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Metaverse Economy Will Reach Trillion Dollars

It is thought that the “metaverse”, which will change the foundations and functioning of the internet and the virtual world, will cause the most devastating impact ever in the world of technology. Despite its revolutionary nature, the metaverse, which contains too many promises is a source of speculation. In many presentations, posts or headlines, any augmented reality (AR) or virtual reality (VR) experience is touted and exemplified as the “metaverse”. The fact that it is always at the top has a great effect on this process, as well as “let’s not be late, haste and psychology.” On the other hand, the 5 biggest technology giants of the world (Amazon, Apple, Google, Meta, Microsoft) of the metaverse compete in the same field for the first time. Being a focal point to focus on is a concrete indication that there will be continued interest in the metaverse from now on.

An important issue to remember is that the metaverse does not exist today and we are years away from a true metaverse experience. However, it should be noted that a transition as “pre-metaverse” or “post-metaverse” will not be very clear. Over time, the metaverse will form as different products, services, and skill sets integrate and fuse. In order to understand the Metaverse, it is necessary to understand the layers that make up it, and to analyze both the development of these layers and their interaction with each other. For a true metaverse experience, many emerging technologies and infrastructures must converge to provide an immersive experience. A 5G, web 3.0 and blockchain-based infrastructure for the Metaverse; an economy that revolves around cryptocurrencies and NFTs; 3D avatars representing our personality, special gloves and clothing for tactile sensation; There is a need for fictions where experiences are enriched with AR, VR and mixed reality (MR) applications…

It is useful to mention two basic features of the Metaverse that are often forgotten: The first is that it is continuous, that is, the collective network consisting of 3D virtual elements or fields cannot be opened or closed; to be constantly accessible. The second is the sharing of experience; that is, a world in which a large number of users can access and interact at the same time…

A $13 trillion economy by 2030

According to a December 2021 study by research firm Forrester, nearly a third of online users are excited about the metaverse; Nearly 30% think the metaverse is a good thing for society. According to the research carried out by the US-based Citigroup, Metaverse is expected to become a 13 trillion dollar economy and host 5 billion users by 2030. Although the current value of Metaverse is at the level of 21 billion dollars; It is expected to reach $800 billion in the next two years. Let’s come to the current news about the metaverse, which always keeps its place in the headlines…

Tree planting campaign in the metaverse in South Korea

In

South Korea has launched a new method of repairing trees and forests damaged by fires. According to the campaign, planting trees in the metaverse will correspond to 2 trees in the physical environment. The campaign, led by the Korean Forest Service and fintech company Dunamu, will restore Andong’s mountain forest affected by the fire. The Korean Forest Service also said the campaign is part of the government’s effort to achieve carbon neutrality by 2050.

Participants who complete the virtual tree planting will also be given a coupon that can be exchanged for a sapling at a local tree market.

South Korea Will Keep Its Physical Forests Alive by Planting Trees in the Metaverse

The event is scheduled for a total of 5,000 people between March 21 and March 25 on Dunamu’s metaverse platform, 2ndblock. In addition, a thousand people capacity is considered for each day. Andong’s mountain forest was hit by fire in 2020. This was the fourth largest wildfire in South Korean history and caused more than $57 million in damage. On top of that, the country witnessed additional forest fires that burned more than a third of the capital city of Seoul.

Sales of NFT super yachts started

According to the news of Boat International, a 63-metre NFT superyacht named Project Metaverse has been put up for sale for a price of $100 million. The good news for potential buyers is that the yacht builder will also offer a real version of the virtual boat for this NFT counterpart.

Fashion events are also moving to the metaverse…

Held for the first time in Decentraland at the end of March, Metaverse Fashion Week was a four-day event that included special shows, panels, shopping opportunities and after parties. Unlike traditional fashion events, metaverse fashion week was open to everyone as a completely free event with the slogan “everyone is VIP here”. Using the platform’s native, decentralized currency, MANA, guests purchased wearable NFTs and physical parts available through NFTs to customize their avatars.

Inspired by Avenue Montaigne in Paris, Decentraland’s Luxury Fashion District also hosted different events in its first high-end shopping experience. Pop star Grimes performed live with his avatar dressed by tech fashion house AUROBOROS in a custom dress inspired by Mystique, a fictional character in the X-Men series. During the events, the participants also encountered the virtual version of the first humanoid robot Sophia; They also took virtual selfies.

Demand for metaverse weddings may increase as wedding season approaches

A virtual music performance was held at one of the first metaverse weddings in India, which I have shared with you before, and the couple shared their NFT collections with the guests. Those who attended the wedding from their homes had the opportunity to experience the event by interacting with the avatars of the bride, groom and other guests. While the reception was virtual, the wedding menu was sent to the houses physically. These new types of metaverse weddings represent a step up from the Zoom weddings that became popular during the pandemic and where guests attend only via video call. Such setups undoubtedly offer a nice option for people who cannot attend the wedding.

However, as with the development and regulation of new technologies, there are currently many gaps in the metaverse. For example, it is still illegal for a couple to marry while physically separated or without a physical official. In the wedding in India, the couple is actually having a real wedding, the “metaverse wedding” is actually a virtual reception. This type of wedding setup offers a very good example of the hybrid experience of the metaverse that combines physical and digital setups.

You can browse for other investment ideas in the Metaverse world; Metaverse Investment

Ece Nagihan

Hello, I'm Ece, I write content for Expat Guide Turkey every day. Don't forget to check!

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