderless in-game metaverse social interactions and trading. Players can attend live events and concerts from A-list celebrities, including Travis Scotts and Selena Gomez. Fortnite leaves more to be desired about this status quo-altering blockchain technology supporting alternative digital reality. As the metaverse and supporting blockchain technology fully mature, the video game industry and the virtual tech space will be completely revolutionized.
Monetization of virtual world experience, digital content and assets
Being highly decentralized means no central authority calls the shot and decides metaverse rules of engagement. This gives everyone the freedom to create and monetize digital content. Blockchain metaverse integration means every digital asset and record of ownership can be verifiable without a central authority.
Sandbox has cracked the code and found the missing jigsaw puzzle of virtual world experience, digital content and assets monetization. It allows players to create and trade products and services on the metaverse. Players can create and trade virtual real estate, in-game assets, NFTs, and digital currencies.
Trade digital contents
At maturity, you will be able to walk into a metaverse shopping district to purchase digital artwork for your metaverse home. Also, you can own a metaverse art shop where you can trade digital NFT content and collectibles through your avatar. There already exists a metaverse platform with millions of subscribers adept with the facility to support a virtual community gathering, digital content creation, trade and exchange for real-life fiat currency called second life.
With constant collaborations with leading metaverse hardware manufacturing and solution-driven companies, second life may onboard billions into its metaverse platform.
Fashion
The fashion industry is one of the most receptive to the metaverse blockchain technology concept, and they are tipped as one of its biggest beneficiaries. Most of the world’s leading fashion brands, including Nike, Adidas, and Louis Vuitton, have announced metaverse blockchain plans. Nike’s recent acquisition of RTFKT is geared toward producing virtual fashion items to be used by avatars in the metaverse.
Conclusion
Increased real-life metaverse blockchain application gives credence to its viability as a net contributor to the global economy in the nearest future.