The Metaverse is the core concept that powers the vision of creating a virtual world, facilitating experience, identities, and persistent presence for both individuals and businesses within that world, and how it relates to their real life.
With the emergence and broader adoption of blockchain technology and the blockbuster success of decentralized finance and decentralized applications, the world of Web3 projects has gained a lot of attention from the public. Now more than ever, the crypto community is set to define the way we live, learn and play in the near future.
What Is A Metaverse?
A Metaverse is a Web3-based public platform of decentralized and open services. It’s also a collective virtual shared world, full ownership of virtual property forever protected by the decentralized ecosystem that the metaverse exists within.
The word metaverse is a derivation of the term “Internet”, a virtual space; that’s why it’s sometimes also referred to as a web 3.0, a network of worlds and a shared universe. The idea of the metaverse is to create a virtual space where people can communicate and interact in real-time, not via a website or a social media platform, but in an almost real and physical feeling space. A metaverse may be seen as a “real” universe. The idea of a metaverse was first introduced by science fiction writer Neal Stephenson in his novel Snow Crash, a story about the development of a virtual reality world, which is made possible by the invention of a micro-computer. Although the novel was published in 1992, the metaverse is still a concept discussed, especially after the invention of VR, AR, and MR technologies.
Imagine a future where the virtual and the real world are connected seamlessly, where we can create and share new experiences with just a thought.
The Race To Adopt The Metaverse
Increasingly, businesses throughout the world are slowly incorporating virtual technologies into their agendas.
With the rebranding of "Facebook" to "Meta," Mark Zuckerberg hopes to better capitalize on the ever-expanding opportunities presented by Web 3.0 and the metaverse.
With the launch of its new virtual reality technology, Microsoft is jumping into the race to create a metaverse within Teams. According to Bill Gates, the majority of virtual meetings will shift to the metaverse, a 3D environment with digital avatars, within the next two to three years.
Nike completed the acquisition of a virtual shoe company, the first indication of the brand's interest in the metaverse and non-fungible tokens (NFTs).
Adidas stepped into partnership with Punks Comics, Gmoney, Bored Apes as part of their adaptation to the metaverse.
Decentraland has entered into an agreement with Barbados, a Caribbean nation, to formally declare digital real estate in order to build the world's first virtual consulate.
Metaverses will develop into a fully functional economy within a few years, synchronizing and integrating into our daily lives in the same way that email and social media channels did previously.
Market Sentiment
The worldwide market for products and services in the metaverse will soon be worth $1 trillion, based on the number of people using virtual reality and augmented reality devices.
Virtual reality worlds, such as those found in video games, could be facing significant growth, a new report from Juniper Research has forecast. The research estimates that the total value of all virtual gaming worlds will reach $400 billion by 2025, up from $11 billion in 2017.
The third quarter of 2021 was a great quarter for the cryptocurrency industry. Investments in blockchain startups, with the total amount of funding coming in at a whopping $8.2 billion, with $1.8 billion allocated for Web 3.0 and non-fungible tokens (NFTs).
ZenCapital.VC fund Metaverse & Gaming investments
The Venture Capital fund Zen Capital fund Early investments in the P2E Gaming & Metaverse ecosystem include: Mars4, Eartha, Moon, Venus, Aarmaldia, Eeversol.world, Zomfi, SolChics, Monstropoly, Zen Fighters, Momentibles, Wizardia, Spellfire as well as Ready Player DAO and many more in the pipeline Web3 Startups taking part of Gaming industry transformation.
The Metaverse is just beginning, as this revolution unfolds, the Metaverse will radically change every aspect of our lives.