The 2020 COVID-19 pandemic was a disaster that brought the world economy down in many ways. According to the U.S. Bureau of Labor Statistics (BLS), 8.8 million civilians lost their jobs, with the unemployment rate reaching 13 percent.
However, a new trend in the world of finance, called the Metaverse, which was first noted in a 1982 novel called “Snow Crash” by Neil Stevenson, rose to bring fresh opportunities. Thanks to cryptocurrencies and non-fungible tokens (NFTs), everyone can take part in this virtual reality and even buy or sell different things like merchandise, avatars, tickets for different events, and even estate or a piece of land.
For example, the Meta-approved “all-inclusive Metaverse built for creators to own, build and monetize their experiences in virtual worlds,” CEEK, has partnered with World Music Awards, hosted by Miley Cyrus. Some of the top attendees of the event were Beyoncé, Bon Jovi, Kanye West, and Rihanna.
This allows users to interact through 2D, 3D, or even 360 videos with their favorite artists and superstars.
Is the Metaverse worth it?
Although there have been many complaints and different comments about the graphics in the Metaverse, it could still win the hearts of many creators and users around the globe. According to data provided by Earthweb, around 14% of the surveyed U.S. adults responded to be “very familiar” with the Metaverse, with 24% being “somewhat familiar.”
Half of the remaining 62% have only heard about the Metaverse, while the remaining 31% have “never heard of” it. On the other hand, per Earthweb, 67% of the surveyed people were curious, excited, and optimistic about the next generation of virtual reality.
Data shows that the Metaverse users have grown from 44 million in 2019 to 1.07 billion in 2022. The number is expected to reach the 1.73 billion mark in 2024.
The majority of the Metaverse applications are, according to Earthweb, related to gaming, which takes 40% of the plot. Other niches such as online shopping, social media, content creation, and conferences or events also have their own fans.
The main point of the Metaverse is to be “accessible to all,” according to Mary Spio, the CEO of CEEK. “When you experience something, you can create innovations for it. Experiencing it is key, that’s how I’ve been able to create industry-changing tech and impact many lives,” she added in a tweet.
Moreover, some of the gaming and tech giants including Microsoft, Adobe, Meta (formerly Facebook), Lenovo, HP, and Tencent have invested in the Metaverse.
The market size of the Metaverse increased impressively from $63.83 billion in 2021 to roughly over $100 billion in 2022, according to Earthweb. With the compounding annual growth rate set at 47.6%, the Metaverse is expected to be worth over $1.5 trillion.
According to Bloomberg Intelligence, the Metaverse could open the doors for an $800 billion revenue opportunity in 2024. The report highlights the big number while expecting other game makers and gaming hardware to get to the $400 billion mark.
What can users do in the Metaverse?
The next generation of the internet allows both the creators and consumers to make real use of their time and money. This opens the door for many diverse opportunities in the Metaverse. Here are a few ways users and have fun in the virtual worlds:
Gaming:
The Metaverse is for sure popular among gamers, according to data discussed earlier. Users can also earn real-world money with the play-to-earn (P2E) model, in addition to having fun.
To get the tokens, which vary in almost every Metaverse, users need to have a wallet that supports the utility token of the company. For example, to purchase anything in the CEEK Metaverse, users need to have either a Metamask or a CEEK wallet to store CEEK tokens.
Shopping:
According to Polygon’s explainer, the three elements, “a VR interface, digital ownership, and avatars” are the abstractions of the Metaverse. This makes room for shopping. Users would need to create or sometimes purchase their avatars and wearables in the Metaverse.
Thanks to the NFTs which allow users to own anything digital without worrying about the recreation of that piece whether it’s a photo, video, tweet, or song.
Real Estate:
Everywhere humans go, they will need a place to stay or have fun. The Metaverse is no different. Users always look for good graphics and exquisite places in the virtual world for entertainment, making money, or sometimes both.
For example, the developers behind the CEEK Metaverse are trying to make the graphics and user experience better for every part of its digital universe, whether it is a hall for conferences or a stadium for concerts or sporting events, or even some amusement parks.
Not to forget, CEEK has also launched its land sale with seven different types of land within its virtual universe. Every single one of these parcels will have a different feeling and experience. According to Spio, everyone can participate in the land sale and “create and monetize experiences.”
“This is the first step to launch the first truly community-owned metaverse where creators get a meaningful share of their hard work. We want all types of creators to feel at home in CEEK. This also includes the many celebrities, sports teams and brands who have chosen to work with us to engage their fans and new ones in a truly unique way,” Spio said.
Conclusion
Although it is very early to decide whether the Metaverse idea will succeed or fail, it is important to note that the Metaverse is more of our experience with technology rather than the technology itself.
Firms like CEEK are trying every day to make the user experience and graphics better and bring more opportunities like more jobs, content creation, and monetization.
Furthermore, with the top tech firms pouring billions of dollars into the Metaverse, there is a good chance that it could change the general idea of the internet and be available for everyone around the globe.
About the Author: Wahid Pessarlay loves to write, especially about crypto and blockchain. He started his blogging journey in 2017 and turned to crypto in 2019. Wahid is interested in tech, chess and DeFi, and wants to promote decentralization to everyone on the planet.