The concept of the metaverse has emerged as a harbinger of innovation, but it is often misunderstood and prematurely praised. Contrary to the swirling rumors of its demise, the Metaverse stands firm and is full of potential and promise.
Examined through the lens of global engagement and the evolution of digital property rights, the Metaverse appears to be gaining momentum.
Yat Siu, co-founder of Animoca Brands, provided BeInCrypto with valuable insight into why the Metaverse is surviving and thriving. More than virtual reality escapism, the Metaverse represents the next leap forward in the evolution of the internet: digital property rights, according to Siu.
This paradigm shift allows users to take ownership of their digital assets and online posts, a major departure from the traditional passive consumption of digital content.
The growth of the Metaverse is supported by significant technological advances and cultural changes, particularly in the way we perceive and interact with our digital environments. Siu told BeInCrypto that adopting this technology means understanding it as a decentralized internet, or Web3, and promoting true digital ownership.
This innovative concept has already begun to reshape online interactions, giving them new depth, credibility, and economic value.
“The introduction of digital ownership in the metaverse adds purpose and meaning to interactions. Our digital assets and histories are becoming part of our social identities, allowing interactions to be rooted in a verifiable shared history.” “This authenticity is something we've experienced in video games, but Metaverse promises to take it even further,” said Siu.
Furthermore, the metaverse is not limited to the abstract or purely digital. It intersects significantly with the physical world, especially through efforts to bridge virtual activities and real-world physical fitness.
“The assumption that digital activity must lead to cessation of physical activity is not necessarily correct. For example: report Citing the Centers for Disease Control and Prevention, U.S. adults were more physically active than they were 20 years ago, at a time when the U.S. and the rest of the world had fully embraced a digital lifestyle,” Siu said. added.
Read more: Top 10 Metaverse Platforms to Watch in 2024
According to Siu, companies such as GOQii, Sweatcoin, and OliveX are leveraging blockchain technology to promote health and activity. He then disproved the myth that digital immersion leads to physical inactivity.
The world is becoming digital
The economic impact of the Metaverse is profound, with the global cryptocurrency market capitalization on which Web3 is based exceeding $1.64 trillion. In fact, this economic growth is prompting companies to go beyond traditional strategies and immerse themselves in the metaverse's cultural and economic ecosystem. Such immersion requires a nuanced understanding of digital ownership, community building, and the value of virtual interactions.
However, Siu emphasized that the ethical aspects of the metaverse are also of paramount importance. As the film and video game industries navigate ethical boundaries, the Metaverse must establish guidelines. Our goal is to remain a place of active participation, not a place of harmful behavior. However, the challenge lies in balancing freedom and creativity with responsibility and ethical standards.
“Context is extremely important. Depictions of historical events, even ones that involve abhorrent people or acts, serve educational or narrative purposes. If you include controversial content in the metaverse, consider other We need to treat it with the same degree of propriety and consideration as the media,” Mr. Siu stressed.
Cultural and economic dynamics within the metaverse are already impacting industries beyond technology. For example, luxury brands such as Gucci and Tiffany & Co. have pioneered the adoption of NFTs and digital assets. These developments highlight the role of the metaverse in redefining value, community, and identity in the digital age.
NFTs serve as digital stores of culture, highlighting their ability to reflect the complexity and richness of physical ownership in a virtual world.
“Most young people spend a lot of time online, and their values already have digital embedded in them. Entering the metaverse and owning NFTs and similar assets is bringing brands into the Web 2 era. Now you can talk directly to your fans and loyal customers in a way that was never possible. This makes marketing easier, more efficient, and less costly without having to use a third-party platform. ” said Siu.
Read more: Exploring collaboration and partnership in NFT marketing
Despite the skepticism and volatility inherent in emerging markets, the metaverse's trajectory points to growth and mainstream integration.
Siu “unequivocally” believes that “the Metaverse is the future.” This belief is supported by the impressive surge in NFT sales volumes and the strategic adoption of the Metaverse by various industries. Thus, reinforcing the idea that the world is witnessing the early stages of a transformative digital age.