Inside the metaverse economy, this is what will be for real in 2022
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Facebook CEO Mark Zuckerberg can be seen fencing in “Metaverse”, with an Olympic gold-medal fencer, during a live streamed virtual and augment reality conference. This screen capture is taken from a video that was released on October 28, 2021.
via Reuters| via Reuters
Avery Akkineni claims that the word of 2021 was “NFT”, but 2022’s word will be “Web 3.0.”
Akkineni, president of VaynerNFT spends most of her time consulting companies looking for a slice of the metaverse action. The notion of a “corporate metaverse strategy” is new — VaynerNFT itself was founded less than 6 months ago — but it’s building momentum. Budweiser was its first client, Akkineni expects that many major brands will follow their lead.
In reality, it is a widely accepted prediction that Web3 will see more participation from major brands in 2022.
Lin Dai (CEO of OneOf music NFT platform) says that 2022 “will be the year major brand embrace NFTs heavily.” The Quincy Jones-backed company is behind the auction of nearly $1,000,000 for an NFT to a Whitney Houston song. They have also collaborated with The Recording Academy on an exclusive Grammy Awards partnership.
This year, however, digital assets built with blockchain will expand beyond music and the art industries.
Balenciaga, a luxury fashion brand has teamed up to Fortnite in order to provide users with designer skins to use inside the game. Gucci and Roblox are doing the same, while Ralph Lauren, Louis Vuitton & Ralph Lauren launched their own. Roblox experiences. Brian Trunzo (metaverse Lead at Polygon Studios), which focuses primarily on gaming, NFTs or Web3 activities linked to the polygon cryptocurrency and ethereum network, said that smart streetwear brands, as well as smarter, are also in this space. Trunzo stated that the players had taken control of the game and the real fun is starting.
Akkineni states that brands should not be focused on winning, but rather to participate. So far, brands have been engaging with blockchain projects to build community and stay relevant. For example, the NFT drops by Nike and Adidas generated more buzz than money, but lent legitimacy to a still-nascent space.
We may see more strategies to direct market commercialization. Cathy Hackl (CEO and chief metaverse officer of Futures Intelligence Group), a metaverse consulting firm, says that, for certain luxury brands, the metaverse might be an entry point to a secondary marketplace. Hermes doesn’t get a cut of the Birkin bags sold on The RealReal. Hackl explained that blockchain and NFTs will allow them to eventually receive a slice of the secondary markets.
The metaverse will have more job opportunities
Hiring opportunities for Web3-certified candidates will increase as more businesses seek to establish a presence in the digital world. Hackl suggests that Hackl’s title could become increasingly common.
Akkineni explained that “even if you take a look at job boards you will see an increasing demand for Solidity developers or Discord managers.”
Solidity can be described as a computer language, which is used together with the ethereum Blockchain to develop and deploy smart contract. Many gamers love Discord, a social media platform that is popular among crypto enthusiasts.
Web3 jobs will be created naturally by big brands, however, a new type of employment could take the center stage. This is the play-to-earn gaming modelAxie Infinity was popularized in the Philippines over four years ago. There are now more than 1.8million daily active players.
Vance Spencer (DeFi Venture capitalist, cofounder of Framework Ventures) says that it’s “kind of like an experiment with universal basic income mixed with an electronic-sport.”
Crossover investments in gaming and metaverse are growing
The past has been controversy within the gaming worldSpencer says that although virtual monetization is a topic of debate, the mathematics supporting more gaming-related investments in the metaverse are simple.
The entertainment sector with almost 3 billion participants is gaming. Sky Mavis was Axie’s first developer to use NFTs for profit in a gaming setting. However, it is not the only one. Crypto-gaming crossover is becoming a hot topic with investors. Sky Mavis received $152 million in funding from Mark Cuban and Andreessen Horowitz in October. Developers who are looking to follow the example of Spencer will likely be successful. However, Spencer believes that AAA-quality PC games, such as those made by Spencer, could be the best way to make a profit. Take-Two InteractiveGrand Theft Auto: EA‘s FIFA. RobloxMinecraft and others have enjoyed considerable success, despite being AAA titles.
GameStopannounced that they are making the exact same wager. plans to launch its own NFT marketplace.GME is likely to need to hire a lot of Web3 employees to implement the plan.
Gaming revenue streams are also likely to be tapped by brands.
The gaming sector offers a great opportunity to commercialize your product. … People are very used to paying $20, $50, $100 per skin,” Akkineni said.
Gamers are willing to spend more for virtual avatars than they would for the real thing: Roblox sold Gucci’s digital Dionysus bag for over twice its IRL retail price.
Metaverse is one of the most important infrastructure projects in the world
As corporations plan for the digital future, they will need more computing power. NFTs will become more popular as brands use them to establish virtual world communities. As consumers join these groups, the technological and physical infrastructure of metaverses is becoming more important. Intel estimates that Web3 projects will require at least 1000 times the computing power available now by 2021.
A second prediction is for 2022: Infrastructure improvements.
Trunzo explained that there will be an increase in concurrent users within one server or “node” in virtual worlds. Trunzo added that this is due to technological advancements to allow for consistent and reliable traffic. It is an inevitable part of tech’s development and keeps mainstays like Trunzo and his physical components in good health. Intel Nvidia a solid positionIt is all that remains of the metaverse.
While there is an immediate boom, winter is upon us.
At the moment, NFTs are hot. Winter could soon be upon us. Akinneni stated that as the demand is likely to cool, there may be fewer projects or fewer drops by 2022.
Spencer explained that while this may not be the year when we see a 90% drop in projects-teaming teams, Spencer believes it will signal the beginning of the end.
Spencer believes that not every blockchain project is ready to be mainstreamed. He expects both a maturation shift and healthy consolidation. This consolidation could emerge in legacy brand M&A strategies. Akkineni points out Nike’s acquisition of RTFKTThis is a crucial moment for blockchain legitimacy that transcends the crypto-native crowd. Hackl suggested that similar deals can be made by Fortune 500 and Fortune 50 brands.
Scalability and interoperability across discrete metaverses are the two biggest obstacles to the digital worlds in 2022. Akkineni says that both of these are common for new technologies.
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