The latest paradigm shift for the internet is well underway. Theis already here. When companies invest in an idea and the media declare a moment, it is wise to pay attention. As things stand, a lot of companies are wondering what the metaverse is, and whether they should be a part of it.
What is the Metaverse?
The metaverse includes any digital experience on the internet that is persistent, three-dimensional, and virtual. That means the metaverse is a virtual world. It is a virtual environment where users can interact with one another and with the environment around them. Each individual has an avatar which is his digital identity.
The term Metaverse was first coined in a science fiction book back in 1992. A good science fiction movie that has elements of what a virtual world looks like is “Ready Player One.”
Metaverse experiences give us the chance to play, work, and connect with others. Games like Fortnite and Minecraft are destinations within the metaverse. It is the virtual universe that unites these virtual worlds together in one giant ecosystem. Users in the metaverse spend cryptocurrencies. They can buy and collect items such as clothing and collectibles. In the metaverse, users can trade NFTs. Some of the NFTs unlock unique rewards.
The combination of blockchain technology, crypto, and virtual reality creates a new digital economy. Individuals and brands would create experiences in the metaverse and generate large revenue.
Top Brands Taking Giant Strides (Metaverse Mean for Big Brands)
Many brands are already shaping the landscape as entertainment and gaming companies seem to be leading the way. Decentraland is a 3D virtual world that allows users to create virtual structures and collect fees when people visit. All these activities are powered by blockchain.
Mack Zuckerberg claimed Facebook would evolve into a metaverse company. This has led to the company rebranding its identity accordingly. The metaverse is a network of communities, a distribution channel, and a marketing platform that unlocks consumer rewards like never before.
NFTs defy Crypto Winter
NFTs are all the rage right now. The Bored Ape Yacht Club has continued to add celebrities to its project. In the past week, Justin Beiber bought an ape from the collection. The floor price is now over 100ETH due to price speculation. The more celebrities, the more the hype and this drives up the price. Other top collections are also doing very well. It would seem this is where the money is flowing at this point.
A few months ago, the floor price of the World of Women NFT collection was 0.2ETH. Now it is almost 10ETH. The rankings on OpenSea show that many collections have experienced gains of triple digits. As the normal crypto market has been experiencing a bear market, the NFT market has been pumping.
Opportunities Abound in Blockchain
There are always opportunities in blockchain. While the top cryptocurrencies get the most attention, Polygon, Solana, Cardano, and other chains are an area to keep an eye on. The price for Ethereum based NFTs are becoming outrageous. 5 to 25 thousand dollars is common for Ethereum-based NFTs. Ethereum-based NFTs. The top collections are valued at hundreds of thousands while NFTs on other chains have lower price pale. Right now, NFTs are going through a bull market face period over the last year we’ve had about three or four bullish NFT periods like this one. These are followed by corrections to the floor prices.
If there is an NFT that you would like to buy you may be able to get it a little cheaper in the coming weeks. Again, except you are playing a flipping game then remember that you should be buying enough things that you actually like. This makes it easier to hold them through the period when it will correct in prices. Even if you hold a collection that goes to zero at some point at least you have an asset that you love.
The metaverse has different implications for big brands who want to stand out and communicate with their customers. It is more than geeks staring at a screen in the corner of their rooms, and it is not a passing fad. With the first movers’ advantage, brands can win big in this brave new world.