5 Predictions about how the Metaverse will change our World
In a prior post, we discussed what the metaverse is, and why everyone seems to be buzzing about it. In short, the metaverse is a virtual space where people can “step into the internet” and socialize, work, play — essentially the stuff people do in real life / on the regular internet. Discussions regarding the metaverse have become accelerated due to several factors including the advent of blockchain/NFTs, maturing of VR technology, Facebook becoming Meta and last but not least, the Covid pandemic.
The metaverse becoming more and more mainstream is going to likely affect our world and society in a number of ways — probably in the near future. Some of the forecasts could seem like science fiction at this point, but we need to realize that every modern innovation did seem as such at some point or the other.
We look at five key ways in which the Metaverse will likely change our world -
1. The future of work will Lie in the Metaverse
Mark Zuckerberg, CEO of Meta (formerly Facebook), recently painted a picture of a future where our workplace would exist completely in the metaverse.
The daily “commute” may just involve slipping on a pair of VR goggles — following which we do all our work in the metaverse. We may be working just like before — sitting in front of a computer and work desk — but only all virtualized. It’s important to pay heed to where people like Zukerberg think the space is going, as they pour billions into getting the direction right. He says that the scenario may be “no more than five years off”.
2. Metaverse Real Estate is going to Boom Big Time
“Metaverse real estate sales topped $500 million in 2021, and are projected to double this year”, according to the analytic firm MetaMetric Solutions.
Also, the space is slated to grow at a whopping 31% annually from 2022–2028, according to a report from BrandEssence Market Research.
A report from BrandEssence Market Research found that the metaverse real estate market is expected to grow at a compound annual rate of 31% a year from 2022 to 2028. The last “digital real estate” boom was web domains in the mid 80’s and 90’s — the next big thing is going to be metaverse real estate.
Companies already have started purchasing real estate in leading Metaverses — in fact some sales are going for millions of dollars. Once the “land” is bought, the owner can decide to build a structure on top of it, in the form of apartments, venues, stores, just like in the real world — or lease it out to others and earn a return on it.
We can look at these purchases as parallels to real estate investments in the real world — buyers believe that the land is going to become much more valuable in the future.
3. Cryptocurrency is going to power the metaverse economy
Cryptocurrency is going to be the native currency of metaverses — and the easiest ways in which you can go on a “metaverse shopping spree”. You can spend your crypto at the store of your choice, regardless of where it is actually located. As most stores will accept all major cryptocurrencies, there will be no transaction fee or currency conversion fee.
The geographical boundaries of the real world will be more or less irrelevant in the metaverse — you will be able to roam around freely and purchase goods or services of choice instantaneously through crypto. This is already starting to happen — and will only become more prevalent soon.
4. It will Impact our Identity and Relationships
It is not hard to see how the metaverse could change our self identities and relationships with others. People get to create new “avatars” and live parallel lives, visit various places & interact with other people.
It could provide an opportunity for us to explore new identities, new relationships and find new ways to communicate with each other. It can also offer a safe space for young people to express themselves without potential physical repercussions. All that is going to matter is your actions — how you present yourself — and not your ethnicity, gender, religion etc.
It can be argued that the future of self identity and relationships may be made more “complicated” by the metaverse. Relationships may end up being more superficial in nature — with people finding it hard to “really” know the person behind the avatar. However, only time will tell !
5. Metaverse will be the next big thing for Advertising
As a certain metaverse becomes more and more popular — advertisers will flock to it — and ads will be seen in events, on buildings, on the streetside, etc., just like in the real world. It will not be long before the metaverse is overrun with ads- just like the internet.
Ads could be about items only existing in the metaverse — or for real life items as well. Companies have already started setting up “buildings” in the metaverse. They are targeting not only higher brand recall, but also to get people to purchase their goods within the metaverse.