Studying the digital world on top of the latest metaverse trends can provide a significant advantage. Many big technology companies in the world are now investing in blockchain projects. Through this, we understand that the online world highlights its position as an important trend for the future.
NFTs have a lot of potential in the metaverse. They provide a way to represent ownership of assets, create scarcity, and monetize content. While some challenges need to be considered, such as how to represent ownership and prevent inflation, there are already several projects working on solutions. However, if these challenges can be overcome, then NFTs could play a big role in the future of virtual worlds.
There is no doubt that Metaverse will take technology in a different direction. Studying on top of the latest metaverse trends can provide a significant advantage.
As you’ll soon see, the growing frontier of the metaverse is home to a wide variety of different trends and projects.
Augmented and Virtual Reality in Gaming
3D Technology, AR and VR assemblies, and sonic systems play an integral role in the virtual gaming industry. Amid the rise of the Metaverse, these technologies have witnessed exponential growth, strengthening their valuation and relevance to the current market.
According to the International Data Corporation (IDC)’s Quarterly AR/VR Headset Tracker, in 2021, the market for AR and VR headsets increased by 60.8%, the APAC region alone accounting for 2.19 million units in shipment.
The Sandbox, Hong Kong-based futuristic gaming platform, has developed a decentralized virtual world where users can personalize their avatars, innovate, and govern the land, as well as host events and exchange ideas.
Within the metaverse, the in-game Ethereum utility token, SAND, is made available for the players to buy and sell digital assets in the form of non-fungible tokens (NFTs). For new gamers looking to traverse into the digital simulation, the shared space facilitates the monetization of individual virtual experiences.
Metaverse NFT market size
The Metaverse NFT market refers to the buying and selling of non-fungible tokens (NFTs) within virtual worlds or immersive digital environments. The market has been gaining significant attention lately due to the growing interest in the Metaverse, a term used to describe a shared virtual space that merges the physical and digital worlds.
NFT market size to cross usd 342.54 billion by 2032, with an 27.6% cagr by 2032 – report by market research future (mrfr) nft market is growing due to the increasing global demand for digital art and cryptocurrency usage.
The global Metaverse Market size is expected to grow steadily over the anticipated frame, recording a CAGR of 47.2% during 2023 to 2027. The metaverse industry spending value will increase from $61.8 bn in 2022 to rise around $426.9 bn by the end of 2027.
The scope of the Metaverse NFT market is vast, and it includes a variety of digital assets such as virtual real estate, avatars, art, and even virtual fashion. The growth drivers of this market are numerous, including the increasing adoption of blockchain technology, the rising popularity of gaming and virtual worlds, and the growing demand for unique and scarce digital assets.
Additionally, the Metaverse NFT market presents new opportunities for creators, artists, and gamers to monetize their digital creations and for investors to diversify their portfolios by investing in these unique assets.
10.7M users have participated in Fortnite concerts Online. Metaverse could approach US$800 billion tackling live events and ads.
The non-fungible token market growth is a result of increased development that is giving birth to more than one NFT trend. According to Nasdaq, witnessed top sales in the non-fungible token market.
The primary market for online game makers and gaming hardware may exceed US$400 bn in 2024 while opportunities in live entertainment and social media make up the remainder.
NFTs (non-fungible tokens) are a type of cryptocurrency that can represent ownership of digital or physical assets.
They are unique and cannot be replaced by another token, which makes them ideal for representing items in virtual worlds. NFTs can be used to represent anything from in-game items to digital art.
NFTs have been in use before the advent of the virtual words that exist in VR. Mobile games such as CryptoKitties popularized the use of NFTs for in-game items, and platforms such as Ethereum have been used to create entire virtual worlds. Another example would be to play blackjack online using online currency, or cryptocurrency. The metaverse is the next logical step for NFTs, as they provide a way to represent ownership of assets in a virtual world.
The Programmable World
As the world becomes increasingly virtual, digitized, and computerized, our ability to control and manipulate it increases. Think about how just a generation or two ago, cars were entirely mechanical, and if anything went wrong with them, we needed to alter aspects of their performance, or we would need to alter the physical mechanisms such as the engine, brakes, or gearboxes.
Today we can plug them into a computer and diagnose faults as well as fine-tune every aspect of their performance.
This already goes way beyond cars, with computers and microchips found in every device from kettles to bathroom scales. Medicines and vaccines can be programmed to target specific diseases or to be effective in people with a particular genetic disposition.
Sophistication of Metaverse Avatars
Metaverse trends also point to avatars becoming more sophisticated. At the moment, avatars can come in a variety of different forms. This ranges from 2D avatars to photorealistic forms that appear almost exactly like people in the offline world.
