What is happening in the Metaverse?
Updated: Mar 13
The metaverse is all anyone seems to be talking about these days. In fact, if you haven’t heard about the metaverse, people tend to look at you strangely.
So how has the metaverse grown from being just a concept we see in movies such as ready player one, to being an industry worth over 107 billion dollars? Here is a brief outlined version of how we got to where we are today which will help understand the rapid growth in the past year.
The most notable event on this timeline is the most recent. What happened? Mark Zuckerberg got tired of facebook being in bad light constantly by the media and simply decided to do something about it. He dropped the name Facebook and adopted Meta as the name to govern all facebook products. He also invested 10 billion dollars into building the metaverse. This all leads to the fact that the Meta Ceo is looking to conquer the virtual world.
So what is currently happening in the metaverse?
There has been a 500% increase in the prices of virtual land in the metaverse since Zuckerberg’s announcement says Andrew Kiguel - the CEO of Tokens.com. Now these virtual properties are going at incredibly high prices and it’s not like you can take out a mortgage on a virtual home, so you have pay upfront. There are virtual islands that are being sold for around $300,000 in the Technically, you can currently live a full day in the metaverse (apart from the pesky need to eat and drink physically of course). You can sign in to your avatar at the beginning of your day and move around interacting with people, you may even meet community experts whose job it is to make sure people are having a great experience in the metaverse. There are a host of new activities in the metaverse. You can attend a church service and still make it in time for the Paris Hilton concert in her virtual mansion. Studies show that by 2026, 25% of people will spend at least an hour of their day in the metaverse.
The metaverse is still relatively new and as such there are still many new innovations. Some of these include brain-computer interfaces and augmented reality technology, meetings moving online to the metaverse as predicted by Bill Gates, new VR technology and so much more. Things are sure to get interesting in the next few years.
metaverse, with one user paying as much as $340,000 just to have the piece of land close to Snoop Doggs virtual house. That will certainly be an interesting neighbourhood to live in.