The virtual reality (VR) market is currently in a state of hyper growth. According to research firm SuperData, the VR industry is expected to reach a valuation of $5 billion this year, growing from just $1 billion last year. This explosive growth has led many companies and industries to begin exploring how VR can be utilized. Businesses are integrating it into shopping experiences, educational institutions are using it for training and remote lectures, and even medical professionals are utilizing it for therapy and diagnostics. With this explosion of interest in VR also comes an explosion of different virtual reality platforms and software out there. Many people have heard about something called âMetaverseâ as one of these platforms dedicated to VR technology. But what exactly is Metaverse? Read on to find out...
What Is Metaverse?
As its name suggests, Metaverse is a virtual reality platform for creating digital worlds. It is developed with blockchain technology, which is a distributed ledger that can track ownership and transactions of digital assets. The high-level vision for Metaverse is to create digital universes where VR users can create and use all sorts of digital assets. In this way, users can create their own virtual worlds, and even engage with other virtual worlds created by other users. Metaverse is developed in two layers. The first is the layer for digital assets, which can be used to create a digital identity for users, create and store digital assets, and more. The second layer is the virtual world layer, which people can use to create their own virtual reality worlds and invite others to join.
A Brief History of Metaverse
VR has been around since the 1960s, but it never really took off until this decade. Most people will recognize names like Oculus Rift or Google Cardboard, but Metaverse is a lesser-known VR platform. It was created by an individual named Eric Shi, who founded the company called Bitshares. In 2017, the company was rebranded as the Metaverse Foundation, and it began developing a new virtual reality platform based on blockchain technology. At the beginning of this year, they migrated their existing users and repositioned their product as a VR blockchain platform. Still, the company faces some challenges in growing their user base. First, they have to make sure that the people who try the platform actually find it useful. Second, they have to ensure that the platform is secure and has a low risk of being hacked. If they can overcome these challenges, they could become a very important virtual reality platform in the coming years.
Important Concepts in Metaverse
- Digital Assets: These are basically digital items, like a piece of clothing or a spaceship that you can use in your VR world. You can also buy assets from other users, like a song or a virtual book. - Digital Identities: A digital identity is basically your avatar. It is how other users see you inside the VR world. You can use this to customize your appearance and use whatever name you want. - Digital Asset Storage: This lets you store your digital assets on the blockchain, which makes them immutable and tamper-proof. - Digital Asset Exchange: This is like an app store where you can find and buy digital assets created by other users.
Why is VR Important?
VR is a new platform for creating digital experiences that can take users to amazing new places and allow them to explore new things in previously impossible ways. The benefits of VR extend beyond just the entertainment industry, though. VR can also be used to improve the effectiveness of training, collaboration, and therapy. VR training is used by many companies and organizations to train their employees. This has been found to be more effective than traditional methods, since it lets you experience situations in a simulated environment where mistakes are not life-threatening. VR collaboration can help people collaborate remotely in entirely new ways. Remote workers can attend virtual meetings in realistic simulated environments. It even allows people who speak different languages to communicate more effectively. VR therapy is a growing area of research that has shown promising results. VR therapy can be used to treat anxiety, PTSD, phobias, and other mental health issues. It can even be used to help people with autism improve their communication skills.
Should You Invest in Metaverse?
VR is an industry that is expected to grow rapidly over the next few years, and Metaverse is a platform dedicated to serving this community. It is currently in the middle of a token distribution event (meaning you can buy their tokens with Ethereum or Bitcoin), so now is a good time to buy their tokens. If you are thinking about investing in Metaverse, you should be aware that there are many risks involved with buying tokens in an ICO. For example, the company could fail to deliver on their promises, or the market could fall and the value of your tokens could decrease. Overall, VR is an exciting and rapidly growing industry. It is expected to continue growing even after the initial VR craze dies down, since it can be used for so many different things. If you are interested in this industry, Metaverse is a good bet for finding a place within it.
VR is an exciting and rapidly growing industry, and Metaverse is a virtual reality platform dedicated to serving this community. It is a good bet if you are interested in investing in the VR industry. However, you should be aware that there are many risks involved with investing in ICOs. For example, the company could fail to deliver on their promises, or the market could fall and the value of your tokens could decrease. Still, VR is a very promising industry, and Metaverse is a good bet if you are interested in investing in it.
