Are We Finally Getting The Definition Of Metaverse?

• Metaverse is a digital concept which is capable of replicating the tangible world into a digital world, enabling real life activities in its realm.
• With the arrival of famous celebrities like Snoop Dogg, Eminem etc, the sector appears to lure a lot more user base into the arena.
• As per a report by statista, Web2 metaverse organizations had a total market cap of over $14 trillion, and Web3 metaverse sector is expected to near this figure as soon as it becomes mainstream.

Metaverse Definition is Still Liquid

Metaverse can be anything, a digital playground to play games, a mall for shopping, a virtual museum, or even a replica of The Great Depression era. All these possible outcomes in the digital realm makes it very difficult to define what metaverse is.

The concept has been here for decades, still no one has figured out a generally accepted metaverse definition. There’s a robust belief in the metaverse, yet we are longing for it to this date.

It appears like this trend is gonna last for quite some time, who can say. Folks think of it as the internet’s next iteration, where we won’t be witnessing the digital realm, but gonna be immersed in the magical world.

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When Will This Liquid Definition Go Solid?

To be very precise, no one knows. As per a report issued by Mckinsey and company on metaverse, they talked with Square Enix CEO, where he said that we are going too hard on making a rigid definition of the metaverse, which can limit creators’ imagination.

The report says that a couple of things are crystal. First is that the development of metaverse is happening like a bat out of hell, given the massive investment it has received to this date.

Second, it focused on many of its foundational attributes, including interoperability, real time interaction, expanding use cases beyond gaming and more.

While the metaverse is still at its infancy, several folks as well as organizations are being attracted towards the booming sector, and have established their shops. Nike, Adidas, Prada to name a few, are the companies, showing faith in this booming space.

Organizations like CitiBank have forecasted that the sector is going to become a $13 Trillion industry by 2013.

We might not have a robust definition of the metaverse, but deep down, we all know what it is and how we are gonna immerse in this amazing new alternate reality when it goes mainstream.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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