Meta’s well known for its advanced and nearly-photorealistic avatars (see Virtual Worlds in the Metaverse).
Support for these avatars over all of the company’s products will increase over time. Meanwhile, Microsoft focuses on using AI technology to create avatars that fit into a business environment thanks to responsive animation. Popular apps like Zepeto and OSUVOX make it easy to create avatars and export them into different metaverse implementations.
Metaverse is enough to bridge the gap between the virtual and the real. And the biggest example of this is motion tracking. Gradually we are moving towards a generation where there will be no such difference between virtual and real (see How Blockchain and Smart Contracts Transforms Insurance).
That is to say, we can occupy virtual and real places at the same time. And more powerful tracking technology is needed to enable this landscape. Which enables users to monitor every movement and gesture.
3D Digital Twin Technology
Another force to completely transform the way a business operates and consumers experience, interact and analyze the built world is 3D digital twin technology.
This technology creates an immersive 3D virtual and dimensionally accurate model of any building or space.
This means businesses will be able to create accurate replicas of physical locations, which will then operate as separate entities.
While consumers, on the other hand, can use digital twin technology for trying on clothes virtually and checking out new shops before it even opens up. They can even visualize and confirm whether new furniture would fit before making a purchase for the home, all from the comfort of their couch.
NFT Crypto Projects
People can usually make perfect copies of digital entities. Any reproduction of a text file will be identical to the original. But NFTs, or non-fungible tokens, are one-of-a-kind digital items. NFTs are tied into the blockchain as a unique entity (see about NFT Thefts).
NFTs are used in a wide variety of crypto projects. For example, Decentraland is a metaverse virtual world where NFT land sales are a thriving industry. And Axie Infinity even ties virtual animals into unique NFTs so that they can be cultivated or sold.
The immersive and ubiquitous aspects of the metaverse will increasingly demand cloud computing tools to process, store, and analyze the data generated on platforms. A metaverse platform will not succeed if it cannot deliver a seamless user experience or struggles to scale. In March 2022, Nvidia launched the Omniverse Cloud, a suite of cloud services that gives artists, creators, designers, and developers access to Omniverse for 3D design collaboration and simulation.
Virtual Art Galleries
The rise of digital art comes as no surprise, considering the growing popularity of NFTs, digital assets, and blockchain technology for NFT.
Virtual art galleries are labeled among the widely adopted industry trends of the Metaverse, as it’s market worth is posited at US$2.4 billion.
Virtual art galleries are a new kind of immersive space where artists and digital creators can showcase their NFT exhibitions for collectors, art fanatics can experience a sensational virtual environment, and even trade their favorites (see Crypto Market Review).
The Metaverse will be capturing a mass amount of data, which it will mine and act almost immediately. While the Metaverse is based on distributed technology like blockchain, the ability to ensure the data captured at one part of the Metaverse is reflected in the user’s experience in another.
Hence, study on the next generation of data engineering becomes a key trend of education in the world of Metaverse.
To adequately prepare for the Metaverse, it should be ensured that the data science approach is simple, modern, and effective to make sense of the new world.
What are the benefits of using NFTs in the Metaverse?
There are many benefits to using NFTs in the metaverse when compared to traditional methods of asset ownership. Here are some of the most notable.
One of the biggest advantages of using NFTs in the metaverse is that it allows for a much more secure way to own and trade virtual assets. Since all transactions are recorded on the blockchain, there is no risk of fraud or theft. This is a big contrast to traditional methods of owning and trading virtual assets, which are often susceptible to scams and hacks.
Another advantage of using NFT is that it can help to create scarcity. This is important for virtual worlds, as it can help to give items a sense of value. NFTs can also be used to represent unique items, such as one-of-a-kind pieces of digital art. This can help to make the virtual world feel more real and exciting for users.
Finally, NFTs provide a way to monetize assets in the metaverse. This is important for developers and creators, as it can help to fund the creation of new content. NFTs can also be used to create income streams for virtual world businesses. This can help to make the metaverse a more sustainable place for creators and businesses.
The challenges with using NFTs in the Metaverse
There are a few challenges that need to be considered when using NFTs in the metaverse. One of the most important is how to represent ownership of assets. This is particularly important for virtual worlds, as it can be difficult to determine who owns what.
Another challenge is how to ensure that NFTs are used in a way that doesn’t create inflation. Also, it’s important to consider how NFTs will be traded and sold.
For example, will there be a central exchange or will trade happen directly between users?
These are all important challenges that need to be considered when using NFTs in the metaverse. However, they are not insurmountable, and there are already several projects working on solutions.
AUTHOR: Arty by Analytics Insight