With one of the most recent announcements that moved the technology world the most, Meta (formerly Facebook) shed light on a universe that, despite being active for decades, is still little explored among the general public. The Metaverse, which should be the next step between the marriage of the real world and the digital world, is already considered by Grayscale a “$1 trillion opportunity” and Morgan Stanley is betting that the sector should generate billions for the luxury market .
And what is metaverse? Roughly speaking, the metaverse is the union of experiences between the real world and the digital world. In this space – which can have life on an online game platform, with rewards and missions to fulfill, or simply a social network for interaction between users – the idea is that the person experiences an immersive experience.
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In this parallel world you can create avatars, customize them, buy unique objects (so-called non-fungible tokens, or NFT) and have fun in the environment. This is all financed by cryptocurrencies, a market that took on a life of its own with the rise of Bitcoin during the pandemic.
Mark Zuckerberg was one of the enthusiasts who put Facebook as the company that will lead this metaverse massification process, but big techs like Microsoft, Google, Amazon, in addition to Disney, Nike and Adidas, are also already moving to grab a piece of this market which is in development.
Similarities with Second Life
Announced in the early 2000s, Second Life presented a proposal similar to the Metaverse we know today. The difference is that there, the idea of the network was to create an environment for socialization between people and, eventually, companies, which even created their own spaces to create virtual experiences with customers.
Hector Miguel, CTO of Biobots, a startup specializing in the creation and development of products such as NFT and avatars, explains that there are similarities between the metaverse and Second Life. The difference is in the financial aspect of the game and in the dynamism of the use of digital products.
“The difference is that in Second Life you didn’t have forms of money, you didn’t own the items. The money in the metaverse is cryptocurrency and things are NFTs. So, the car will be an NFT, the land and house will be an NFT, the sneakers, the clothes. It is much more attractive and dynamic”, explained the CTO of Biobots.
A world of opportunity$
The game The Sandbox it places users in the category of creators and enables the monetization of assets created in the virtual environment. The idea is to make the user receive rewards for playing, not just paying to play, a fact that has attracted more than 40 million users in recent years. In Sandbox, users use the SAND cryptocurrency, an asset that has appreciated more than 6,000% in the last 12 months, according to Cointelegraph.
A virtual yacht sold last week for 149 ether, about $650,000 (BRL 3.65 million) and became the most expensive NFT traded on the platform. Created by Republic Realm, a metaverse developer company, the Megaflower Super Mega Yacht has two helipads, a whirlpool, a DJ booth, among other luxury items.
Another example of an environment is Decentraland, which recently served as a space for the sale of virtual land for 618,000 mana, the game’s native cryptocurrency. That amount, in the real world, is the equivalent of US$ 2.5 million (R$ 14 million) and was the most expensive sale in the game. In this case, the land has 116 sub-lots, each measuring 5 square meters, space equivalent to 566 square meters.
Biobots, for example, was created recently with an initial investment of BRL 20 million and plans to generate revenues of BRL 200 million by 2023. The company’s idea is to develop NFTs for big brands and celebrities and one of these characters developed is Satiko, virtual influencer of presenter Sabrina Sato, who has her own personality, linked to fashion and the world of beauty.
SoftBank, a Japanese conglomerate, indicated that it will invest US$ 150 million in Projeto Zepeto, a South Korean platform with 2 million users. According to the Wall Street Journal, 70% of users are women between 13 and 24 years old.
“There will be several ways to trade within the multiverse, because, like it or not, people who still don’t know how to handle cryptocurrencies don’t know how to create a virtual wallet and will find it difficult to enter. People learn quickly, but I believe that companies will facilitate this, creating a way to pay with a credit card, for example”, indicated Heitor Miguel, from Biobots.
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