How near or far are we to the Metaverse?

Many analysts think that it will take some decades before the Metaverse will mature, whilst others share the sentiment that the Metaverse is already here. This article brings our audience up-to-speed on where we were, where we are, and where we are heading.

There is an increasing evolution of projects in the Metaverse, especially innovations that are DeFi based and blockchain-supported.  Following this brief analysis, we can arrive at some conclusions.

How near are we to the Metaverse?

Blockchain Innovations: The arrival of the Metaverse has led to the proliferation of new blockchain innovations, such as play-to-earn games, where gamers and guilds can interact, play and earn. Smart contracts, for example, are essential to the success of Metaverse-bound projects. This explains why blockchain innovations and technology are rapidly fueling the rise of the next-generation economy for millions of users.

Virtual work and learning spaces: The Metaverse provides its users with a unique experience via its graphically rich environment and 3D avatars. It allows users to view life-like participant avatars - some marriages and court sessions have recently been held successfully in the Metaverse. Different sectors and brands, including fashion brands, now leverage the Metaverse to design realistic and exciting meeting points that make the users feel truly human.

Virtual Marketplaces: With the increasing popularity of the Metaverse, many businesses are now adopting 3D virtual spaces. This guarantees a profound value-added dimension for e-commerce, industries and organizations, whereby everyone can communicate more securely. Users can trade, negotiate, and make a bigger impact than the traditional market structure. The Metaverse also complements the digitalization agenda; that is creation, ownership, and trading of digital assets. Metaverse monetization is, however, powered by tokenized versions of real-world assets which support NFT trading and other cryptocurrencies.

How far are we to the Metaverse?

Despite the growing attractiveness of the Metaverse, there are still some challenges to face before the benefits are truly maximized.

  • At times, the Metaverse makes its users vulnerable, especially when there is no legislation covering virtual jurisdictions.

  • The difficulty in tracking copyright infringements may also limit content creators from protecting their property in the Metaverse.

  • User verification or identity authentication in the Metaverse is another downside that many projects are attempting to solve. Targeted bots or scammers pretending to be an avatar can damage one’s reputation.

  • Data security is also another gap, as the Metaverse is a decentralized world which depends on VR and AR - this can lead to the leakage of personal data.

Conclusion

The Metaverse is a landmark innovation seeking to change our perception of virtual interactions and online experiences. However, the rise of blockchain solutions with improving 3D space, AR and VR capabilities, gives great hope for full-optimization of the Metaverse - the next-gen economic space for all human engagements.

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About the Author

Adhithyan Sundar
Head Of Marketing

Making sure we get the attention, our marketing genius ensures Astralis is growing its audience by portraying our message to the world