Metaverse will surge to Multitrillion-Dollar Market, Cathie Wood
The CEO of Ark Investment Management, Cathie Wood, says that the metaverse can become a multitrillion-dollar market. “It’s a big idea that will probably infiltrate … every sector in ways that we cannot even imagine right now,” she said. She also is not the only one to think so. Recently, Grayscale Investments published a report stating that “The market opportunity for bringing the metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today.”
Also joining in Bank of America’s strategist Israel. He believes that this new project is a massive opportunity where cryptocurrencies will be widely used as currencies. There are already transactions wort million on the virtual reality platform Decentraland. A parcel of real estate sold there for 2.4$ million. Also, Republic Realm paid $4.3 million for a property in The Sandbox metaverse. The Bank of America strategist predicts a rise in traditional payment companies’ interest in crypto. This will happen, he says because of how much cryptocurrencies will be used in the new Metaverse.
Is VR just hype?
However not everyone is as excited about metaverse. Some are quite skeptical of the hype surrounding it. They pointed out the fact that VR is nothing new. Also, that people have been playing games in virtual reality for a long time already. The idea itself is so old that is very far from being revolutionary. One of the skeptics, Raj Gokal, co-founder of Solana Labs expressed his concerns over this new idea in a tweet. He said that he probably has not seen a more hyped unreleased product maybe ever which worries him.
Sure, the idea of virtual reality has been around since forever. Even its implementation has started quite a few years ago. This does not mean, however that the VR industry has matured. On the contrary some say that the technology behind it is still in its incipient phase. There is still so much to do when it comes to virtual reality. The goal should be to make it a commodity and integrate it fully into the mainstream. This is why Metaverse is still a great opportunity. If not for anything else, at least for promoting and investing more into VR technology which in turn transforms into businesses ripe for cryptocurrencies.
GensoKishi is Transforming Blockchain Gaming
Capitalizing on, perhaps, the world meta is the game GensoKishi online. Metaverse is the trending concept in the blockchain industry due to its massive potential in different sectors. This is why so many are jumping on the band wagon. Blockchain gaming is one sector that has embraced the metaverse, and GensoKishi Online “Meta World” is at the forefront of this development. GensoKishi Online “Meta World” is a new metaverse and GameFi version of the popular GensoKishi game. It was a popular game that more than 8 million people have played. It won the “Game of the Year” Gold Award in Taiwan in 2012 and is one of the most popular games in the Asian region.
GensoKishi Online “Meta World” is built on Polygon (MATIC). Polygon is a blockchain platform that provides fast transactions and scalability on Ethereum. It enables an ideal architecture for GensoKishi to develop a gaming metaverse with innovative features. GensoKishi Online has developed its utility token Metaverse (MV) to provide players with access to its gaming metaverse. MV coin is an ERC-20 token that serves as a utility and governance for its ecosystem.
Blockchain technology seems perfectly fit to integrate into many systems like VR and the gaming world. In GensoKishi online, players have the opportunity to explore the virtual reality world and participate in various activities. They can also complete tasks with friends and earn rewards. Of course it would not be a new metaverse game without the introduction of NFTs. Players can easily convert their real estate and in-game assets into NFTs. Each NFT grants ownership of these assets to holders and can be exchanged for the native token MV Coin and swapped for fiat on supported exchanges.
The Metaverse Might Not Be Exclusive To Meta
GensoKishi online will not be the only game to join the Meta hype. Likewise the “real” Metaverse will not be exclusive to Meta, industry experts say. This is because virtual worlds already exist in one way or another. Even if you don’t currently done a VR headset to play an online game, a lot of those online games can still be consider virtual worlds. The step to make them VR compatible may be a large one but it’s not far off into the future. The ability to go anywhere in linked worlds that share some general cohesiveness in terms of rules and structure will be challenging. But ultimately it might be what we need to unify into a single entity, somewhat like what the internet provides.
The idea of a Metaverse began long before Google, Oculus, Facebook, Sony, and HTC showed interest in virtual reality. The term Metaverse was coined in a science fiction novel called Snow Crash in 1992. In the book a shared virtual world hosts humans that are represented by virtual avatars. The concept of a shared cyberspace emerged in the early 1980s with the birth of the popular cyberpunk genre. While Metaverse has most recently been associated with the company renamed as Meta, the idea existed earlier. Also, the technology to create it has been explored by many different companies.
It’s not just gaming companies that want to take advantage of VR technology. VR can be implemented and is implemented in teaching programs, mental health treatment, architecture, factories, etc. We can even say that the possibilities are “virtually” limitless.
Online MMORPG games are already a mini-Metaverse
Nvidia’s Kerris spoke about the inevitability of a Metaverse, stating emphatically that it will arrive within the next five years. He also stated that it will bring dramatic changes and even affect how work is done. Kerris explained that BMW made a virtual factory. The work there helped in re-tooling the real world counterpart. However, for the best results, some standards will need to be agreed upon so more people and more companies can participate. At present, there are hundreds of millions of players participating in massively multiplayer online games, and each is a bit like a mini-Metaverse. If a few of these worlds could be connected and also offer portals to shopping, meeting, and events, a federation of virtual worlds could be constructed. This could happen much more quickly and with greater depth and creativity than what might be possible with Meta as the exclusive owner of the Metaverse.
Everything do with Metaverse translates into great crypto opportunities. Games already have microtransactions and people have gotten used to them by now. This will make the transition from the currency they are currently using to a cryptocurrency; either an existing one or one that will be implemented specifically for that game and/or company a lot easier.
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