Since the advent of technology, man has demonstrated the ability to disrupt, innovate and create dramatic new paradigms for human exchange, cohabitation and communication. Some of us are prescient enough to predict its capabilities decades in advance. For example, though the Internet has only disrupted our lives for the last decade or so, it has existed for much longer, with the first video ever being streamed across the web nearly 30 years ago.
Human intelligence has always strived to find solutions to problems that may occur in the future, but no amount of foresight or vigilance can enable solutions that still require years of technological innovation to implement. However, the quest for possibilities marches on, shaping visions, futures, and lives.
The Metaverse is a grand vision of interactions and simulations that take place in a virtual world, blurring the border between the digital ecosystems and reality. Social media giant Meta (previously Facebook) may have brought the concept into prominence, but the Metaverse has existed as an idea for two decades now, first expressed by Neal Stephenson in 1992 in his sci-fi book titled Snow Crash.
Major technology stalwarts like Epic Games, Nvidia, Microsoft have expressed their support for this vision of the future as well. They are joined by crypto-derivatives exchanges like Phemex, a firm that has been quite vocal in its belief in the Metaverse.
Billions of dollars are being invested to fully unfold the Metaverse story. While no one knows what it’ll eventually look like, we can speculate on how it’ll be structured, and what technological breakthroughs must happen to make it a reality.
Ownership in the Metaconomy
In order to try and imagine what the Metaverse would really look like, people have been drawing similarities with futuristic films like ‘The Matrix’ and ‘Ready Player One.’ But since no one knows what the Metaverse will look like, there are far too many variables to resolve them into a singular vision. Similar to how we did not know how far the internet would take us, even decades after its inception. Despite this, we can delineate some facts from this unknown, yet exciting vision of the future.
The Internet was similarly misunderstood during its early days, but now it brings the whole world together. The most successful companies of today were built on the Internet, and a shift to the Metaverse indicates that important elements of what we use technology for are set to adapt to the advent of the Metaverse. This includes human exchange such as verification of IDs, contractual work, advertising, and content production – leading to a grand transformation of how we interact with one another.
Digital transactions using distributed networks would be perfect for communicating value both online and offline, and with NFTs heading towards the mainstream, it’s all but certain the Metaverse will be constructed atop Web3.
A Decentralized Foundation
Cryptocurrencies are becoming increasingly popular as both a store of value and a medium of exchange. With the Metaverse snuggling into the future of global technological innovation, tech giants across the globe have also started embracing the technology. Even global leaders are talking about blockchain as the primary source of building more efficient financial products.
Jack Tao, CEO of Phemex, an online trading platform for crypto-derivatives, has also expressed his views about the possibilities of the Metaverse. Tao gave a public speech during the World Blockchain Summit in Dubai earlier this year, where he said, “The Metaverse represents a new way of interacting with the digital world, one that’s even more disruptive than the Internet, and created by each participant, not by a central authority.”
He also added that NFTs were the main trigger for the Metaverse to take the world by storm. “A sign that NFTs are here to stay is not that some NFTs have been sold for millions of dollars, but that thousands of NFTs have been sold for smaller amounts, demonstrating that digital collectibles are not exclusively for whales, and are spreading in the direction of mass adoption,” he added.
Phemex imagines a future where people can achieve all that can be dreamt. For its 2nd anniversary, it launched a ‘Choose Your Reality’ campaign culminating in the ‘Dream With Phemex’ event. With this announcement, Phemex has committed to making a few special winners’ dreams literally come true in 2022. In addition, Phemex launched their newest brand video and “Into the Metaverse” viral campaign. Users will be able to receive generous amounts of crypto and bonuses by sharing the branding video online.
Phemex’s latest brand video applauds technology for making the world more open, free, and accepting. But it also claims that these advancements should be applied to money as well. The Metaverse is promoting these cutting-edge, digital implementations of money. When all the puzzle pieces are in place, we will experience a virtual world that feels more real than ever before.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.