We can use a piece of land in the Sandbox Metaverse or any other competing Metaverse platform in the same way as we do in the real world. The value of that property is determined by its location, like in the real world.
Mark Zuckerberg believes that the Metaverse will become a place where people work, eat, play, and interact in the digital world that is always on. The Metaverse is in its early stages of evolution. It is a vibrant world full of innovation, opportunity, and growth.
Metaverse will provide entertainment, investing, and earning opportunities. It is a platform for celebrities, other influencers, brands, and others to enhance their social presence. Here, they can advertise, perform, play, interact, leverage the enhanced brand presence, attract customers, and profit from it.
Metaverse is a shared virtual world that you can access via the internet. Visitors get an immersive experience with the help of augmented reality and virtual reality technology. It is a digital world in which advanced human-computer interaction involving hardware and software occurs. The Metaverse is in its early stages of evolution. It is a vibrant world full of innovation, opportunity, and growth.
The metaverse market’s true potential is still being discovered. Still, various industry reports from Bloomberg and Yahoo finance estimate it is growing at an average CAGR between 13% to 44%. The metaverse market has rapidly grown in the last two years (2020 and 2021). It is anticipated to maintain an average CAGR of 13.1% until 2024.
Lockdowns, work-from-home, and logistics disturbances caused by the global pandemic fuel the demand for the services offered in the Metaverse. The metaverse market will be approaching $783 bn in 2024. This revenue will come from gaming software, services, advertisement, live entertainment, social media ads, gaming, IT, and VR hardware.
Google, Apple, Microsoft, and Meta will be developing more capable VR/AR headsets. The Seoul Metropolitan Government has announced work to build a virtual communication ecosystem with economic, cultural, tourism, and civic services. They are calling this project Metaverse Seoul.
Google acquired Canadian company North. The company brings with it augmented reality hardware and software capability. Apple is reported to be exploring acquiring a headset company. This ability will enable entry into the Metaverse. Microsoft Hololens, Facebook’s, now Meta’s, Oculus, PlayStation’s VR helmets, Epic Games video games, Alibaba Ali Metaverse, and others seek to leverage the opportunities in the Metaverse world.
In this hot market, geopolitics, too, is playing its part. The People’s Republic of China (PRC) seeks to compete with America and the Western world. It is competing to leverage the Metaverse’s abilities in industry and business. It has constituted a committee to promote and develop applications for the Metaverse. Alibaba and Tencent are developing applications and building products that will help them dominate the emerging market in the Metaverse.
Some use cases can be:
Construct a virtual palace, game parlor, shop, playground, auditorium, or whatever you may fancy. Like in the real world, your property’s value depends on its location. So it is in the Metaverse. If the virtual land is located in an area where celebrities have built a mansion, your property will also get more eyeballs. Some visitors may be interested in what you have built on your virtual property. The visits can lead to potential sales and revenues.
An alternate use case could be to set up a virtual display of innovation. The principles of attracting eyeballs and converting these into dollars are the same as in the real world. The long-term revenue potential of anything in the Metaverse depends on its ability to serve a purpose that attracts customers. Ultimately, it will be the customer that will decide its value. There will be revenues if there are buyers of what you want to sell. Otherwise, the Metaverse will disappear as a fad like many technologies has in the past.