In 1992 when Neal Stephenson coined the term Metaverse, he probably couldn’t fathom the conversations we would all be having 30 years later about the same term. Here we are in 2022 and the world’s largest social network even changed its name to Meta (well Meta Platforms Inc — but that’s not as catchy). So, it’s been 30 years since Neal coined the term, but what’s the real state of the metaverse in 2022?
What is the Metaverse?
Depending on who you ask, you’ll get different answers.
The Metaverse is meant to be a digital representation of reality.
Currently, it’s not the digital experience that Ernest Cline and Steven Spielberg showed us in Ready Player One. However, we can already see the huge potential of different digital worlds!
Who is building the metaverse?
There isn’t just one metaverse. Even though some people get confused by Facebook’s transition to Meta, the concept of a metaverse is currently being built by several different companies.
In the web3 space, projects such as Decentraland, The Sandbox, Somnium Space, and Voxels are all creating their own digital worlds where users can walk around freely in a digital representation of our world.
Over the coming years we will likely see various metaverse platforms succeed as they choose to cater to a specific niche or audience. This means that the experience can be tailored. We can all imagine different digital worlds for art lovers and gamers, right?
Does the metaverse already exist?
All parents with gamer children will know that digital worlds aren’t anything new. With the huge success of games like Minecraft, Roblox, and Fortnite, it’s clear to see that digital worlds do attract users and most importantly keep their attention.
The Roblox environment allows people to create worlds and build games that they can then share with their friends and the public. It’s a highly debated topic, but when it comes to spending time in virtual worlds, Roblox reported that people spent nearly 10 billion hours playing Roblox in the first quarter of 2021.
With more than half of the platform’s players being 13 or younger, it’s clear that spending time in virtual worlds will be nothing new for the next generation.
How does web3 impact the metaverse?
We already mentioned a few of the web3 projects who are aiming to build successful metaverses. The web3 element isn’t an essential element. Meta (previously Facebook) has been pumping money into their metaverse.
Mark Zuckerberg, CEO of Meta, referred to his vision by saying “we want to get as many people as possible to be able to experience virtual reality and be able to jump into the metaverse and to have these social experiences within that”.
The web3 metaverses are trying to make sure that no one becomes the next Zuckerberg in the decentralized world. Not even Mark! They want users to own the platforms, sharing in the value created, and ultimately benefiting everyone. A very different online world from the one we’ve known through the social media boom.
How much is the Metaverse worth?
According to Statista, the global Metaverse market is worth $47.48B in 2022 and is set to soar to $678.7 billion by 2030.
These numbers might seem high, or possibly improbable. But let’s take a look at black and white numbers about the video game Roblox. In the first quarter of 2021, 42 million users logged in each day and between them, they spent $652 million in Robux — the virtual currency for this digital world. Roblox as a public company is worth around $27 billion at the time of writing this article.
Let’s not forget, more than 8 years ago Minecraft (a game representing a digital world) sold for $2.5 bn. It’s generated more than $300 million a year since selling. It has spawned jobs, service companies, and created entrepreneurial opportunities around the game that no one ever predicted.
You’ve probably heard the expression “we’re early”, but when it comes to the metaverse, we really are. If we look at video games just as an example, we can see how far we have to go, but we can also see the potential.
Will all metaverses be connected?
This is currently one of the biggest challenges the metaverse is facing. Once you create your avatar in one world, you can’t simply jump to another. If you purchase items, such as clothing for your character, you can’t take those with you. And this starts to cause issues.
As a digital representation of the world, you’d like to think that your super-cool-hoodie or sneakers could come with you no matter where you are.
Evo Heyning has been involved in the metaverse for two decades, having even helped the US State Department build a presence in Second Life (another digital world that was started in 2003). In her view, the metaverse isn’t a single firm, product, or space, it’s how they are all connected. That’s why she joined other volunteers as part of the Open Metaverse Interoperability Group.
Introducing Multiverse NFTs
Here at Metalinq we couldn’t agree more.
We believe that the future is all about interoperability. Our team is building the protocol that will bridge the gap between users, items, and metaverses.
With our EIP5606 — the future of owning wearables and in-game assets will be very different. Brands, creators, and IP rights holders will be able to create an NFT that will give the owner access to their items in multiple digital worlds.
This is a game-changer. Quite literally.
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