You’ll have likely heard of the metaverse — from Facebook’s rebrand to Meta in 2021, to Justin Bieber performing in a virtual concert, there’s plenty to talk about. Despite the hype, it’s hard to predict the future of the metaverse and how it’ll affect our everyday lives. Experts are currently estimating that the metaverse will be worth five trillion dollars by 2030, and it’s clearly a technology that will have influence over our future.
So, how is the metaverse currently used?
Most people associate the metaverse with a new form of gaming, centered around virtual and augmented reality. However, it’s much more than that. Metaverse gaming is incorporating innovative new technologies including GameFi, social features, and extended reality.
Here are some common features of current and upcoming metaverse games.
Also known as play-to-earn games, GameFi combines gaming with finance. Often involving blockchain games, GameFi gives players financial incentives to play, such as cryptocurrency and NFT rewards. All major metaverse games involve elements of GameFi, from Axie Infinity to Decentraland.
Metaverse play-to-earn gaming models will have a wide-reaching effect on the future development of games. It will keep players hooked for longer, especially given the financial incentive. Earning crypto while gaming also adds to the immersive experience of the metaverse, as players can earn digital currencies for completing tasks. We’re certain that play-to-earn models are slowly propelling metaverse gaming into the mainstream.
We most often associate the metaverse with VR headsets, and for good reason. One of the main appeals of metaverse gaming is immersion into virtual realities.
Virtual reality creates a simulated 3D environment, immersing users into another world. VR headsets enhance this experience by letting you control your virtual persona’s actions through physical movements.
The VR gaming market size is expected to see an annual growth rate (CAGR) of 30.2% from 2020 to 2027, with headset technology constantly improving.
Digital avatars are a fundamental feature of metaverse gaming, particularly as gaming becomes increasingly social. Players now have the ability to make their gaming experience more personalised, with the option to make a digital replica of themselves to strengthen the interactive and immersive metaverse experience.
The metaverse isn’t just going to be used for gaming purposes. It’s predicted to become part of our day-to-day routine, used in fashion, retail, socializing, buying and selling virtual real estate, and even to date!
The metaverse is already influential in the fashion industry, with this year’s fashion week combining fashion and technology to bring virtual events to fans. It’s estimated that digital fashion will be the next big thing in the metaverse, especially since Gen Z (the target demographic of the metaverse) ranks as a top three category for clothing expenditure.
According to Simon Windsor, co-founder and joint managing director at Dimension Studio, “We’re just at the tipping point of this new era.… it starts to change the meaning of fashion itself.”
The retail market has already gone through massive changes over the last five years, with the so-called ‘death of the high street’ and switch to predominantly online shopping. The metaverse is set to revolutionize retail again, with early predictions suggesting that shopping experiences will be available in immersive digital worlds.
It’s still early days, but we’re excited to see how the metaverse will influence the future of retail.
One of the main benefits of the metaverse is its social nature. During the pandemic, most of us took to using Zoom, Among Us, and online classes to fill our social needs. There’s no doubt that the effects of coronavirus sped up socialising virtually, and the metaverse is set to dominate the future of virtual social interaction.
Because the metaverse is so immersive, we may be able to socialise with friends from the comfort of our homes. Whether that be playing games, going to a virtual art gallery, or even going on a metaverse night out, everything will all be available to us without stepping foot out of the front door.
Just like socialising and retail, the online dating industry has exploded in the last decade. Expected to reach a value of 2.86 billion dollars in 2022, more than 39% of people now meet their partners online.
The metaverse is expected to push the barriers of virtual dating even further by letting people actually go on dates virtually. Think VR headsets over a candle lit dinner. According to Tinder CEO Renate Nyborg, the company has “been talking about a Tinderverse internally, which is more about blurring the boundaries between offline and online”.
Soon, the majority of romantic connections might be made in the metaverse…
It might sound strange, but metaverse real estate is quickly becoming a moneymaker for investors. While using metaverse real estate gives users a place to connect online with other people, individuals can also use their digitized land to socialize with friends or play games. Creators can monetize the content of their property by charging players to gain access or trading their NFTs.
It’s difficult to know what the future of metaverse real estate will look like, however some are already investing in virtual replicas of real places such as football stadiums and historical sites.
It’s hard to predict what the future holds, but we’re sure that the metaverse will prove to be influential in our everyday lives. Not only because of its influence in gaming, but in the way we interact with one another, shop, and dress. Just like the internet, the metaverse may become an integral factor in our increasingly digitalized world.
At LOX Network, we’re developing a proprietary hybrid blockchain designed for longevity and resilience. Our MetaLOX project, a buildable metaverse platform for developers and businesses, is currently in production. For more information, you can read our latest news and release information here.