What exactly is the Metaverse?

The metaverse is a term used to describe a virtual world that is fully immersive and interactive. It is a digital realm that is becoming increasingly popular, especially among gamers, and allows people to interact with each other and the virtual world in ways that are similar to the physical world.

Users can play games, build things, attend events, and socialise in the metaverse. It is like a second life online, with its economy and unique rules.

Where does crypto sit?

Crypto fits into the metaverse because it allows for secure and reliable transactions within virtual environments. Digital currencies can be used as a payment and a store of value. It can also create new types of assets, such as digital collectables, that can be bought, sold, and traded within the virtual world.

Crypto is also vital for the metaverse because it can provide a level of decentralisation and security essential for a virtual world. The citizens of the metaverse can be assured that transactions are transparent, immutable, and resistant to fraud.

Increasing Time Spend

Naturally, when everything moves online, so will we. A virtual world where people can play, socialise and work. That means a lot of screen time.

Roblox might be a good precedent. Its popularity among young people is soaring.

In 2022, people spent almost 50 billion hours on Roblox, up 19% from the previous year. Roblox gained 23% more daily active users in 2022, reaching 56 million. In January, they had 65 million daily active users.

Roblox makes money by selling a currency called "Robux." In 2022, they generated $2.9 billion from selling Robux. This helped their "bookings" increase by 5%, which is the revenue they create from users buying Robux to customise their playing experience.

What’s Next? A Virtual Job Fair

Now that we’ve spent so much time here. Might you even earn some dough? 

A virtual networking event will be hosted on Gather by marketing agency Hype, connecting cryptocurrency firms such as BNB Chain, The Graph, and DFINITY with over 2,000 professionals interested in Web3. Hype says it is screening potential participants before the event and is open to attendees worldwide.

Before entering the digital event space, attendees can create their avatar characters. Once in the virtual job fair, they can interact with other attendees, attend workshops, listen to speakers, and even participate in go-kart races in the gaming area. There is also a curated NFT gallery and multiple meeting lounges.

More than 67,000 tech professionals have already been laid off in 2023. Therefore, this job fair may provide an opportunity for those affected by job losses to connect with employers and explore new job opportunities in the Web3 industry.

What Do The Coming Years Have In-Store?

The metaverse is a proposed utopia where the residents have better control over whom and how they interact with.

One of the goals of this movement is to create a decentralised social network. This social media opens channels for influencers and brands to reach out to their customers, ensuring they have maximum exposure. This enhances interaction with their fans, thus contributing to their profit.

Since a specific entity does not control decentralised social networks, Web3 users will have control over what can or cannot be said/published on these platforms. The platforms will be decentralised and governed by the community. It will give users control over what can o said or posted on these platforms. Residents would have the choice of a decentralised identity where they own digital wallets and can choose which information to disclose and to whom.

And when you have an identity not to worry about, people choose to express themselves more freely. This is where fashion companies chip in. Fashion and beauty companies are exploring the space through partnerships, NFTs, and virtual goods on metaverse platforms. L'Oreal offers digital assets on metaverse platforms, Nike has acquired virtual sneaker startup RTFKT, and Moët Hennessy Louis Vuitton uses blockchain to authenticate luxury goods.

All of this makes the metaverse the place to be. And who knows, we might unknowingly be transitioning to this new virtual world. It would be interesting to know what George Orwell would have said about the metaverse.

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