The idea of the Metaverse is simply the digital realm of our physical world. Basically, a 3D world focused on social interactions. The concept of virtual reality and augmented reality is used in the metaverse, an imagined version of the Internet.
Metaverse is still very much important as the days of the internet are taking a new shape with the migration of different projects into Web3.
It’d be a rash statement to say that Metaverse cryptocurrency tokens are dead because of a prolonged bad market. The general cryptocurrency space is currently suffering a prolonged bearish market, and this isn’t just relatable to Metaverse tokens. DeFi projects have also taken a massive hit by the bad market.
The use of Metaverse tokens will still come in handy once the bearish market clears up. Metaverse tokens are the digital currencies used in a digital 3D world. It’s predicted that every project, group, institution, school, and countries will someday have a digital token that will run the affairs of the institution digitally. This will ultimately come into reality once the Internet continues growing, the same as the adoption of a decentralized system.
Metaverse Institutional Adoption
Many institutions are already integrating the use of Metaverse to their systems. Just recently, Dubai Interpol Police became the first Police Agency to offer Metaverse services as revealed by Dubai’s Ajman Police General Command on the launch of The “Request for Sponsorship,” designed to let the general public make contact with the authorities remotely.
Dubai aspires to become the Metaverse expansion hub of the world, as reported by the Khaleej Times. Social media platforms like Meta are already entering the metaverse. Furthermore, Apple may be having serious interest in the metaverse as well. According to trademark applications allegedly connected to Apple, Bloomberg believes that the Reality One or Reality Pro may be the names of Apple’s Metaverse First Headset, which is anticipated to launch in 2023.
The Future Of Metaverse
Metaverse Tokens, despite the bear market, currently has a massive $11 Billion market capitalization and will still hit new records once the market clears up. The Metaverse gives meaning to Non-fungible Tokens (NFTs), Play-to-Earn, and Move-To-Earns ideas as it will not only be about VR and AR.
According to Nishant Batra, Nokia’s Chief Strategy and Technology Officer, in a well-detailed article, the future’s metaverse is one where physical, human, and computer realities are connected. Further, it was mentioned that by using Extended Reality (XR), we could bring the metaverse with us wherever we go rather than keeping it in our homes and offices. Consumer, business, and industrial settings will all feel comfortable with this metaverse.
Nokia, The telecoms behemoth, believes that by the end of this decade, the metaverse will have replaced smartphones to become the dominant mode of communication, as reported by The Spokesman-Review. The metaverse is poised to take over our communication system as we know it now by offering us a decentralized communication system with our community.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.