The Metaverse Isn't Just a Fad, It's Here To Stay

It has been an interesting past few months in the tech space. Everyone seems to be more interested in the metaverse than ever, even though not many people even seem to know what it is.

This technological marvel has been taking the world by storm, with the promise of changing the way we generally view entertainment and engagement. However, while some might believe the metaverse to be a huge trend that won’t make any difference, they would be wrong.

If you’ve been around the tech space for the past few months, you’ll understand the craze about the metaverse. Companies are trooping into this space, significantly, with the Facebook Group even changing its name to “Meta.” Microsoft has confirmed plans to jump into the metaverse with its own development team, and brands like Nike have also built interesting metaverse iterations for their customers.

Right now, the true meaning of the metaverse isn’t exactly known. But, the idea behind it is pretty universal - a new reality where people will be able to come together, connect even better, and enjoy immersive experiences all around.

However a company builds its metaverse, the goal remains to transport people into a new reality where they can appreciate more engaging experiences.

What is On Ground At the Moment?

Today, we have virtual worlds across several lines that are already making waves. Fortnite and Roblox are household names that are looking to assert dominance early, and platforms like Decentraland, Axxie Infinity, and Sandbox are also emerging and making the news pretty often.

Then, there is Axes Metaverse - a metaverse project built by Azur Games. Axes Metaverse is a play-to-earn metaverse project where players can take possession of in-game assets including avatars, land, more. Every player gets an Axes Hunter, which they can use to play and explore the metaverse. Battle your way through the challenges and face other players for the chance to earn marketable rewards. Think of it as Fortnite with the blockchain.

All of these metaverses are coming at a time when people desire an escape. Economic uncertainty, and a global pandemic have made many people yearn for more of an escape from reality. These metaverses have proven to be places where people can be creative and express themselves without necessarily worrying about anything else.

The World is Moving From Scrolling

Many critics of the metaverse are quick to call it a fad, likening it to the craze around non-fungible tokens (NFTs) or even the dot com bubble. Some even believe that it is simply the dystopian dream of some big tech CEOs like Meta’s Mark Zuckerberg. However, these criticisms fail to understand the potential that the metaverse poses.

Currently, we’re in the midst of another cultural shift. The millennial era is quickly coming to an end, and Gen Z is in full swing. Many Gen Zers are already exhibiting some noticeable traits, including their affinity for exploration and gaming.

For many people in this age group, gamification is everything. While millennials scroll through feeds to see what their friends and family members are up to, Gen Zers are more likely to spend the day exploring virtual spaces with their friends. To them, it’s much better to check out a new virtual world with your mates than sitting down at home looking through Instagram feeds or Snapchat Stories.

As usual, big corporations and tech companies have been the first to notice this shift in trends. So, they’ve moved significantly into the space as they look to capture the attention of these “kids.” This is what is spurring moves like Facebook investing $50 million towards preliminary research for the metaverse and Sony Entertainment investing $200 million into Epic Games - the company famous for developing Fortnite.

These large companies are making these plays because they see the trends in the younger generation. Millennials and Gen Zers are playing games and exploring digital spaces from the comfort of their homes using their devices, and this happens more often than you would think. Many of them will be looking for the next big platform to help fulfil their curiosity, and the competition is already fierce. Whoever can get their attention could own the future.

The Playing Field Isn’t So Level Yet

Currently, there are different applications of the metaverse. From engagement and gaming to advertisement and data optimization, the opportunities are endless. But, it is worth noting that these opportunities aren’t quite the same on the prominence level.

Recently, Grayscale Investments published a report titled “The Metaverse: Web 3.0 Virtual Cloud Economies.” In it, the company explained that gaming is one of the areas where the metaverse is already starting to bear fruit. Of course, we can see that with projects like Axie Infinity and Decentraland. At the same time, Axes Metaverse is looking to shake things up with its own metaverse iteration.

For now, it is true that applications like gaming are more prominent for the metaverse. However, there is so much more that could be explored over time. This is one of the primary reasons why the metaverse is more than just some passing fad. There are real opportunities in this bold new world, and companies are starting to wake up to the endless potential that we’re seeing.

Any technological innovation that occurs will run into detractors for sure, and the metaverse is no different. But, like many other innovations in the past, it is looking more likely that the metaverse is here to stay.