Why today’s VR ecosystem needs metaverse integration, There is no doubting the fact that, over the course of the past few years, there has been a significant shift in the landscape of global technology.
The cryptocurrency industry in particular, and more specifically the idea that lies at the heart of the developing metaverse ecosystem, has garnered a significant amount of popularity in recent years. This is demonstrated by the fact that the total capitalization of the digital asset market increased from one trillion dollars to three trillion dollars, albeit for only a small period of time, between the years 2020 and 2021 alone.
Before we go any further, I think it would be helpful if I explained what I understand the metaverse to be. Simply described, it is a 3D version of the Internet that aims to mirror real life in a digital world by turning up the immersion factor to an entirely new level. Virtual Reality (VR) is the experience that represents the pinnacle of all possible sensations and interactions.
It is estimated that the global metaverse market will reach a cumulative valuation of approximately $1.6 trillion by the year 2030, expanding at a compound annual growth rate (CAGR) of 50.74 percent between 2022 and 2030. This is based on the fact that the technology has gained such a great deal of traction in recent years.
Having said that, it is important to highlight the fact that the world of VR is now missing a number of aspects of the metaverse that industry professionals consider to be essential for the development of this emerging business.
For instance, the majority of virtual reality (VR) games available today do not have a blockchain architecture, feature an economically inefficient setup, do not offer any meaningful incentives, and have subpar gaming mechanics. As a direct consequence of this, they have relatively few users, which is a problem that is made worse by the fact that their graphics are subpar, they are unable to be upgraded, and their capacity to grow is restricted.
The virtual reality (VR) industry requires a facelift.
Adoption of virtual reality technology in its entirety has been fairly underwhelming, despite the fact that its revolutionary potential cannot be denied. This is due to the fact that the vast majority of content that is presently available across the VR ecosystem is restricted in the range of activities it can perform.
Over the course of these many years, there has been no discernible evolution in the VR content. To this day, a large number of players are continually searching for virtual reality (VR) adaptations of their favorite titles; yet, this has not yet come to fruition due to a wide variety of graphic and hardware limits.
However, other projects are currently contributing to the resolution of this problem by combining the most ground-breaking parts of video games and films with novel game mechanics, algorithmic solutions, and concepts that are ingrained within a realistic virtual reality framework.
In a nutshell, the goal of these projects is to create an unheard-of, brand-new virtual world that is on par with that of world-class gaming titles. This is to be accomplished while incorporating key aspects of blockchain and crypto technology, such as non-fungible tokens (NFTs), native cryptocurrencies, and a decentralized asset market.
Last but not least, because these projects are constructed on the blockchain, users of those projects have the ability to directly produce assets that can be used within the project, and those assets may then be recorded as NFTs on the blockchain.
Simply defined, players have the power to construct, generate, and safely trade in-game assets at the push of a button, regardless of whether those assets are things, characters, or tokens. This capacity is provided to players regardless of the type of asset.
Problems that already exist are being tackled head-on.
One of the most significant drawbacks of today’s virtual reality games is that they are not very open-ended in terms of the scope of their free worlds. Once more, this is a clear reflection of the limitations imposed by the software and hardware of the technology.
Many of today’s new projects enable users to function inside an environment in which anyone can develop anything, and this is a feature of many of these new endeavors. The ultimate objective at this point is to establish an ecosystem that is analogous to some of the most well-known blockchain gaming titles, in which each and every facet of the metaverse is totally decentralized and owned directly by its users.
In addition to this, forthcoming projects that make use of blockchain and VR come complete with future-ready ‘algorithmic data’ systems. These systems make it possible to create in-game events that can be used even when the developers and designers of the game are not online.
These games, in essence, make use of the full potential of virtual reality technology and infuse it with several important components of the metaverse. This makes it possible to create a parallel universe in which players are free to act in any way they see fit.
In the future, there will be no central authority at all.
It stands to reason that the rapidly expanding metaverse will only continue to expand as more and more individuals all around the world gravitate toward decentralized technology. In point of fact, as the use of virtual reality technology and the metaverse expands into previously unexplored areas such as education, health care, manufacturing, job training, communications, and retail, researchers believe that the metaverse could contribute $3 trillion (€2.8 trillion) to the global GDP over the next ten years.
Analysts are also of the opinion that the metaverse may be capable of reaching realms never before imagined when utilized in conjunction with VR-enabled devices and smartphones. By the year 2033, it is anticipated that these technologies will provide a total of capital worth 440 billion euros and 1.04 trillion dollars, respectively, to the economies of Europe and Asia.
Consequently, it will be fascinating to observe how the future of this region, which is rapidly undergoing transformation, continues to play out.
Adam Bém is the co founder of Victoria VR, a blockchain expert and VR propagator with over five years of experience in project management, strategic planning and blockchain technology.