The metaverse concept has emerged as a symbol of innovation, but it is often misunderstood and prematurely praised. Contrary to swirling rumors of apocalypse, the Metaverse is firmly established and throbbing with potential and possibility.
When viewed through the lens of global participation and the evolution of digital property rights, the metaverse appears to be gaining momentum.
Yat Siu, co-founder of Animoca Brands, provided BeInCrypto with valuable insight into why the metaverse is surviving and thriving. According to Siu, the metaverse goes beyond virtual reality escapism and embodies the next quantum leap in the evolution of the Internet: digital property rights.
This paradigm shift marks a significant departure from the traditional passive consumption of digital content by giving users ownership of their digital assets and online contributions.
The growth of the metaverse is underpinned by significant technological advancements and cultural changes, particularly in the way we perceive and interact with our digital environments. Siu told BeInCrypto that embracing this technology means understanding it as a decentralized internet, or Web3, promoting true digital ownership.
This innovative concept has already begun to reshape online interactions, giving them new depth, authenticity, and economic value.
“With the introduction of digital property rights into the metaverse, interactions take on purpose and meaning. Our digital assets and history become part of our social identity, enabling interactions rooted in a verifiable shared history. This authenticity is what we have experienced in video games, but Metaverse promises to enhance it,” said Siu.
Moreover, the metaverse is not limited to the abstract or purely digital. This intersects significantly with the real world, particularly through initiatives linking virtual activities with real physical health.
“The assumption that digital activity leads to physical inactivity is not necessarily correct. For example, a report cited by the Centers for Disease Control and Prevention (CDC) shows that American adults are more physically active than they were 20 years ago, when the United States and the rest of the world fully embraced a digital lifestyle,” Siu said. added. .
Read more: Top 10 Metaverse Platforms to Watch in 2024
According to Siu, companies like GOQii, Sweatcoin, and OliveX are leveraging blockchain technology to encourage health and activity. We then debunked the myth that digital engagement equates to physical inactivity.
The world is going digital
The economic impact of the Metaverse is so profound that the global cryptocurrency market capitalization, the cornerstone of Web3, exceeds $1.64 trillion. In fact, this growing economy tempts companies to look beyond their existing strategies and immerse themselves in the cultural and economic ecosystem of the metaverse. This engagement requires a nuanced understanding of the value of digital ownership, community building, and virtual interaction.
However, Siu emphasized that the ethical dimension of the metaverse is also of utmost importance. As the film and video game industries navigate ethical boundaries, the metaverse must establish guidelines. The goal is to remain a space for positive engagement rather than a haven for harmful behavior. But the challenge lies in balancing freedom and creativity with responsibility and ethical standards.
“Context is important. Depictions of historical events may be used for educational or narrative purposes, even if they include abhorrent people or actions. “Inclusion of controversial content in the metaverse must be approached with appropriateness and sensitivity, just like any other media,” Siu emphasized.
Cultural and economic dynamics within the metaverse are already impacting industries beyond technology. For example, luxury brands like Gucci and Tiffany & Co. are leading the way in NFT and digital asset adoption. These developments highlight the role of the metaverse in redefining values, community, and identity in the digital age.
Serving as digital repositories of culture, NFTs highlight their ability to reflect the complexity and richness of physical ownership in a virtual world.
“Most young people spend a significant amount of time online and their values already include digital. By entering the metaverse and owning NFTs or similar assets, brands can speak directly to their fans and loyal customers in a way that was not possible in the Web 2 era. This makes marketing simpler, more efficient and cheaper without the need for third-party platforms,” said Siu.
Read more: Exploring Collaborations and Partnerships in NFT Marketing
Despite the skepticism and volatility inherent in emerging markets, the metaverse’s trajectory is toward growth and integration into mainstream markets.
Siu “absolutely” believes “the metaverse is the future.” This confidence is supported by the notable surge in NFT sales and the strategic adoption of Metaverse by various industries. This therefore reinforces the notion that the world is witnessing the early stages of a transformative digital age.
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