The world economy as it stands right now, including web 3.0 marketplaces (crypto and NFT), is in a state of constant flux. Cryptocurrencies like ETH and BTC are currently trading at about half of their previous highs after a precipitous decline. Many people have been left wondering how the bear-bull dance affects the potential of the metaverse and virtual property as a result of this. What role do the much-hyped technological developments play in the social and economic context of today? Let’s think about the big picture.
Given how much of our lives we spend staring at screens, the rise of the internet was inevitable. The metaverse is a logical progression because it will let people fully immerse themselves in the virtual world. Nevertheless, contrary to what many detractors claim, enjoying virtual entertainment does not require rejecting web 2.0, the condition of the internet at the moment, or real life. Instead, the ability to engage more profoundly through a new medium will present intriguing opportunities.
Although the media has concentrated on the metaverse, it appears that the general public is more interested in the creation of accessible VR/AR technology, on which tech behemoths like Apple and Meta are now working. For web 3.0 fans, the lack of user-friendly technologies might not be a problem. For the casual user, it continues to be a barrier to entrance.
What does digital real estate mean in a supposedly limitless universe? For the metaverse to be useful, some type of restrictions must be put in place. For it to be a communal experience, people can’t be moving hundreds of miles apart. However, it takes some time for any user to grow accustomed to the variety of activities one can accomplish in the metaverse. Making a room that seems comfortable and cosy can be a fantastic place to start. Buildings can consequently serve as welcoming, accessible starting locations for the metaverse experience.
In addition to offering comfort, virtual real estate can push the limits of what is conceivable in terms of design. The beginning includes initially bizarre applications such as constantly changing colours, shape-shifting furniture, and constantly morphing digital walls. The identical setting might change into a futuristic oasis or something else totally in a split second. Here, your imagination is your only bound. The same area might serve as a residence, concert hall, gallery, club, and more. There are several opportunities presented by that.
Large investors, corporations, and service providers are likely to have a different perspective on the metaverse’s growth than casual users and enthusiasts do. Too much is on the line to pass on the metaverse sector, given the long-term potential. As a result, they do not value building a meta-presence as highly as they do the transient market conditions. Some of the major brands now attempting to make an impact in the virtual worlds are Nike, Zara, Samsung, and Burberry. This not only puts pressure on the competition, but it may also determine whether a brand succeeds in the future.
It all boils down to the idea that the metaverse is being taken into account for future benefits. It was never intended to have an immediate payoff. At first, there will inevitably be hiccups in such a wide new environment. Missing out commercially is not an option, though, if the metaverse expands even remotely as much as Meta anticipates. A further indication of this is the estimated $1.6 billion market value of the metaverse by the year 2030.
A corporate headquarters is necessary for a commercial metaverse presence in order to offer services and have a place for social gatherings for marketing and event hosting. In other words, any firm that is worth its salt will require some online space. The metaverse’s future development will be determined by both practical considerations and emerging design trends. Therefore, having a place will provide you the opportunity to influence a portion of the online world. A power struggle for brand influence might start there.
Market trends change over time. However, acquiring a site for making a statement could be worth far more than the prices we have seen plots sell for if the metaverse expands as predicted. Undoubtedly, there are a lot of factors to take into account. It’s uncertain whether Decentraland and Sandbox will continue to hold positions of influence. Metaverse worlds may become more or less popular as time goes on, depending on their usefulness.
If one accepts the concept of the metaverse, then the recent market downturn is really a minor obstacle brought on by unfavourable global conditions. Even if the economy will change, the huge, immersive internet 3.0 will continue to exist. In five years, it will be easier to gauge the acceptance of virtual worlds and the strength of their economies.
The metaverse is currently in the launch phase but has not yet entered orbit. It is simply too early to speculate on whether virtual real estate’s potential is negatively damaged.
The global economy is suffering in the short term, which has an impact on all areas. Long-term, virtual real estate is still far from demonstrating its range and potential. There is still opportunity for healthy anticipation of what lies ahead for the time being.