Tehran(Bazaar): Himadri Saha in interview with Bazaar News Agency said: the metaverse is projected to go much beyond just online gaming and become a full-fledged alternative universe worth a whopping $800 billion by 2024.
Himadri Saha is an active cryptocurrency trader, he has been a proactive investor in upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist in reputed news outlets like NewsBTC, Bitcoinist, and CryptoPotato. Himadri has also helped numerous blockchain projects gain prominence and visibility through terse and succinct marketing campaigns. He comes with a marketing, product design, and mechanical engineering background, and has worked with multinational corporations such as GE Healthcare, Volvo Trucks, and Polycom before moving into crypto.
Bazaar: How Do You See the Future of Metaverse Technology?
Saha: Imagine being able to walk into a 3D world, such as Westeros or Hogwarts or Middle-Earth, and experiencing it like the real world in which you can hang out with other fans and buy exclusive collectibles like swords and magic staffs. Now, that’s just one application of metaverse.
Metaverse - a digital 3D, immersive and persistent world will have real human beings interacting with one another and their environment through their digital identities. Brands are developing virtual worlds in which consumers will try their products before buying them. Medical students will perform surgeries on virtual beings with life-like details for practice. Justin Beiber is one of the many artists offering a live virtual concert in the metaverse this year!
Powered by blockchain, AR, VR, and Brain-Computer Interfacing (BCI) technologies, the metaverse is projected to go much beyond just online gaming and become a full-fledged alternative universe worth a whopping $800 billion by 2024.
Bazaar: Which Countries Have Invested More in This Area? Are They Leaders in This Field?
Saha:Unlike the rise of cryptocurrencies that boot-strapped or funded startups brought about, the big guys of technology, including Facebook (now Meta), Microsoft, and Apple, are fuelling the development of metaverse. Inevitably, the countries these companies have a stronghold, such as the US, will benefit from this new wave of technological revolution.
South Korea will inject $200 billion in the Metaverse and Artificial Intelligence (AI) market. It will nurture 40,000 professionals and over 200 companies to carve a niche for itself in this future market.
The island nation of Barbados has also joined the Metaverse revolution by announcing the development of a digital embassy in collaboration with Decentraland. In China, the country’s leading search provider Baidu is already offering a self-developed metaverse called XiRang that allows 100,000 users to interact digitally and visit virtual locations at a time.
Bazaar: What Effect Does Metaverse Have on the Digital Economy?
Saha: The rise of the metaverse equates to the rise of a digital economy with new forms of value that did not exist before. We have already seen digital art in the form of Non-Fungible Tokens (NFTs) being sold for millions of dollars. With the development of metaverse, every component that constitutes it will be a potential digital asset with value.
For example, in a virtual shopping mall, digital real estate will be an asset that companies can bid on to set up their virtual stores. Digital avatars of consumers will buy products from exclusive limited-edition collections. Each product will be an NFT paid for with cryptocurrency, and the transaction will be recorded immutably on the blockchain. Gucci, Louis Vuitton, Zara, Nike, and several other fashion brands are already making it big in the metaverse! Imagine this phenomenon for all the brands across all the industries in the world - there are your trillions of dollars worth Metaverse-powered digital economy.
Bazaar: What Effect Does it Have on Cryptocurrency Investment?
Saha:One of the main criticisms that cryptocurrency faced for a long time was its ineffectiveness as a currency. A very small percentage of vendors in the world accepted cryptocurrency payments, and those too were limited largely to Bitcoin. Thus, cryptocurrency adoption could not gain momentum despite its promise of secure, immutable, decentralized transactions.
Now, with the rise of the metaverse, this is changing. In the metaverse, cryptocurrency is “the currency” with which users buy NFTs of any kind. For example, in Decentraland, users can buy NFTs of digital real estate, goods, and services using the platform’s native token, MANA coin. In addition, they can build their micro virtual worlds with digital assets and share these spaces with other users to interact, co-create other digital assets or advertise their products to them.
Thus, the development of metaverse goes hand-in-hand with cryptocurrency adoption, which is bound to lead to an exponential growth in cryptocurrency investment.
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