What is Metaverse, Will It Continue to Explode and be a Hot Trend in 2022?

With all the memes and news surrounding it all over the internet, you’ve probably heard of the Metaverse by now. But what exactly is the Metaverse? And why are people talking about it all the time? Well, take a seat because we’re going to give you a quick crash course about the Metaverse!

What is The Metaverse?

To put it simply, the Metaverse is a virtual reality world in which people can interact with one another, play games, and have experiences similar to those they would have in the real world. It merges the concept of virtual reality and living a digital life. 

Through the use of augmented reality and virtual reality technologies, people can immerse themselves in this environment and interact with the visuals presented in front of them, which may include overlapping objects and people.

Origins of the Word “Metaverse”

In Neal Stephenson’s dystopian cyberpunk novel Snow Crash, he uses the term “Metaverse” for the first time. In Stephenson’s “Metaverse” a metropolitan environment is depicted that revolves around a single, 100-meter-wide road that rounds the planet’s 65,536-kilometer diameter. 

Avatars are used by those who dwell in the Metaverse to represent themselves, connect, and create a virtual environment. Digital cash can be used to purchase a variety of items in the Metaverse, including clothing, weapons, and shields.  To put it simply, people can use their avatars to live a second life in the Metaverse.

Individuals can access the virtual world through either personal terminals that project a high-quality virtual reality display onto their goggles or low-quality public terminals located in booths, depending on their preferences.

Is the Metaverse a new concept?

The Metaverse is not a fresh concept. Since the mid-1980s, people have been able to build online communities thanks to chatting rooms, AIM, and the initial social media platforms such as Facebook and MySpace.

In the early 2000s, when World of Warcraft became a global social phenomenon with millions of players, online communities have popped up in and around video games and other types of media.

What Zuckerberg’s Metaverse brings to the table is a more realistic and interactive experience of these online communities. And this is made possible using virtual reality (VR) and augmented reality (AR) technology.

While virtual reality and augmented reality are gaining popularity, the Metaverse aims to provide a more seamless transition between our digital and physical selves in terms of wealth, social interaction, productivity, shopping, and entertainment, regardless of whether we interact with others via screens or not.

Why Is It a Hot trend? And Why Did it Explode in 2021?

The Metaverse got so big because it was already a hot topic, to begin with. The hype for the Metaverse started when Mark Zuckerberg the CEO of Facebook stated in October of 2021 that the company has changed its name to Meta.

Meta has already invested billions of dollars in the development of the Metaverse, with a predicted $10 billion invested in 2021. The objectives of this investment and organization will extend to all corners of the Metaverse. Things like the Oculus Rift, NFTs, and cryptocurrencies are part of their long-term strategy, as well. 

With the amount of time and money Meta has invested in the project thus far, people are expecting it to yield profitable results. It is these expectations that various celebrities and companies are jumping on the Metaverse bandwagon.

This explains all the hype with Metaverse concerts and various companies making moves to make themselves more Metaverse friendly. A good example of this is Nike selling NFT shoes for the upcoming arrival of the Metaverse.

Lastly, we have to consider the investors as well. Several investors are betting on the Metaverse to succeed as it sees its huge potential for the future. Because of this, Meta has and is continuing to receive the support of these investors which further hypes up the Metaverse train. 

Will it Continue to Explode in the future?

This is a topic everyone wants an answer to. And just like with all good questions, everyone has their opinion on this matter. The best way to answer this would be to look at the various opinions people and companies have over the Metaverse and decide for yourself. 

However, in our own opinion, the Metaverse has a high chance of succeeding and it will likely continue to explode in the years to come. And here’s why:

Why the Metaverse Hype May Continue to Keep Going

Grayscale Investments, LLC Believes It Will Create More Opportunities

To give you some context, Grayscale Investments was established in 2013, and it is the world’s leading provider of cryptocurrency investment services and has grown to become the world’s largest digital currency asset manager. Greyscale has a reputable track record with their research and a report they published in November 2021 says a lot of positive things about the Metaverse.

To paraphrase their report, Grayscale Investments states that the Metaverse exists outside of the current scope of the internet. This futuristic vision of the web has the power to alter everything from our relationships to our financial activities.

Even though the Metaverse is still in its infancy stage, open virtual world crypto networks are providing a glimpse of the internet in the future. At this point, the Metaverse business opportunity is estimated at over $1 trillion in yearly sales, and it may compete with Web 2.0 firms with an estimated $15.3 billion in market value.

Firms like Facebook have shifted their focus to the Metaverse in light of this potential, and this could serve as a stimulus for other Web 2.0 technology titans and investors to follow suit.

