The Metaverse, unknown to most until a few months ago, has landed strong and today is already on everyone’s lips, with its disparity of opinions and endless possibilities. In this article we will review what the famous metaverse is made up of.
We live in an increasingly digitized world, in a few years the whole society will be involved, in one way or another, with the metaverse. As technology permits and immersive experiences become more realistic, the line between the real and virtual worlds will become blurred.
Blockchain technology brings us the web 3.0, now each individual can be the sole owner of their data and possessions, displacing the companies that today offer these services, since everything is stored in a personal cryptographic wallet.
It also enables the existence of DAOs, independent societies and economies managed by decentralized governing bodies within the different environments that make up the metaverse, and this is possible thanks to the benefits in data security and transparency, as well as in the automation of all exchange processes that smart contracts allow.
There are no limits, most of what is to come, is yet to be invented, a newborn, huge, untapped market. As the metaverse gains adoption and becomes more crowded, virtual items represented by NFTs will gain more and more value.
The trend is clear, companies like Coca-Cola, Microsoft or Facebook are investing in land and promotional actions within the metaverse, according to Bloomberg, the metaverse will generate an $800B market by 2024.
Within the world of NFTs there are many types with different uses. There are those for mere entertainment, such as giving avatars a personality; in others the value lies in the expectation of a future revaluation, but there are other examples more applicable to everyday life, such as NFTs that allow access to certain services or events, VIP in many cases, or NFTs that certify luxury products, in which their origin, quality, etc. is demonstrated thanks to traceability, or in the automotive sector, which are already being used in the case of used vehicles, to certify data of interest to the buyer such as the number of kilometers or owners, repairs, accidents, etc. Intellectual property also benefits from NFTs, as they allow authors to receive royalties when their work is sold, which dignifies artists.
Avatars and fashion in the metaverse
The avatars are the digital identity of each individual in the virtual world, these are directly linked to the wallet of each one, in which all their possessions are stored. What gives value to the avatar is that it is a reflection of the person’s personality, so the goal will be to make it convey a specific essence.avatars are the digital identity of each individual in the virtual world, these are directly linked to the wallet of each individual, in which all their possessions are stored. What gives value to the avatar is that it is a reflection of the person’s personality, so the goal will be to make it convey a specific essence.
To achieve this, as in the real world, avatars need clothes to wear or beauty treatments, which is why right now there is a fierce competition in the fashion world to see which brands will be the best consolidated in the metaverse.The digital fashion revolution is already here, brands like Nike, Adidas, Gucci and even Zara have already built stores, collections or experiences in the metaverse and have come to sell exclusive pieces such as Nike tennis shoes for 134.000$.
Land in the metaverse
The land in the metaverse is limited, the virtual worlds are divided into plots whose value varies according to their size and location.
Currently there is an important wave of speculation for the purchase/sale of the best land in the metaverses, in the best known ones, such as Decentraland or Sandbox, a single plot has been sold for 4 million euros.
Although it is difficult to predict what value they will have in the future because some will become obsolete, many of these plots have been acquired by large companies seeking to promote their business model in the metaverse. Those who invest in the environment that will eventually be established will become a benchmark in the sector and attract a large user base with a very high value, which will give them a great advantage over their competitors.
Life in the metaverse and new ways of working
We are facing a technological revolution, changes always generate uncertainty because they bring with them social changes, and those that are now coming to us are unprecedented, even so, we must not forget that new problems always generate new needs, so the employment market will simply be renewed, many of the jobs that now exist will disappear, but others will appear, as has been happening throughout history. This is what we call evolution.
Examples of future jobs could be architects or real estate companies to create and manage the metaverse land, or designers of avatars and the clothes or items they will wear, or lawyers and cybersecurity bodies that will be there to mediate and solve problems. … But there is much more, this is just a glimpse of what is to come, in addition, there are many industries that will also be indirectly involved in the creation and operation of the metaverse, such as hardware, virtual platforms, payment platforms, content and identity creators or networks among others.
Some of the sectors that will experience the most growth thanks to the metaverse are gaming and entertainment, immersion in alternative virtual realities generates a huge leap in terms of gameplay and realism.
Social relations, Events, shows, concerts
Social networks will merge with real experiences in the form of events in the metaverse, giving way to new ways of interacting with others and having a good time in shows with gamification and visual effects impossible to achieve in the real world.
We will be able to attend business meetings without paying the costs of renting an office, with its electricity, cleaning, fuel and travel time.
We will have the possibility to attend concerts of stars who left us long ago, or artists so famous that it would be difficult to see them in a physical place today.
We will be given the opportunity to understand history better than ever by recreating spaces to which it is technically impossible to travel. And who knows how far cinema, theater or travel will go with it?
Until now, when players stopped playing a title, all the time spent and money spent on skins and consumables was lost, now users are the true owners of their items in the form of NFTs, so they have the option to sell them on the free market to someone else who needs them when for whatever reason, they stop playing.
Because of this, it is now possible to make a living playing video games, if someone has talent and is able to complete quests, find hidden items around the map or win many games, obtaining valuable NFTs for free and then exchanging them for real money.
The latest revolution in the sector are the Play2Earn games, or in other words, play to win, among which Axie Infinity stands out, it was one of the first Play2earn games to be successful worldwide, with approximately 2.8 million active users and recently valued at 3 billion dollars. In order to play, players had to make an initial investment to buy 3 creatures in NFT format with which to form a team and play, then as games were won, the investment paid off.
For Play2earn games to be successful it is very important that they have a sustainable economy, and this is achieved by establishing a harmony between the money they earn and the money they distribute to their players.
Currently many of the most popular games in the world such as Fortnite or Call of Duty Warzone are free to play, however, they get great income from the sale of skins or in-game items. If we apply this principle in a play2earn game with a good player base and continuous activity, players could generate returns without an initial investment being necessary.
On the other hand, being decentralized environments, there is no production company that needs constant profits to maintain itself, so there is more capital available to reward players.
Be that as it may, there is no turning back and sooner rather than later we will see a great revolution in the world of gaming, creating experiences unimaginable today.
Get into the metaverse with NeFeTok
No matter if you are not an expert in Blockchain or cryptocurrencies, at NeFeTok we offer a personalized service to help any company to explore new business models based on NFTs and Metaverse, and get to be at the forefront.
We take care of the technical and complex part so that our clients can focus all the attention on their idea, on their project. Our platform allows to mint NFTs collections in different Blockchains, among them, Ethereum, Avalanche, Binance or Polygon.
Some of the projects we have already done belong to the Art and Photography sector, Gaming and Metaverse, Events and Collections, or Intellectual Property, but the options are endless, and we dare with any sector.
The possibilities we offer at NeFeToK
Create your own NFT collection thanks to the APIs we have created, which allow us to integrate the entire blockchain infrastructure for the mining and custody of NFTs.
In addition we also have 3D architecture studios that allow us to create our own virtual environments and 100% customizable or acquire land to build stores or art galleries on platforms such as Decentraland or TheSandbox, to promote and sell products through the metaverse.
Do you have an idea, a project, tell us about it without obligation and together we will find the best solution!