We have watched the transformation of the digital age creep into all aspects of life; Whether it be good or bad.
The next step into the digital realm is slowly evolving behind the scenes, called the “Metaverse.” The metaverse refers to the digital space in which people can interact virtually. While virtual reality has been around since 1968, the technology has stayed relatively novel and has never been fully adopted by the mainstream. Over the past few years, companies such as Decentraland, Sandbox, and Cryptovoxels have created an interactive landscape where users build whatever they want.
With CoVID-19 shutting down the analog world, the metaverse has blossomed. User growth for these platforms is growing exponentially, and with companies such as Facebook and Microsoft entering, the space is about to become more competitive.
Facebook rebranded their parent company to Meta and pledged 10 billion dollars to development for the metaverse. With the move into VR headsets through acquiring Oculus in 2014 and the desire to create their own token “Diem,” they see the value in merging these two technologies.
Microsoft is also laying the foundation for a metaverse experience for the Microsoft teams platform. This is more of a business-focused endeavor so that your virtual meetings have more substance. Either way, these large companies see the need to participate in this sector and are tossing in their hats.
The spike in growth is also laying the foundation on the bridge between Blockchain and virtual reality. These technological advancements support each other, and the synergy between them will build a distinct world.
But what about the companies that have already created these worlds?
Before these big names jumped in, Decentraland and Cryptovoxels were two platforms that have already merged Blockchain with VR with some fascinating results. You can view the web differently; the flat 2D becomes immersive, and in the world of art and video graphics, it’s absorbing. These operate on Ethereum, and users can trade the assets inside the game on Opensea or the project’s marketplace. While it may seem basic when using the platform, the growth potential is here, and people are beginning to notice.
This interaction improves the way users communicate with digital content to design new or enhance existing events, such as virtual stores and digital concerts. The Deadfellaz NFT platform recently hosted Steve Aoki in their Decentraland venue. The project allocated over $100,000 to build out the classic gothic style building and had a 4 day halloween event for the grand opening.
These types of events give you a glimpse into some of the capabilities of Blockchain. While everyone was talking and listening to the music, one of the developers of Deadfellaz was sending out collectible jackets to the attendees to wear on their avatar (pictured above😁). It was definitely an adventure.
While these platforms are just beginning and are barely scratching the surface of what can be accomplished, they will evolve to more seamless integrations with the growth of VR and Blockchain. As they converge, there will be heaps of development in the future. The frontier to the metaverse is just beginning, and recently, the explosion in growth is just the beginning.