How will the Metaverse affect the Crypto Industry in 2022?

PUBLISHED Jan 11, 2022, 12:17:38 AM        SHARE

imgTobi Opeyemi Amure

The Metaverse has been termed the “future of remote work” by a lot of Cryptocurrency enthusiasts. In this article, we will be looking at how the incorporation of the Metaverse will affect everyday life and also what the Metaverse means for the Crypto Industry in 2022. In preparation for the Metaverse boom, top guns in the tech and fashion industry either rebranded or launched their Metaverse kits. On the 28th of October 2021, Facebook rebranded its name to Meta amidst all the controversies surrounding the company to stay relevant.

What is the Metaverse all about? Why the fuss?

The Metaverse is a collection of 3D virtual worlds designed to foster social interaction. The word is frequently used in futurism and science fiction to represent a potential iteration of the Internet as a single, universal virtual environment assisted by the usage of virtual and augmented reality headgear. The term "Metaverse" was coined as a combination of "meta" and "universe" in the 1992 science fiction novel Snow Crash. Various Metaverses, such as virtual world platforms like Second Life, have been created for public use. Integration of virtual and physical locations and virtual economies is common in several Metaverse incarnations, as is a keen interest in the advancement of virtual reality technology. The term has been widely used as a marketing buzzword to exaggerate development progress for a variety of related technology and initiatives. Information privacy and user addiction are two issues that Metaverses face, and they arise from problems in the social media and video game industries as a whole.

Likely benefits of the Metaverse in 2022

If there’s one thing the world realized from the COVID pandemic, it’s that many jobs could be done remotely. Also, in 2021, we saw rapid growth in the NFT space. NFT sales hit a whopping $27 billion! Crazy right? We do of course think this solidified the Metaverse boom. Knowing this, How would the world benefit from the Metaverse “boom” in 2022?

A Brave New World for Marketing Opportunities

Users will be able to shop, socialize, participate in leisure activities, and learn using avatars. Believe it or not, there are some fantastic marketing opportunities hidden within these virtual worlds, and many firms are already making use of them. For brands like WarnerMedia and Paramount, for example, put advertisements that measure viewability in real-time across gaming settings spanning mobile, console, and, more recently, Roblox. The advertisements are realistic and merge into the game, so billboard ads and branded apparel appear in-game just like they would in real life. CPMs range from $6 to $12 across platforms and can be purchased programmatically or dynamically in Roblox.

Smooth transition to Virtual offices

We've grown accustomed to using Zoom, Skype, Microsoft Teams, and other virtual communication platforms to keep in touch during the pandemic. The Metaverse, on the other hand, can take this a step further by providing users with a virtual office space that makes it feel like they're all in the same room. Companies like Virtuworx are already developing avatar-based virtual reality and mixed reality environments that turn remote work into a meaningful and productive experience by providing a fully customizable solution for virtual training, offices, events, trade exhibitions, and conferences. Participants get to explore and engage in a variety of ways rather than looking at a screen all day. The platform's first use cases centered on re-creating the actual environments that were being replaced. However, over time, new concepts powered by gamification and data from the early use cases have resulted in the construction of richer and more complicated ecosystems, and anybody with an internet connection can access the platform.

Virtual Tourism

Fortunately, modern technology allows us to travel without physically being there, and what distinguishes the experience from being there in person versus seeing it on video is the first-person perspective. The Metaverse, as well as Augmented Reality (AR) and Virtual Reality (VR), enter the picture at this point. An immersive universe with realistic content will pique the audience's interest and allow them to immerse themselves in the setting as if they were there in the first place. Virtual reality tourism is a new frontier that has yet to be mainstreamed. Youtube and other major content hosting services are expanding their 360° video content repositories. Unlike traditional travel, which is often associated with freedom, current video content only allows you to watch what has been recorded for you to see. You can take a Disney world virtual tour, for example, in addition to seeing various world sites. This will be a theme park Metaverse with interconnected park experiences that break down physical and digital barriers to reveal new layers of storytelling. Disney did this by launching #DisneyMagicMoments and creating material for the blog, social media, and the My Disney Experience app to engage with fans. Possible Impact of the Metaverse on the Crypto Industry in 2022 In addition to being tagged the future of remote work, the Metaverse is being looked at to be the future of the Internet. Shortly after the announcement of Facebook rebranding to Meta, most of the Blockchain gaming tokens showed meteoric surges that hadn’t been noticed in months. According to CoinMarketCap, popular Metaverse tokens like Decentraland, WEMIX, UFO, SAND, ATLAS, ALICE, and AXS all surged by more than 50%. The surge shows that investors and individuals are staking hard on the Metaverse. All these surges were seen in 2021. It is expected that the Metaverse would blow up in 2022 and if what we are envisaging is true, it would become completely mainstream by the middle of the year. As the year progresses, Metaverse projects are expected to transition from early adopter to mass adopter status, as millions of individuals begin to engage with and invest in these models. Founders will focus on adding value to their companies and forming communities, and we will witness a slew of successful decentralized spaces rather than a single winner. We'll see both generic Metaverses like The Sandbox, which will be laid out like virtual cities, and specialty Metaverses like OneRare, which will celebrate food from all around the world.

Closing thoughts

Samsung, Nike, Adidas, Microsoft, and other companies have all announced their involvement in the Metaverse. If 2021 is anything to go by, we can tell you for a certainty that the Metaverse will be a big hit!

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