Learning the top 10 metaverse facts could help you to better understand why this tech has so much hype. The metaverse concept continues to capture the imagination of some of the most influential personalities in tech and finance. This 3d digital landscape provides users with 24/7 access to a global community and economy. As such, a growing number of people see the metaverse as the natural evolution of the internet.
What is the Metaverse?
Much like the technology, the term metaverse is still in the works. Currently, it can be described as a virtual world that enables users to create and share data with others. The concept of a metaverse is more than just a program, and it also includes the integration of advanced technologies. These techs include blockchain, cryptocurrencies, AI (artificial intelligence), AR (Augmented reality), VR (Virtual Reality), and much more. Here are the top 10 metaverse facts you should know.
1. Where Did the Concept of the Metaverse Originate?
The first mention of a digital landscape like the metaverse appeared in 1992 via Neal Stephenson’s sci-fi novel Snow Crash. In his story, the metaverse serves a vital role in connecting humankind. Fast forward +30 years, and his visions seem to be coming true.
Today, the metaverse is in its infantile stages. However, already, it can be seen as an always-available digital world that connects people and companies in creative and innovative ways.
Source – Snow Crash – Metaverse Facts
2. Tech Firms See the Metaverse as the Future
No matter how you feel about a future in the virtual realm, the largest tech firms in the world have already gone all in on the tech. Firms such as Roblox, Bytedance, Epic Games, Alphabet Inc., Unity Technologies, Tencent Holdings Limited, Netease, Qualcomm Incorporated, and Meta Reality Labs have put billions into their respective projects. These massive investments are just the tip of the iceberg.
A simple glance at the sector’s growth puts its importance to these firms into perspective. There was $47B invested into the metaverse in 2020. While that’s not chump change, Meta Reality Labs has already invested +$10B into their project alone. As such, some analysts predict the metaverse market to hit $800B by the end of 2024. A recent Bloomberg report predicted that the metaverse could generate revenue above all the advertising software and gaming industries combined one day.
3. Metaverse Real Estate is a Thing
The digital real estate sector is one of the coolest aspects of the metaverse. Many projects offer users the ability to own and develop land. These networks, such as Decentraland, accomplish this task using NFT (non-fungible tokens). These tokens are the perfect option as they can be traded, stored, and validated on the blockchain.
The rise of metaverse real estate has been exciting to watch, as there have been billions spent on these assets to date. The market had already hit impressive heights when $501 million was spent in 2021. Notably, these properties aren’t cheap. You’re going to pay to be Snoop Dogg’s Digital neighbor. In one well-documented purchase, a metaverse real estate investor spent $2.4M on a property.
4. People want to try the Metaverse
As with all new technology, many people want to try the metaverse but haven’t been able to yet. These users are curious to see if the products live up to the hype. According to a study conducted by Statista, internet users are ready to try new ways of interacting.
Metaverse VR – Metaverse Facts
The study revealed that the prospect of a new experience was one of the main draws to the tech. The same reports found that almost 74% of internet users would join or consider joining the metaverse if the option was more available. The main limiting factors to metaverse adoption include high price points, technological learning curves, lack of standardization, and hardware restraints.
5. The Metaverse and the Real World will Meld
Thanks to the rise in augmented and mixed reality hardware availability, people see the metaverse and the real world become more cohesive. These technologies enable developers to place overlays on top of the real world. This data can be used for gaming, shopping, or educational purposes.
Shortly, you could enjoy almost Ironman-level clarity as you move throughout your day. Imagine using your AR headset or AR car windshield to ensure you are traveling the best route possible while conducting work tasks. Picture a doctor conducting a difficult surgery worldwide while an entire classroom participates via a 3d model. All of this and much more is around the corner for metaverse users.
6. The Metaverse Creates Jobs
When you turn on the news lately, there’s a steady stream of stories reporting people’s fears of AI and other technologies taking their jobs. However, the story you don’t often see is how some technologies like the metaverse open the door for massive job creation on a global level.
Creating and maintaining a metaverse takes time, money, and professionals. For example, Meta (Facebook) created 10,000 jobs to help further their virtual goals. They are not alone in their need to hire more professionals, marketers, researchers, and legal personnel.
Additionally, endless earning opportunities could emerge in the future metaverse. Currently, some people secure returns by providing users services, products, and real estate. Those with an entrepreneurial mindset will drive innovation and earning opportunities in this virtual landscape forward.
7. Digital Twins Could Cost More Than Their Real-World Counterparts in the Future
The phrase “digital twin” refers to a metaverse copy of a real-world asset. More and more metaverse users have stepped into the tokenization department, taken items from their daily lives, and brought them into their digital existence. Some platforms even help you tokenize your pets to bring them along for the metaverse trip.
Source X – Metaverse Virtual Gucci Bag – Metaverse Facts
The concept of tokenizing the things you find dear and bringing them into the virtual realm is interesting, but what’s even more profound is that, in some instances, the virtual version of an asset sold more than the real version. A Gucci bag sold for $800 more than its real-world counterpart recently in a metaverse auction. These actions have left some to predict that this occurrence could become more common as the virtual world becomes more prevalent in people’s daily lives.
8. The Metaverse Could Integrate into Your Mall Soon
The growth in AR tech will affect your shopping experience positively. Imagine walking through your local mall, and as you pass by your favorite stores, specials pop up on items. You then go into to look at the product closer. As you examine the product, key details emerge on your AR headset. All of these options and much more are possible thanks to augmented and mixed reality systems currently available.
Additionally, you can see the growth of these technologies in their markets. Both AR and VR headset sales have been steadily increasing over the years. A recent medium report predicted a +24% growth in this sector in the next year. Other analysts have stated that +76M AR headsets will be sold in the coming months, fueling further metaverse growth.
The research group, Insider Intelligence, noted that augmented shopping systems could revolutionize the market. Their study found that 27% of internet users would leverage an augmented reality option if it were available when shopping. The same study revealed a strong desire to increase AR usage across the board, with data showing that 71% of consumers favor further integration.
9. No One Owns the Metaverse
The metaverse is made up of a hodgepodge of projects that currently have no real interoperability. This structure means that no single firm controls the technology, such as with other sectors like social media or computing. Since so many companies use the tech as valuable, there will be a lot of new options emerging in the coming years.
In the future, there may be a platform that connects these separate metaverses into one massive community. This bridge would complete the final vision of an endless virtual landscape to connect and build together.
10. It’s not just Tech Firms that are interested in the Metaverse
The main focus of reporters has been on the tech giants in the metaverse economy. However, if you delve a bit deeper, it becomes obvious that groups from all industries have a stake in the game.
Industrial firms see the metaverse as a way to lower operating costs and improve training. Educational institutions see the metaverse as one of the best ways to improve student engagement and reach. Even the military-industrial complex recognizes the metaverse as part of the information warfare landscape.
Metaverse Facts that Open Your Eyes
The metaverse may not be an everyday part of your life today, but chances are it will slowly creep into the average person’s schedule as more projects enter service. The metaverse community continues to expand, and the sheer size of the investments placed into this tech means that there is little chance that these systems won’t see some success in the coming years as the technology evolves to fit the needs of the community better.
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