According to Google Trends, the number of searching requests for Metaverse and NFTs has decreased since the beginning of 2022.
About Metaverse
After Mark Zuckerberg announced Facebook’s rebranding into Meta and an abrupt change in the project’s roadmap, Metaverses became a trendy topic by 2021. IT giants and crypto start-ups connected to Metaverse started launching new projects tied to the Metaverse concept. Play-to-Earn games and games within the Metaverse gained tremendous popularity, so such projects as Axie Infinity, Decentralend, The Sandbox, Illuvium, and alike became a big fuss. For instance, one of the most famous NFT projects, BAYC, reported about launching their own Metaverse. The biggest graphic hardware company, such as Nvidia, joined the flow. Not long ago, Mastercard asked for 15 NFT and Metaverse trademark applications as part of a global plan to extend its payment processing system.
Metaveses that are built on a blockchain have an opportunity to create their own digital economy. Having any kind of properties within the Metaverse, a user can be sure that there will be no controlling authorities upon them.
All the items, pieces of land, and even in-game items could be bought as an NFT, so an owner can be 100% sure nobody will copy them. Possessing a part of a gaming environment, users can also build their own businesses, such as a casino or an online store. They can buy, sell or rent their items. It’s a VR world where it’s possible to buy a piece of land and build and decorate a house with digital furniture, gadgets, and cars. Once your car is old or you just don’t need it anymore, you can sell it on a marketplace and gain some money.
1. Digital Communication: The biggest plus of the metaverse is a more immersive form of digital communication where users can interect with one another using avatars while being in a true to life virtual environment.
2. Upgrading Social Media: Facebook and Twitter are still two-dimensional but everything coils change soon. A fully immersive virtual environment gives an opportunity for a virtual face-to-face interaction.
3. Apps for Businesses: The technology could be also helpful in creating new opportunities for businesses. Marketing and advertising, for example. Like-like content and advertisements, digital storefronts, and highly engaging services.
4. Digital Economy: Life-like digital stores where customers can interact with shop-assistents. The technology can also be used for minting owning, and trading of digital assets to include cryptocurrencies and non-fungible tokens.
5. Apps for Education: Using video conferencing platforms and classes are getting boring and too indirect. An immersive virtual environment can change that and make the learning experience is more interactive, enjoyable and fun by becoming more engaging.
6. Blockchain Friendly Technology: Blockchain technology has applications that are compatibe, so they can be promoted further through VR. These include adoption of cryptocurrencies and non-fungible tokens (NFTs), ownership of digital assets, blockchain games, and other decentralized finance (DeFi) applications.
Metaverse’s Cons
The main problem is that all the Metaverses are in their early stage, so it isn’t easy to embrace the concept and fully understand where it goes. There are many various problems with both hardware and software, as well.
For example, no gadgets allow you to immerse into VR to the fullest. It’s also an issue that artificial intelligence (AL) and machine learning (ML) aren’t developed enough. There is no clear understanding of interactions between various Metaverses, and it’s still a kind of impossible to use or integrate an avatar or digital property of one Metaverse into another one.
It’s also a problem with a network architecture that can have many users and transfer from the real world to VR.
1. Reliable Internet Connection: It’s not a surprise that the metaverse is a graphics-heavy environment. Being a part requires a fast and reliable internet connection such as a fiber-based connection and 5G wireless technology, including the mmWave 5G technology.
2. Absence of Relevant Digital Tools: There is a kind of discrimination between those who can purchase and use necessary hardware and software that's not cheap. Poor people and communities couldn't enjoy all its benefits. It could stay just a rich people's toy.
3. Utility and Relevance: It’s a question if society really needs a VR. How to use it in real life? Can it improve human interactions?
Closing Thoughts
Apart from an opportunity of having a business, Metaverses literary erase edges and distances. Being in different parts of the world, users can attend events, virtual exhibitions, or just take a stroll together. Office workers can have a meeting interacting with their colleagues without leaving their apartment.
That’s an interesting downtrend: at the beginning of 2022, people got less interest in NFTs and Metaverses, although, in December, the number of searching requests was even bigger than about cryptocurrencies.
This has a practical explanation. After a sharp skyrocket in the industry in the middle of 2021 autumn, Metaverse investors made a profit, and they started to fix their income. For example, The Sandbox went up from $0,7 to $8, and Decentraland from $0,7 to $5.
Also, because of a bear market and decrease in BTC price. Experts claim that the Metaverse market is in its consolidation phase after its steady descending. After a renewal of a bullish mood within the market, we can wait for their new highest prices for Metaverses.
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