Too many metaverse is just a bubble that is going to burst some day. But mind that, the metaverse will be the next iteration of today’s internet. So, there are many reasons why metaverse matters.
Metaverse is going to matter for many reasons. Some reasons the metaverse matters are big tech giants racing to be the next metaverse company, adoption of web3, popularity of play-to-earn or NFT games and many more. All are explained in this post.
In this blog post, I am going to explain all the reasons with some latest happenings in the metaverse industry.
7 REASONS WHY THE METAVERSE MATTERS?
In this section, I am going to list 7 reasons why the metaverse matters. And then I will go on explaining each one of them. The reasons why metaverse matters as of now are listed below.
- The Metaverse Economy Is Going To Be $ 8 Trillion
- Massive Acquisition By Big Tech Giants
- Growth Of Web3
- Digital Younger Generation
- Growth Of Gamefi, P2e Games And Metaverse Games
- Race To Build Metaverse Related Hardware
- Facebook Reabrand Themself As Meta
THE METAVERSE ECONOMY IS GOING TO BE $ 8 TRILLION
According to Goldman Sachs, the size of the metaverse industry is going to be massive. According to their projection, the size of the metaverse economy is going to be a whopping 8 trillion dollars. That’s why the metaverse matters to all of us.
8 TRILLION DOLLAR METAVERSE INDUSTRY
Can you imagine an 8 trillion dollar industry? If you put it in context it is equivalent to the sum of Germany and Japan’s economy combined. So, it is going to be big.
Germany Economy(3.7 trillion ) + Japan Economy(4.9 trillion) = Metaverse Economy
MASSIVE ACQUISITION BY BIG TECH GIANTS
This is the 2nd reason why metaverse matter to all of us. Many big tech giants are jumping into the metaverse by acquiring small companies to become metaverse future ready. There are 2 simple reasons for this.
- The smaller tech companies are already ahead in the metaverse space.
- These companies have technologies that will be essential in the metaverse space.
So, these big tech giants are in hurry to acquire these companies because they know metaverse matters.
MAJOR ACQUISITIONS BY BIG TECH COMPANIES FOR METAVERSE
- Microsoft struck a deal to acquire Activision Blizzard for 70 billion dollar in cash.
- Take-Two, the parent company of the Grand Theft Auto franchise announced they are acquiring Zynga Inc. For those who don’t know Zynga, it is a global social game developer company famous for the game FarmVille.
- Sony announced that they are purchasing Bungie Inc for 3.5 million dollar. Bungie Inc. is a company that makes Halo video games.
GROWTH OF WEB3
Due to the growth of web3, the metaverse is going to matter. The Internet of today is Web 2.0 and it has matured. Web3 is the next version of the internet. Web3 is dubbed as the metaverse. But Web3 is the next iteration of internet technology and metaverse is going to be a part of it.
Everything is going to be decentralized in Web3 and so as in the metaverse. Everyone is adopting Web3 and its technologies. Many think the metaverse is just a hype but it is not. Many tech giants have already moved into it and they are making this possible.
Most of the metaverse is built on web3 technology or decentralized web. The economy of the metaverse is built on a blockchain. All these technologies are matured enough for the survival of the metaverse. That’s why metaverse matters now.
DIGITAL YOUNGER GENERATION
You and I might have grown up owing physical toys. But the younger generation of today are owning digital assets. They own skin in Fortnite, hangout in Robolox, weapons in PUBG, etc. The younger generation are more digital than you have become.
The younger generation is much more conversant with technology and everything seems to be easy for them. So, the adoption of metaverse will be done by the younger generation to a great extent. That is why the metaverse matters.
GROWTH OF GAMEFI, P2E GAMES AND METAVERSE GAMES
Gone are the days when you used to play traditional games. Either you have to buy the game to play or you can play the game for free. In both cases you invest your time playing this but in return you get nothing.
Now it is the age of GameFi, Play-to-Earn(P2E) games and metaverse games. In this type of game you get rewards by playing these games. You also own most of the things in the game as NFT. The rewards are in form of token and NFT which in turn you can trade them and get real fiat currency. For this reason many are migrating from P2P games to P2E games and that’s why metaverse matters.
RACE TO BUILD METAVERSE RELATED HARDWARE
Accessibility is one of the key requirement of any metaverse. Metaverse related hardware here means VR/AR Headset and other controllers. For many years the tech industry was looking for the next iteration of the internet and now metaverse platforms are bringing that to reality.
Here are some examples, why the metaverse is serious and why metaverse matters.
- Microsoft purchased Hololens several years ago and now it is being developed for the metaverse.
- Sony is coming up with Playstation VR headset and other controllers.
- Google purchased a major stake of 500+ million dollars in an Augmented Reality company called Magic Leap.
- Facebook purchased Oculus and now Oculus Quest 2 is a major VR headset in the metaverse.
METAVERSE HARDWARE TODAY
Hardware of metaverse today is based on sight. At present, more emphasis is made on the devices to see the virtual world in the metaverse. Some of the technology related to metaverse hardware are listed below.
- Augmented Reality (AR)
- Virtual Reality (VR)
- Mixed Reality (VR)
- Legacy devices
METAVERSE HARDWARE OF FUTURE
In the future, new metaverse hardware will be developed like interfacing devices and interaction techniques . New interfacing device will replace the need to wear additional devices and glasses to access the metaverse.
More interaction devices and techniques will come up that not only see but be in the metaverse as it is a real world. It will make you Feel objects, Smell things in the metaverse, Taste things in the metaverse, etc. Due to this there will be mass adoption of metaverse and that’s why metaverse matters.
Devices like Owo Haptic Vest one such device, by which you can fell bullet entering your body. Oculus Quest 2 is also gained popularity in terms of VR headset.
REBRANDING OF FACEBOOK TO META
Facebook knows that in the coming 5-6 years social media will start becoming obsolete. So, they jumped into the metaverse space. They have decided to make their social media platform immersive i.e they are creating a social media metaverse platform. And they rebranded themself as Meta.
Facebook is a dominant force in advertising. If you open facebook now, you will come across 1-2 advertisements on your feed. Moreover, it is dominant in many aspects of internet technology. Do you know that every single person on the planet uses at least 1 facebook ecosystem app once in a month.
Facebook rebranding themselves as Meta and changing to metaverse social media company proves metaverse is not just a bubble. That’s why metaverse matters.
CONCLUSION
Now, you probably know why the metaverse matters. It matters now and will matter in the time to come. Many companies and individuals are racing into the space of metaverse and web3. So, it is the best time to jump into this space and be a part of this wonderful technology-the metaverse.
