The metaverse is already here, and the implications are tremendous. Over the next decade, I believe we will see the metaverse provide:
– Incredible ROI for early land and NFT investors
– Space for corporations to sell goods and hold business meetings
– An environment for immersive online learning
– A global standard digital currency
The world, as we know it, is changing faster than we realize and much sooner than we could have predicted. I remember watching Ready Player One over a year ago and thinking to myself “What a crazy concept, maybe something like that could happen in 50 years.”
I didn’t know what a metaverse was, and I certainly didn’t realize that companies already existed with the primary mission of creating their own versions. Shortly after watching the film, I stumbled upon Decentraland and Sandbox.
My eyes were opened and the impossible immediately became a tangible inevitability. I had entered a never-ending rabbit hole (that I’m still falling down) with no end in sight. My main questions were “Where does this all lead?” and “How does this connect to what is happening today?” I am here today with an attempt at answering those very questions.
The Metaverse Starts with NFTs
Right now the trend in the NFT space is 10k projects: auto generative NFT collections with around 10,000 unique pieces.
They are available to purchase directly from the creator via “minting” and also on secondary markets like OpenSea and Hic Et Nunc. These projects earn their value from exclusivity, investor expectations, and utility.
Today utility typically takes a backseat to the rarity and hype of a project in terms of importance. Utility is simply an added cherry on top; it’s nice to have, but it isn’t incredibly necessary for the project’s success.
The metaverse changes that: utility is everything and all-important. In a decentralized digital universe, users own their avatar, vehicles, clothing, accessories, weapons, etc.
This ownership, naturally, is indisputably proven on the blockchain for anyone to refer to.
Each of the items will be an NFT that has potentially unlimited utility because the user is free to do with them what they please. In the metaverse, users maintain the power of ownership instead of a central company.
As Metaverse DAOs continue to grow, I believe we will see a major investment shift from the 10k projects of today towards the interactive and usable NFTs that will become the backbone of the metaverse.
“Utility is everything and all-important”
Where We Stand Today
A metaverse is a decentralized virtual world populated by NFTs of all shape, size, and utility. What does that type of world look like, and what are the major implications that it could have on humanity? Let’s start with where we are right now.
Metaverses are still in their early stages with development currently occurring and early users being courted to join. There are land and early NFTs available to buy, as well as games being created within the metaverse for users.
I believe early investors could realize tremendous returns on land when corporations join the metaverse and need space to build stores and offices. Great returns could also be seen for investors who buy, and then hold, early non-land NFTs long term.
I think that one day the oldest NFTs of the metaverse will have a legendary status to them that inspires a sense of awe. This status will drive their value high. We are still currently in such an early phase with these metaverse projects and, therefore, nothing is certain. It will be very interesting to see how they end up developing.
Onwards to the Endgame
Jumping ahead and looking towards the future, things are really going to pick up in the coming years.
As metaverse adoption increases exponentially and more people become aware of its existence, I predict corporations will start flooding towards the metaverse in order to stake their claim; they’ll also take their employees with them.
Metaverse jobs and business meetings will start to gain popularity as corporate involvement continues to grow in the metaverse. Virtual stores and office buildings will be erected and, at this time, early land investors will get paid. Mania will ensue as metaverse land becomes scarce and bid prices will send shock waves through the crypto investment space. Eventually, users will venture out beyond the areas close to the starting point of the metaverse.
As other areas are developed and populated, we will truly start to see the full potential of the metaverse; one that involves metaverses within the overall metaverse platform. For example as a hypothetical, let’s say that the overall metaverse ends up being known as “X”. Within X, there are many planets, galaxies, and universes to explore.
A user could travel to “Universe C, galaxy C-f, planet #134” and find the Sandbox platform. That same user within X could then travel to Universe H, galaxy C-k, planet #22 and find the entire Decentraland platform. Between different spaces within X, currencies could be different, but be seamlessly exchangeable across the overall metaverse.
That would mean that I could be a great earner on Sandbox, take my SAND token to an FPS world, and swap my SAND for the native currency in order to purchase new weapons. The possibilities with this are truly endless.
“bid prices will send shockwaves through the crypto investment space”
Switching gears but staying on the topic of endgame, another hypothetical that I find particularly interesting is education in the metaverse.
We’ve already seen a massive shift towards online education because of Covid-19; I wouldn’t be surprised if education found a home in the metaverse.
The metaverse could provide a unique way to make online learning more immersive and interactive for virtual students. Imagine sitting down in a desk chair, putting on your VR headset, and attending school within a digital classroom.
The most important part of the endgame, to me, is the currency. With the metaverse essentially being the replacement to our current internet, I could see the global economy digitalizing even further than it already is and converging on the metaverse. As more and more companies join the metaverse, more of the global economy will turn virtual. Users will shop for avatar outfits, special items, weapons, and more as the virtual economy expands.
The metaverse will have the capability of uniting global economies on its platform with whatever token is primarily used on the platform. We’ve all heard the theory that Bitcoin will one day become the standard international currency of the world, but I think a metaverse token achieving that status is far more likely.
Were this to occur, I believe that it would naturally mean that whichever company ends up creating the globally adopted metaverse will become one of the wealthiest and most powerful in the world. It’s a race to the finish, we’ll just have to wait and see which project comes out on top.
DISCLAIMER: This article is written purely for entertainment and educational purposes and should not be taken as professional financial advice in any way.
Do your own research and, if you are seeking financial advice, find a professional who is right for you.
Lead image via: https://www.hicetnunc.xyz/objkt/215902
Submit your #gaming-metaverse story today for your chance to win up to $2000.
Create your free account to unlock your custom reading experience.