Expert tech analysts have come up with several analyses about the metaverse, and all have predicted a powerful future. The most popular one is the report from Citibank in 2020, which predicted that the metaverse will reach an $8-13 trillion market size in 2030. This research also revealed that most of the application of metaverse technology is usually based on sheer entertainment and leisure.
One of the most mentioned sectors is the virtual concert or virtual party – this means that when this sector finally materializes, most of its use will be leisure-based. Academic institutions are still not relenting in coming up with new ways to take advantage of metaverse technology.
Top academic institutions like the Arizona State University, in one of their experiments, have come up with what they called the Dreamscape Immersive: an American entertainment and tech company that creates a full-blown digital experience, and allows six people to simultaneously participate in a 3D virtual space as an avatar. Then, there is also the Open Metaverse Initiative: a project by the University of Nicosia, it is an initiative directed towards academic policy and research issues that borders around the metaverse.
Although professionals are saying the same thing, their definition differs slightly. While some of these professionals explain the metaverse as the next big thing in social connection, and a perfect substitute for mobile telephony and the internet, others defined it as the ability to move freely between one meta space to the other.
In another definition, Apple sees the metaverse as a subsidiary of a physical, with the use of virtual reality gadgets/products. Chief executive officer of Passage, Caleb Applegate, in an interview with journalists, defined the metaverse is a virtual universe that connects every Web3 layer across every economy, security, and interoperability, but above all, has connection with the physical world.
One of the top web3 consultancies, Vayner3 in a separate interview explained that metaverse technology has gotten much attention both among people and investors alike. He went ahead to cite the movie “Ready Player One” as a perfect picture of the kind of change the metaverse technology will bring into the gaming industry.
Meanwhile, Allen Hena, the director of web3 operations at Vayner3 has described the immense opportunity found in the metaverse industry. He also explains that in the future, this technology will be embedded into every mobile device, most effectively, smartphones.
With all these innovations going on in the world of the metaverse today, regulators and pioneers in the industry have always hammered on maintaining the balance between the metaverse and the physical world. The development and expansion of products like Decentraland and Sandbox have made many people see the metaverse from only the video game point of view. And the introduction of blockchain technology has more to do with building owners and creating many personalized identities which are quite common in the gaming space.