With the rapid development of NFT platforms and blockchain technology, Metaverse is likely to be a key factor in changing the way society and business operate.
Let's take a look at how startups around the world are using NFTs, blockchain, and the metaverse to accelerate their company's growth.
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The metaverse is coming
Metaverse is generally defined as a digital reality that combines technologies and functions such as social media, online gaming, augmented reality (AR), virtual reality (VR), etc.
It is very likely that the future metaverse will provide various entertainment and even work opportunities.
According to Bloomberg, the Metaverse will generate nearly $800 billion in revenue in 2024, up from $500 billion in 2020. Online game makers and gaming hardware segment revenues are likely to exceed $400 billion in 2024, with entertainment and social accounting for the rest ($400 billion).
Metaverse is the next big technology platform, attracting online game makers, social platforms, and technology leaders to capture this burgeoning market.
The Metaverse will be characterized by unlimited space, a strong sense of experience, and free access. It will focus on digitization and may involve entertainment, socializing, and work. I predict we will see the Metaverse create an entire ecosystem for developers, apps, advertising, and new digital innovations.
Those with real stakes in the Metaverse currently include ByteDance, Tencent, Spotify, Zoom, Amazon (Twitch), Alibaba, Roblox, Bilibili, Snapchat, Kuaishou, and Huawei.
Facebook changed its name to Meta with a high profile, and invested $10 billion in Metaverse in 2021, Apple is also about to launch a Metaverse with AR glasses, and Microsoft, with Microsoft Teams and games, may be the most advanced company in Metaverse, WeChat Improvements in payments and access are the beginnings of metaverse applications.
The growing influence of NFT platforms
An NFT is a type of digital object: computer code and data that convey ownership.
Property may be digital, such as virtual real estate or a special piece of equipment in a video game; it may also be real: real estate, a painting, or a place at a concert; or perhaps an NFT is a combination of the two, such as dominating a space to the right of the room.
The constant collision between the physical world and the digital world makes the public very optimistic about the prospects of NFT.
Investment bank Jefferies predicts its NFTs will surpass $35 billion by 2022 and $80 billion by 2025. The bank sees digital assets as an emerging technology and advises clients on a wide range of investments, including video games, toys and social media companies, among others.
NFT will become more and more popular, whether it is in movies, TV shows or books, you will see NFT.
NFTs are part of the digital economy and will be a major trend in the future because they allow things that were previously uncontrollable, such as a piece of art or a character. The digital economy is made up of various online marketplaces — including gaming economies, virtual real estate, and even social media platforms like Facebook.
The global development momentum of NFT is unprecedented, which also laid the foundation for its subsequent development.
Blockchain technology dominates
Blockchain is an innovative distributed ledger that enables companies to track transactions and conduct business with unverified parties -- without the help of financial institutions. This new capability both reduces business conflicts and adds other benefits such as security, immutability, and decentralization, among others.
Blockchain plays a key role in cryptocurrency systems like Bitcoin: it is used to maintain a secure and decentralized record of transactions. The innovation of blockchain is that it guarantees the fidelity and security of data records, generating trust without the need for a third party.
Blockchain technology is currently widely adopted, involving many industries from gaming to finance.
According to the International Data Corporation, enterprises will spend nearly $6.6 billion on blockchain solutions in 2021, a 50% increase from the previous year, and this figure is expected to exceed $15 billion by 2024.
In the development of NFT and Metaverse, blockchain will be particularly important, and there is no doubt that blockchain technology will create major business opportunities.
Statista predicts that blockchain technology will be worth more than $23.3 billion by 2023. One of the more successful examples of blockchain deployment is the Walmart supply chain database application, which can directly monitor the origin of individual products, thereby improving food supply standards.
In the future, I expect more attention will be devoted to blockchain technology, which will promote environmental protection, offset its carbon footprint, and the government may support blockchain.
Reference source: nftnewsinsider
Compile: liurui
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