What is the Metaverse and why should you get involved?

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Outlook 

Technology frequently surprises the public even though the most significant developments are often predicted years in advance. The Metaverse will not appear immediately, there will be no point in time that is called pre-Metaverse or post-Metaverse. Instead, it will emerge gradually over time as various products, services, and capabilities connect and merge. If we consider how quickly the Internet has evolved from static pages to dynamic content, social media, and mobile connectivity, the Metaverse’s evolution could be even faster. As the Metaverse market develops, it will bring numerous commercial opportunities for businesses of all sizes but also for our personal lives, as the web did. 

The establishment of the Metaverse will have a significant impact on entire business models, product and service portfolios. As a result, many current established corporates are likely to lose their seats at the table. New brands, startups and corporates will rise to handle everything from financial transactions to proof of identity, talent acquisition, employee training, content production, safety and many more use cases.  

But we’re not there yet. We can currently enter Metaverse platforms and share our experiences with others, but we are still far away from the full potential. Currently, the landscape is made up of small realms of metaverses. Everything from Microsoft’s Mesh, Meta’s Horizons, Roblox, Fortnite, Descentraland and many others are pocket multiverses which have no or little connection to each other.  

Although the Metaverse comes up short of science fiction expectations, it is likely to generate around $1.5 trillion in value by 2030. Even now, user spending in this direction is steadily increasing. In 2021, gamers will have spent approximately $100 million on virtual goods. Every year, the number of AR and VR users grows. According to Artillery Intelligence, 41 million units will be used in 2022, with 88 million expected in 2025. (https://artilleryiq.com/reports 2021) 

Furthermore, major technology companies are investing millions of dollars in Metaverse projects. Even if you are not a key player yet, but rather a participant in the process – if the Metaverse is indeed the successor to the Internet, the value of investing now will yield a massive economic profit in the future. And this is what all major technology corporations believe. 

Certainly, there are advantages for us, the consumers too. The Metaverse will also enable people who live in more remote areas to participate in events all over the world, as well as engage in more profitable economies through virtual labor. The diverse range of Metaverse experiences will break down barriers, enhance social cohesion, provide access to education, and provide a more equal starting point for everyone.