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There is no denying that the global tech landscape has changed dramatically over the past few years. The cryptocurrency space in particular—especially the concepts behind the nascent “Metaverse” ecosystem—has garnered a lot of attention. This is evidenced by the fact that the total market capitalization of the digital asset industry has grown from $1 trillion to $3 trillion between 2020 and 2021 alone, albeit briefly.
Before continuing, it would be good to describe what I think a metaverse is. Simply put, it’s a 3D version of the internet designed to simulate real life in a digital space by taking immersion to a whole new level – virtual reality (VR) representing the ultimate experience. The technology has gained so much attention in recent years that conservative estimates suggest that the cumulative valuation of the global Metaverse market will reach approximately $1.6 trillion by 2030, growing at a CAGR of 50.74% between 2022 and 2030 (CAGR) growth.
Having said that, it’s worth pointing out that the VR world currently lacks the metaverse elements that some experts believe are key to the growth of this emerging market. For example, most VR-centric games today have no blockchain framework; have poorly designed economic structures; lack tangible incentives; or have shoddy game mechanics. As a result, their user base is small and limited, compounded by issues of poor graphics quality, lack of upgradeability, and low scalability.
VR industry needs a makeover
While there is no denying the revolutionary potential of VR technology as a whole, adoption rates are somewhat lackluster. This is because the vast majority of content currently available across the VR ecosystem is limited by its scope of operation. Over the years, VR content has failed to really develop. So far, many gamers have been looking for VR adaptations of their favorite games, but due to numerous graphics and hardware limitations, that didn’t come to fruition.
However, many projects are now helping by combining the best aspects of revolutionary games and movies with unique game mechanics, algorithmic solutions and ideas embedded in a realistic VR framework combine to solve this puzzle. In short, these projects aim to design an unprecedented new virtual world that is on par with world-class games – while incorporating key aspects of blockchain and cryptography such as non-fungible tokens (NFTs), Native cryptocurrency and decentralized asset marketplace.
Finally, as being built on the blockchain, the assets available in these projects can be created directly by users or registered as NFTs on the blockchain. In short, players can build, create and securely trade in-game assets – be they items, characters or tokens – at the touch of a button.
Existing issues are being addressed head-on
A major disadvantage of VR games today is that they have very limited free world expansion. Again, this is a direct reflection of the software and hardware limitations of the technology. Many emerging projects today allow users to operate in an environment where anyone can create anything. The ultimate goal now is to create an ecosystem similar to some of the most famous blockchain games, where every aspect of Metaverse is fully decentralized and owned directly by its users.
It’s not just that, upcoming projects utilizing blockchain and VR are full of future-proof “algorithmic data” systems, even if developers and creators are offline Available in-game events can be created. Essentially, these games harness the full power of VR and infuse key aspects of the virtual world into it, allowing for the creation of a parallel universe where users are free to do whatever they want.
The future will be completely decentralized
As people around the world continue to gravitate toward decentralized technologies, it stands to reason that the emerging metaverse will only continue to grow. In fact, as the use of virtual reality and virtual worlds expands into untapped fields such as education, healthcare, manufacturing, vocational training, communications, and retail, researchers believe virtual worlds could contribute $3 trillion ($28,000) to global GDP. billion euros) over the next ten years.
Analysts also believe that virtual worlds can reach unprecedented heights when combined with VR-enabled devices and smartphones. By 2033, these technologies will contribute $440 billion and $1.04 trillion in capital to the economies of Europe and Asia, respectively.
This fast-growing space continues to function.
Adam Bém is a co-founder of Victoria VR, Blockchain expert and VR evangelist for more than five years project management, Strategic planning and blockchain technology experience.
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