The immersive digital world is being touted as the future of interactive digital technology as Big Tech, including Apple, Microsoft and Facebook’s parent MetaPlatforms, compete to build the Metaverse.
Investors are already interested in commercial potential, so Facebook announced on October 28 that it changed its name to Meta.
Recently, Nike has joined the wave of brands excited about virtual products by announcing that sportswear giant has acquired RTFKT, a company that manufactures digital sneakers.
The hype has led to big bets on digital real estate, even the enthusiastic predictions of the future of virtual reality.
In early December, New York-based company Republic Realm announced that it had spent a record $ 4.3 million on Digital Land through The Sandbox, one of several virtual world websites.
And a few days earlier, Barbados announced plans to open a “Metaverse Embassy” in Decentraland.
In the future, in a broader sense, Metaverse is a place to receive essential public services as the government prepares to enter the rapidly expanding digital world, not just to buy virtual products and meet Avatar. Will be.
The city of Seoul and the island nation of Barbados said earlier this month that they would enter the Metaverse to provide services for the administration and consulates.
As technology becomes more mainstream, other cities and countries are expected to follow suit.
Metaverse is a virtual world that blends aspects of digital technologies such as video conferences, games like Minecraft and Roblox, cryptocurrencies, email, virtual reality, social media and live streaming.
Simply put, Metaverse promises to be more immersive and visual than today’s online shopping. Instead of looking at your pants or shoes on the phone screen, you (or your digital avatar) can try on those clothes and see what they look like before you buy.
For investors, the possibilities are immeasurable.
The triple value of Roblox (an online game-making system developed by Roblox Corporation) from its March list to its name change to Facebook’s metaplatform is the next big thing in Metaverse’s rapidly evolving technology. Is shown.
Roundhill Ball Metaverse ETF, an exchange-traded fund focused on this theme, doubled in just two weeks with over $ 500 million in assets under management on November 17.
“In the coming decades, the Metaverse could become a trillion-dollar portion of the global economy,” said Tim Sweeney, CEO of Epic Games.
According to research firm Strategy Analytics, the global Metaverse market is expected to reach about $ 6 billion this year and about $ 42 billion by 2026.
On the contrary, there are some caveats.
Most of the gruesome achievements of tech companies in cracking down on personal data and offensive content have long been scrutinized.
Sure, the Metaverse is still in its infancy, but industry watchers have seen the nightmare content moderation and data security challenges that have already plagued social media in these new virtual and augmented reality worlds. It warns if it could get worse.
“Cybersecurity, freedom and protection of information, and online security are issues that government is already interested in, and this list is expected to grow as Metaverse becomes a daily experience for people,” Steve Ben said. Professor Ford said. Computer Science at the University of Nottingham.
http://www.gulf-times.com/story/707070/Investors-brace-for-metaverse-the-next-big-thing-i Investors are preparing for the next big thing in technology, the Metaverse