A short note on Metaverse and how it is getting the hype!

Posted by osamudazai on August 25th, 2022

Facebook's decision to change its parent company name to Meta is news that has been taken even now. This is because of the future that it holds with Metaverse. Metaverse is the new technology that will make the dream of entering the digital world truly. Entering the digital world is literally experiencing everything digital. With Non-Fungible Tokens and NFT trading platforms, people are already getting to know the basics of Metaverse and everything that surrounds it. Here is a short note on Metaverse you should know before it's too late.

Metaverse- The future

Metaverse might sound like some strange term from a sci-fiction movie. The concept of the multiverse should have hit you when you heard the word for the first time. It is indeed similar to the multiverse. The metaverse is a digital world where everything is digital. If you enter the Metaverse, you will become digital too. Sounds confusing? With your 3D avatar, you can enter the Metaverse; you can play games, go shopping and even enjoy concerts as you do in the real world. The only difference is that everything you see and feel will be digital. It's just like entering the insides of a video game.

Taking about video games, the gaming industry is the first to enter the Metaverse, giving people a glimpse of the future through games. NFTs enter this world as the basis to form the economy; since everything in this new world is digital, you can own things in this world through NFTs, and NFT marketplace platforms will be the place where you buy them. Looking at the future, many brands are already releasing their NFTs collectibles that will have the metaverse utilities in top NFT marketplaces, which would help them establish themselves in the new digital world.

Outlook

The NFT gaming industry and the fashion industry are already establishing themselves in the Metaverse. There are also instances where government buildings, universities, and other communal places are getting their metaverse versions. The new world in the making will reach billions of people in the next 6 to 20 years.