Our friends at Cryptomeria Capital have done a massive study of the metaverse. We have highlighted the most important and exciting, turning it into a small series of articles. Enjoy!
We have already touched on the basic concepts and examples in the previous article. This time we propose considering the XR (Extended Reality) family of technologies and the future of the metaverses!
XR Technology
Today, most technologies are moving toward interacting with each other and achieving synergy. Technologies that simulate sensations are already available – these are technologies of touch and smell and artificial intelligence. In addition, technology is being developed that mimics taste. Blockchain, in turn, is developing and allows you to solve issues related to personalization, identification, and confirmation of ownership.
The Internet of Things is in an active stage of development, which is trying to solve its internal problems related to the cost and security of the technologies used. Also, a full-fledged metaverse will require high data transfer speeds – 6G, which is expected to appear in the 2030s, can help here.
In addition, a developed metaverse needs high computing power. The kind that is now reserved for scientific research.
XR technology combines virtual, augmented, and mixed reality. Already, such products have conquered a part of the market, and as 5G and 6G spread, the metaverse and the physical world will become increasingly intertwined. For a better understanding, the development of XR can be compared with the history of the development of smartphones. After a certain period, we cannot imagine our life without this device.
In addition, the NFT industry is worth mentioning separately. It creates value and engages creators and consumers, who load the network with value. NFTs are usually exchanged and traded with cryptocurrencies.
Main Difficulties And Risks
The engine the metaverse needs are technology. The progress of the concept depends heavily on them, and as these technologies develop, bottlenecks will inevitably arise. At the moment, these include:
- Mobile access to the virtual world ;
- Rules for managing the virtual world;
- Application of metaverses in the industry;
- Information security and confidentiality;
- Energy supply.
It is important to note that the emergence and mass adaptation of new technologies lead to the emergence of new risks:
Metaverse And XR Perspectives
Sports
In sports, NFTs are used for trading authenticated collectible content. These can be cards or interviews of athletes, records of goals scored, etc. One of the most striking examples is the NBA Top Shot from Dapper Labs. Also, NFTs can be used as tickets for matches or passes to particular zones. They can open access to VIP content, working as a subscription.
There are also fan sports tokens:
Games
Games are becoming more socialized, and communication, meetings, and other social interaction are key. Nick Veit, the director and co-founder of the gaming startup Rec Room, shared his opinion: “These things, which were probably separated before, are now merging. I think in many ways games are the new social network.”
The games most actively moving forward on this course are Animal Crossing, Sea of Thieves, and Fortnite. Marketing is also actively changing, and games are becoming its most effective tool among young people.
Fashion
Fashion is becoming an essential and relevant attribute of the metaverse and vice versa; the metaverse is actively penetrating fashion. Fabricant, a digital-only haute couture house, aims to “show the world that clothes don’t have to be physical to exist.”
Conclusion
By 2030, more than 50% of events will likely occur in the metaverse. For more than 80% of stores, an alternative in virtual shopping may appear. Very similar statistics are predicted for tourism and education.
As we can see, many well-known venture capital and technology companies have recently joined the metaverse market. Fashion houses, global brands, and public figures have not left this trend unattended.
Metaverses can be an incendiary spark of the coming digital transformation, which can turn many global processes upside down.
This article is based on “The Metaverse Overview” by Cryptomeria Capital.
