This week, Mark Zuckerberg described the metaverse as the “most exciting project that we will get to work on in our lifetimes”. Facebook is spending billions of dollars a year on virtual and augmented reality, representing a bold bet on a futuristic digital world as the race to build the next computing platform (beyond the smartphone) heats up.
The promise of the metaverse is not just fun and games, it also represents the potential for massive economic upside. The real opportunity for startups and companies lies in the development of digital economies where creations, avatars and objects can be commissioned, bought and sold. Some current examples include the sales of NFTs surpassing $2b in the first quarter of 2021 alone, 12.3m people tuning in to a virtual Travis Scott concert on Fortnite, and millions of dollars worth of virtual real estate sold in the Decentraland virtual world.
The AR/VR user experience has traditionally been lacking, but Facebook and other tech players are tackling the problem head on. Facebook’s first widely available portal to the metaverse will be a pair of smart glasses co-created with Ray Ban. Snapchat continues to push improvements that make AR delivered through their app more responsive and realistic. Such developments get us closer and closer to achieving a sense of presence in the digital world.
As we inch closer to a world where the metaverse is a popular destination for everyone, it becomes harder to discern what reality really is. Only time (or tech billionaires) will tell us what being “meta-cool” actually looks like.
Enter The Metaverse
As Coca-Cola auctions its first NFT, more brands are entering the metaverse - Coca-Cola is harnessing its history of collectibles with a first NFT as marketers continue experimenting with the intersection of cryptocurrency and culture. The Atlanta-based beverage giant is selling a series of four NFTs—known as non-fungible tokens—that will be sold as a single asset with proceeds benefiting Special Olympics International. Read more.
Dvision network collaborates with Enjin to expand its metaverse to five different blockchains - Blockchain-based metaverse platform Dvision Network announced a collaboration with leading nonfungible ecosystem provider Enjin. As part of the development, Dvision will deploy Enjin’s APIs to connect its metaverse to five different blockchains. Read more.
Here’s how Zuckerberg thinks Facebook will profit by building a ‘metaverse’ - On it's Q2 earnings call, Facebook CEO Mark Zuckerberg outlined some of his vision for a metaverse. Zuckerberg said it will take several years to build out the metaverse experience, but if successful, it will make money from the sale of virtual goods in the metaverse, along with advertising and other virtual experiences. Read more.
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