Why is the Metaverse so “hot” now?

Last week, I explained how the Metaverse can be broken down into 4 key components. The two components, the hardware, and the cross-platform software are mature technologies that were ready to be leveraged in new ways.

The other two emerging techs, XR and Web3, became viable just in time to be combined together to shape the Metaverse in the last few years.

1) With stand-alone, wire-free, and affordable VR headsets like Oculus Quest 2, users gained access to an immersive virtual experience in their homes. Since many of us were stuck at home, hanging out with people in the Metaverse and communicating with rich gestures and activities to feel “closer” became no-brainers.

2) Web3 technologies like the blockchain and NFT opened up a new digital economy. Creators who used to model 3D objects for employers gained a way to make income for themselves by creating digital fashion assets for avatars in the Metaverse. Because digital assets were exchanged across the world, some made quite more money than they could within their local economy. Needless to say, many investors flocked to this high-growth potential market to own and grow digital assets without the overhead of owning physical goods.

The Metaverse became “hype” because it affected many people’s lives in positive ways to the point of creating new life experiences, jobs, and wealth. While it is currently affecting certain segments of the population more than others, the advancement of the Metaverse will make it become part of your life soon.