The next phase of Internet connectivity that big tech deems worthy of investment is Metaverse. While Microsoft, Facebook, and Nvidia compete to construct and populate their digital worlds with avatars, the public continues to fantasise about new virtual chances.
- The parent business of Facebook, Meta, is currently constructing a few portions of the metaverse. Horizon Workrooms is a workplace application that allows Oculus-wearing employees to enter virtual offices and have meetings. The beta is currently available for testing. Horizon Home is an additional vital component of this Metaverse. Users can choose from a variety of distinct surroundings, ranging from a cosy cottage to a futuristic cyberpunk flat, invite friends to hang out, view immersive videos, or engage in cooperative multiplayer games. The feature will shortly be included in an update to Quest. Meta intends to incorporate its popular social applications, such as Facebook and Instagram, into the Oculus store as part of the Home experience.
- There is a Roundhill Ball Metaverse ETF dedicated to the metaverse. Specifically, the fund invests in firms that connect with, provide key infrastructure for, or otherwise facilitate the Metaverse. These businesses include of Meta Platforms, Nvidia, Microsoft, Roblox, Unity Software, Apple, and Amazon, among others. The ETF was previously traded under the ticker META. However, the sign will change to METV on January 31.
- According to researchers at Bloomberg Intelligence, Metaverse may become a $800 billion business by 2024, increasing revenue prospects with live events, entertainment, and social advertisements. Grayscale predicts that the market opportunity for Metaverse may generate over $1 trillion in yearly revenue and could compete with Web 2.0 companies with a current market value of over $15 trillion.
- Banks will exist in the metaverse. In fact, several of these are already available in virtual environments. EQIFI, a DeFi platform backed by the regulated and licenced EQI bank, collaborated with Polkacity, a smart contract-based gaming platform. Polkacity will reserve EQIFI a digital virtual bank spot in its forthcoming NFT game. The bank has already released an EQIFi NFT card that grants its owners access to a free bank account with EQIBank (according to restrictions & conditions), a real debit & credit card for NFT cardholders, and the opportunity to spend POLC cryptocurrency in the real world.
- In November of last year, a parcel of virtual land in the online metaverse realm of Decentraland was auctioned for a record $2.4 million in its native cryptocurrency MANA. In Decentraland, land and other things were sold using non-fungible tokens (NFTs). The last record transaction occurred in June 2021 and was for approximately $913 million. The most costly parcel of land in Decentraland is located in the “Fashion Street” region of the metaverse map, and was purchased by the Metaverse Group, a subsidiary of Tokens.com, to conduct digital fashion shows and sell virtual apparel for avatars. According to DappRadar, sales of virtual land exploded in December 2021, generating $105.87 million a week for just four metaverse enterprises. After the Facebook rebranding sparked the metaverse rush, plot prices have increased by as much as 500 percent in the past few months.
- Currently, VR goggles and headsets only allow you to see the metaverse, but immersive wearables may soon become the norm. Consequently, Meta Reality Labs has just produced a prototype haptic glove that enables users to sense metaverse objects. Several additional manufacturers provide haptic vests, pants, and even full suits that resemble battery-powered Marvel superhero costumes. This type of clothing incorporates electroactive stimulators that enable a sense of touch in virtual and augmented reality. In addition, they can sense body signals and collect biometric data in real time, which may be utilised to convey emotional state, stress level, and vital health indicators.
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