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Metaverse weddings and fashion shows are already proving to be an influence in our lives, and more will be seen in the time to come as metaverse evolves and impacts our lifestyle. Our technological age is continually evolving, with new concepts being created every day that take us further into a tech-savvy world and metaverse is pushing the envelop further. To simply put this, Metaverse is one of those up-and-coming concepts. In the metaverse, one can interact with others through digital avatars, explore the digital realm, buy plots of land, and build their own virtual space, just like in the real world.
Among the latest trends in the Metaverse is the rise of active events, from fashion shows to NFT art exhibits where people can view, bid on, and purchase NFTs just like they do in the real world.
Even a wedding reception has been held in the metaverse! Guests were invited to attend the wedding and watch the ceremony from a virtual venue where the bride and groom, both from Tamil Nadu, were present through their avatars. In addition, they developed their own NFTs for the occasion.The overall concept of metaverse is still a concept in development and work in progress, but the essence of it deems that the technology will allow you to feel like you are physically present at the event, with high-definition, 3D environments accessible via virtual-reality goggles, as well as other avatars you can approach and interact with, and even physical items you can pick up and use with the help of haptic gloves or game controllers.
Events like these have proved that there has been a huge surge in the blockchain industry. Concepts like the metaverse which only seemed to be a part of fiction at one point of time are here to stay. The world of technology is changing rapidly, and the impact it will have on how we live our lives and how we know them is sure to be significant in the coming years. In recent years, industry experts have speculated on the growth of the metaverse and its potential impact on our lives. Bill Gates predicted that virtual meetings would shift from 2D camera image grids like zoom to the metaverse within the next few years.
By using the power of the metaverse, humans will be able to expand upon their existing capacity, enhancing intelligence, and doing things the metaverse can do that we haven’t done before.
Metaverse sure helps in escaping reality but what would be more interesting is that if the real world metaverse becomes prevalent, there will be opportunities to collect information (hopefully anonymously) about how people interact with objects, places, other people in the real world and aggregate all these observations into a global knowledge repository that combined with AI can helps us understand practically how the world works.
Another big name in the tech world, Lachlan Phillips, CEO of Orbits, describes it as a “metaverse company that specializes in virtual events and venues. The impact of the metaverse on gatherings and meetings will be equivalent to that of email on snail mail. Due to the onslaught of covid, we now live in a digital age, which is giving such concepts a huge resurgence. Previously, digital events weren’t the norm in any way, but over the past few years, our lives have shifted to a hybrid stage, combining both virtual and in-person events.
Although it is reasonable to expect the metaverse to have an impact on traditional professions and hobbies that are fairly common today, its impact on society and how humans interact will be considerable.
For instance, We have seen a significant impact on the education sector too in recent years. Worldwide, education has shifted to the virtual platform, with students and teachers attending and giving lectures from the comfort of their own homes. Such a concept clearly impacts the education industry. As the popularity of the metaverse grows, more and more events are taking place in the metaverse. The emergence of big markets could be the consumers at homes.
JP Morgan predicted that the metaverse will be worth 1 trillion dollars by 2030, which got a lot of people excited but then Goldman Sachs said that it would become an 8 trillion-dollar market and later Citibank announced that it is going to 13 trillion-dollar market. With virtual land sales skyrocketing, NFT trading speculation breaking new records everyday the Financial System realized that the metaverse represents a new form of liquidity for money.
It can a new opportunity to encompass the entire financial markets where people can purchase own trades speculate on every piece of the metaverse and the banks expect to take their cut.
The metaverse will have a significant impact on the global job market as well. There will be an increase in jobs that require you to be well versed in various aspects of the development of the metaverse as the concept develops and new components are added every day.
With a concept like the metaverse, the tech sector will undergo a major breakthrough. Blockchain technology is the base on which the metaverse is being built on. Different kinds of technologies such as cryptocurrencies, virtual reality, artificial intelligence, etc are all on the rise. The scope for these will increase even more with the help and integration of the concept of metaverse. Among the products and gadgets that can be modified to help a user experience the 3D space to its fullest are haptic gloves, augmented reality goggles, and more.
Metaverse concepts like avatars and world-building can be found in Second Life, Sim City, and Minecraft. A leading metaverse player, Roblox, saw its daily active users grow from 32.6 million in 2020 to nearly 50 million in 2021. Furthermore, it has partnered with a variety of brands that include the NFL, Ralph Lauren, Nike and more. Meanwhile, rival Epic Games has announced a $1 billion funding round to compete. As the metaverse develops, gaming companies will continue to create new revenue by hosting music concerts, selling virtual goods, and signing major brand deals. And jobs related to this field-including play-to-earn gigs-could grow dramatically.
We are already on our way to a new revolution of the internet known as ‘Web 3.0’ which aims to provide users with a decentralized and transparent space to operate on. Tokens and NFTs are the main focus of how one can operate in the metaverse. With the growth of the digital world, the space for these assets to thrive in will grow as well. In the metaverse, they already facilitate transactions.
As a result of the metaverse, another market space is currently being established. Automobile manufacturers are providing 3D replicas in the metaverse for potential customers, and it can also assist in virtually building a model and adjusting alterations. It will also be possible to test drive virtually, complete with the feel of a real car’s interior.
An associate professor of media and information at Michigan State University recently discussed the metaverse and its potential, stating: “In theory, we’ll be able to move from one virtual world to another in the metaverse, but we’ll be wearing virtual reality goggles or maybe augmented reality.” It is being built slowly, according to him. Metaverse events and experiences are becoming increasingly popular among media and entertainment companies, including Disney. According to Disney’s Chief Executive, Bob Chapek, the metaverse is the next great storytelling frontier and a strategic priority.
As a whole, there is no doubt that the metaverse is here to stay. However, its performance in the coming future will be highly dependent on the accessibility aspect of it all. Since metaverse is still a relatively new concept, getting access and knowing how to use it properly is still a challenging task until and unless you are a well-versed person with experience in the industry. In addition, one of the most important aspects is way transactions will occur with the digital world. Transactions taking place within the metaverse are predominantly based on cryptocurrency and NFTs. By simplifying the overall process and including fiat currencies in the usable assets, the metaverse will gain more acceptance.