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The Rise of the Metaverse - JIS Online

The Rise of the Metaverse

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The Metaverse is a virtual world independent of the physical universe where people can socialize, engage in an endless variety of virtual experiences and develop its own digital economy. It has the potential to transform a host of industries, including media and entertainment, communications, healthcare and education.

A wide range of companies are Meta Skill Tree building their piece of the metaverse pie, but the industry is still in its early stages. Many investors are skeptical of its potential, partly because VR and AR headset sales have been slow. But private capital is putting its money where its mouth is. A recent McKinsey report found that more than $120 billion has been invested in building metaverse-related technologies this year alone, double what it did in 2021.

Building Bridges in the Metaverse: Connecting Virtual Worlds and Real Communities

One of the main drivers of that investment has been a rise in interest in non-fungible tokens (NFTs). NFTs are a type of digital asset based on blockchain technology that can represent everything from art to virtual real estate to video games. Eventually, they could be used to trade items in the metaverse, similar to the way cryptocurrency is today.

Other businesses are using the metaverse to experiment with new offerings and build relationships with customers and employees. For example, Nike is partnering with Roblox to create a digital space called Nikeland that allows fans to interact with each other and dress their avatars in virtual apparel. And augmented reality applications are already allowing consumers to try on clothes or eyewear in their homes, see how new furniture would look in their home or get a makeover in a virtual beauty salon.

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