Industry experts explain why Metaverse is the future

No, The Metaverse Isn’t Dead, Says Industry Expert


The concept of the metaverse has emerged as a beacon of innovation, but is frequently misunderstood and prematurely praised. Contrary to rumors of his death, the Metaverse is strong, bursting with talent and promise.

When examined through global engagement and the evolution of digital property rights, the meta-contrast seems to be intensifying.

Yat Sue, Co-Founder at Animoka Brands, provided BeInCrypto with invaluable insights into why Metaverse is surviving and thriving. Like Siu, Metavas goes beyond virtual escapism, incorporating the next quantum leap in Internet evolution – digital property rights.

This shift in perception gives users ownership over their digital assets and their contributions online, marking a major shift away from the traditional and passive consumption of digital content.

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The growth of the metaverse has been fueled by major technological advances and cultural shifts, particularly in the way we understand and interact with digital environments. Siu says that embracing this technology, understood as a decentralized Internet or Web3, will facilitate true digital ownership.

This revolutionary concept has begun to reshape online communications, giving them new depth, authenticity and economic value.

“Through Metaverse's promotion of digital asset rights, interactions gain purpose and meaning. Our digital assets and stories are becoming part of our social identities, allowing us to interact with them rooted in an authentic shared story. This authenticity is something we've experienced in video games, but as a word that Metaverse elevates.” It's in,” Siu said.

Moreover, Metavas is not limited to abstract or pure digital. It interacts strongly with the physical world, especially through initiatives that connect virtual activities with real-world physical capabilities.

“The assumption that digital activity causes physical inactivity is incorrect. For example, a report cited by the Centers for Disease Control and Prevention found that US adults exercised more than they did two decades ago, when the world — including the US — fully embraced the digital lifestyle. Siu added. .

Read more: Top 10 Metaverse Platforms to Expect in 2024

Companies like Siu, GOQii, Sweatcoin, and OliveX are using blockchain technology to promote health and fitness. Next, dispel the myth that digital immersion equates to physical inactivity.

The world is going digital.

The economic implications of the metaverse are profound, with the global cryptocurrency market cap – the cornerstone of Web3 – exceeding $1.64 trillion. Indeed, this growing economy suggests that businesses look beyond traditional strategies and immerse themselves in the cultural and economic ecosystem of the metaverse. Such immersion requires a valuable understanding of digital ownership, community building, and virtual interaction.

However, Siu emphasized that the ethical dimension of metavas is also very important. As the film and video game industries push ethical boundaries, the Metaverse must establish guidelines. The goal is to ensure a place for positive interaction, not a haven for harmful behaviors. However, the challenge lies in balancing freedom and creativity with responsibility and ethical standards.

“Context is critical. Images of historical events that include gruesome images or actions can serve educational and narrative purposes. The inclusion of controversial content in the metaverse should be approached with the same level of moderation and sensitivity as in other media, Siu emphasized.

The cultural and economic dynamics in the metaverse are affecting industries beyond technology. For example, like Gucci and Tiffany & Co. Luxury brands are pioneering the adoption of NFTs and digital assets. These developments highlight the role of the metaverse in redefining value, community, and identity in the digital age.

NFTs, by serving as digital cultural stores, highlight the potential of reflecting the complexity and richness of physical possessions in the virtual world.

“Most young people spend a significant amount of time online, and their sense of value already includes digital. By entering the metaverse and owning NFTs or similar assets, brands can communicate directly with their fans and loyal customers in a way that is impossible in the Web 2 era. Without this third-party platform, marketing It makes it more straightforward, efficient and cost-effective, Siu said.

Read more: Exploring collaborations and partnerships in NFT trading

Volume traded in NFTs. Source: IntoTheBlock

Despite uncertainties and volatility in emerging markets, MetaVas's trajectory points to growth and mainstream consolidation.

Siu believes “unequivocally” that “flexibility is the future.” Such conviction is supported by the impressive growth in NFT sales volumes and Metavas' strategic embrace across various industries. Therefore, it reinforces the idea that the world is witnessing the infancy of the digital revolution.

Disclaimer

Following Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is committed to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its employees. Readers should independently verify information and consult with a professional before making decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.

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