What is the metaverse?
The metaverse is a three-dimensional virtual world where people can live life in ways they couldn't in the real world.
Although the idea of the metaverse has been around for a few decades, interest in this virtual world has grown significantly since last year, when some of the biggest tech companies said they were interested in it.
Facebook hired 10,000 people to work on their own metaverse integration and changed their name to Meta.
The most common way to experience the metaverse today is through the use of a virtual reality (VR) headset like the Oculus.
However, what benefits does Web3 offer the metaverse?
Because it enables the metaverse to be decentralised, blockchain plays a crucial role in its development.
Metaverse projects must be built as decentralized platforms if we want the internet to be decentralized like it is now.
The metaverse's use of blockchain technology has the potential to revolutionize a wide range of sectors, including healthcare, art, media, advertising, commerce, and social collaboration.
How much space could the metaverse take up?
Citi estimates that the metaverse's total addressable market could reach between $8 trillion and $13 trillion by 2030, with approximately five billion users.
This is due to the possibility that smartphones and personal computers could access the metaverse, making it accessible to even less developed nations.
How do we get billions of users to adopt the technology?
A significant investment in metaverse infrastructure, including consumer hardware, compute equipment, and storage.
A 1,000-fold increase in the efficiency of streaming environments today.
Certain issues, such as metaverse property rights and anti-money laundering regulations, will require greater clarity from global regulators, policymakers, and governments.