Their prediction was right on the money as multiple companies and investors are starting to take notice of the Metaverse and invest money into the project. 

Metaverse Projects Attract a Lot of Customers

Dappradar reported in November 2021 that the top four virtual worlds each drew more than 6,000 NFT Traders from around the world. Several data indicate that the Sandbox is significantly ahead of the competition.

The Sandbox outperformed the competition in terms of trader involvement and sales. It is also the most actively traded, with a daily trading volume of over $86 million. Generally speaking, the main four Metaverse projects exceed the major NFT initiatives in terms of performance.

According to Dappradar, Metaverse events are becoming more common in the cryptocurrency industry. Virtual events in the Metaverse are only going to grow in popularity as more brands, artists, and producers take advantage of the opportunity to exhibit their work and products to millions of people all over the world.

Review of potential Metaverse projects

Decentraland (Mana)

Decentraland is a 3D virtual world platform that can be accessed through a web browser. MANA tokens can be used to acquire virtual land on the platform, with the transaction taking place on the Ethereum blockchain.

The Decentraland DAO, according to the game’s original developers, was a critical component of the game’s transformation into the world’s first decentralized virtual environment. Because it has such a large number of MANA tokens, this DAO can run freely while still providing financial assistance for a wide range of initiatives and operations.

Participants in the DAO can plan votes on a variety of topics such as

• Replacement and addition of content servers
• Enhancing LAND with new functionalities
• Information on LAND sale dates and details
• Purchaser’s premiums
• The addition of new wearable devices and so forth.

Samsung is also a big partner of Decentraland. Users can purchase Samsung Decentraland wearables to personalize their virtual personas. Additionally, Samsung had a limited-time virtual replica store, Samsung 837X with Decentraland. Samsung 837X was modeled after their flagship New York Store.

Numerous people believe that Decentraland gives a comprehensive Metaverse experience. A full-fledged digital alternative to our current way of life, a blank slate on which people can start from the beginning and create whatever they want.

While still a work in progress, it is one of the first attempts to create a blockchain-based game in which transactions are carried out on the blockchain and players have legitimate and verifiable ownership of in-game items.

Highstreet

Highstreet is a blockchain-based massively multiplayer online role-playing game (MMORPG) that merges retail, gaming, NFTs, and traditional and crypto enterprises using Ethereum and the Binance Smart Chain. 

Developed using the Unity game engine, Highstreet is a blockchain-based virtual currency that combines real-world things. The blockchain uses HIGH which is a service and management token that may be used for custom in-game NFTs and Play to Earn trades from real-world brands.

From the player’s perspective, it will be like any other MMORPG, save for the fact that there will be real-world stores stocked with real-world goods and developed for native virtual reality compatibility.

Players may experience the most immersive Metaverse environment imaginable thanks to the unique usage of virtual reality technology. NFTs made by real-world companies can also be purchased and sold by players in-game. Highstreet.com carries merchandise from global brands like L’Oreal, Balenciaga, Madison Square Garden, and Hershey’s.

Radio Caca

Radio Caca is a decentralized organization (DAO) run by internet natives from all over the world. The DAO proudly presents the Universal Metaverse (USM) where users can own land, develop stores and art galleries, and create and play games in a 3D Planet universe. 

Gamers will have the ability to dynamically zoom in and out of the 3D virtual world, a first-of-its-kind capability in the gaming industry.

RACA is the native token of the Universal Metaverse, which includes the play-to-earn game “Metamon”. RACA has also received well-known sponsorships, such as Elon Musk’s mother, Maye Musk, to its roster. 

What makes Radio Caca stand out from the other Metaverse projects is its community-building speed. They can create a large and loyal following in a short amount of time which is an essential component in any Metaverse project. 

Lastly, Radio Caca provides a DeFi and NFT marketplace for its users. The Radio Caca coin, which was launched on the Binance Smart Chain, is currently compatible with and interoperable with a variety of various networks.

Other Notable Mentions

Star Atlas – A play-to-earn strategy game built on Solana that promises to provide gamers with the greatest metaverse experience.

Illuvium – A play-to-earn game that incorporates staking and NFTs as part of the incentives in the immersive metaverse.

Sandbox – This year, Sandbox has received a lot of institutional funding. As a result, it’s poised for explosive development over the next year.

Conclusion

To conclude, the Metaverse is a virtual world project that everyone is keeping an eye on. A lot of companies have put a significant amount of resources into this project and hope it will succeed. We hope that we’ve answered your questions about the Metaverse and why people are so hyped about it. 

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.