An Inside Look at the Metaverse Economy
Internet technology has dramatically evolved over the past three decades, transforming from something that provides primary internet connection to suddenly connecting and providing social opportunities like never before.
While that initial connection, known as Web 1.0, was the first step taken to create connectivity, it was Web 2.0 that changed the internet as we know it for the better.
It evolved into something most rely heavily on to connect with people, gather essential information, and even buy the products they like.
However, the Metaverse Web 3.0 economy is the next big thing, with Decentraland bridging the gap between users and the community-owned virtual worlds.
The Metaverse – Internet of the Future
The differences between Web 1.0, Web 2.0, and Web 3.0 are tremendous. From changes to the medium, control, and specific infrastructure, it’s easy to see what the emerging Metaverse economy offers compared to its outdated counterparts. For example, Web 2.0 has a cloud and mobile infrastructure with a heavily censored centralized control, whereas Web 3.0 relies on the blockchain cloud with a decentralized control leading to less censorship.
It’s no surprise that By 2030, more people will use web 3.0 than ever before, with web 1.0 and 2.0 likely becoming a thing of the past. It’s likely to become most popular with younger generations, such as Millenials and Gen Z, most of whom grew up in the more technologically advanced world.
The growing demand for access to social sites to stay connected and virtual gaming for fun and entertainment has created a new and exciting Metaverse Web 3.0 economy, with global virtual world revenue anticipated to reach around $400B by 2025. It means more opportunities for internet users to generate money in the Metaverse while having fun and doing what they enjoy.
So, What is This New Metaverse?
The Metaverse has quickly become the spearhead of Web 3.0’s evolution and interconnection. It creates an open space within the virtual world that allows people from all walks of life living in different cities, states, and countries to connect in real-time while developing user-owned interconnected platforms. These platforms become both digital and physical aspects used regularly to make connections.
While the emerging Metaverse economy is still relatively new, several components are already falling into place, leading to the revolution of social media, entertainment, and e-commerce businesses.
Monetizing What You Love Within the Open Crypto Metaverse
We live in a society where online gaming has allowed thousands of people to generate wealth while doing what they love on the internet. With free-to-play games like Fortnite taking the world by storm, more gaming enthusiasts have the desire to dedicate hours of their day to play while hoping to make it big or earn some cash in the online gaming industry. However, they face the closed corporate Metaverse of Web 2.0 that is centrally owned and often controlled by big tech. It creates limitations that often prevent these gamers from cashing in on the time and effort to perfect their skills while playing internet games.
The virtual cloud economy within Web 3.0 can prevent these common issues that gamers experience while removing the controls often in place on various platforms used within Web 2.0.
It provides these individuals with opportunities to monetize the time spent and effort put into entertainment activities, such as online gaming. It creates an advanced creator economy that rewards users for playing while encouraging others to get on board the opportunity to play to earn.
The Metaverse provides users with more control over their daily interactions within the digital communities. As people start to notice what the blockchain-based virtual world has to offer, such as Decentraland, some of the leading 2.0 corporations will likely need to upgrade their current business models to achieve the best results while shifting to Web 3.0.
Real Value for Users with Enhanced eCommerce Experiences
The Metaverse continues to offer a wide variety of digital goods, services, and even crypto tokens, all of which hold real-world value. For example, users can participate in the play to earn games, unlock rewards, earn crypto, and ultimately complete trades before cashing out in their country’s currency. While gaming was the first to take the plunge by diving right into the Metaverse, other industries are starting to follow suit. These industries include art galleries selling NFTs and hosting NFT auctions, business offices encouraging employees to collaborate in the Metaverse, and advertisers looking to make an impression.
The crypto cloud economy within the Web 3.0 Metaverse offers the infrastructure needed to keep daily operations running smoothly, including regular payment networks consisting of crypto used on different platforms, such as Solana and Ethereum. In addition, it offers a feasible file storage solution, stress-free decentralized exchanges, and creator coins commonly used for identification purposes.
A New and Exciting Web Experience
The complete adaptation of Web 3.0 may take some time. Still, it’s already providing a fully enhanced experience to those who’ve decided to join the Metaverse while connecting with friends, family, co-workers, and more. Moreover, the virtual world continues to experience substantial growth, with around 50K all-time users on board. Because such considerable growth has occurred between December 2019 and June 2021, the future of Web 3.0 looks bright.
If growth continues in such rapid succession, it won’t be long before it becomes the mainstream thing. While Facebook currently has 2.91B users, it’s crucial to consider how long the social media platform has existed to see such substantial growth over the years. It’s simply not comparable to the Web 3.0 Virtual Worlds, which has grown to 50K regular users in such a short period and will continue to expand for years to come.
The Metaverse can transform the internet that we’ve grown accustomed to over the past two decades, taking it to the next level while providing a decentralized experience with more to offer than Web 2.0. It can quickly alter how we socialize with different people and connect to some of our favorite brands while opening the doors for crypto to become more mainstream. Is it the internet of the future? It sure seems that way. With such an established corporation like Facebook shifting to the Metaverse, others will likely start to follow in its footsteps.
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