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Decenteralized Finance is more mature and expanded beyond the traditional financial market. The contents market led by NFT (Non-Fungible Token), is rapidly emerging as the hottest issue in the current blockchain market. In fact, the Solana coin, which has been showing a huge price surge recently, has a lot to do with the success of projects such as Solarians and Metaverse blockchain game Star Atlas made based on Solana blockchain.
Today, we will take a brief look at the word "Metaverse", which is constantly paired with the hot NFT these days.
Welcome to the World of Metaverse!
Such phrases have become rather common these days, whether in newspapers or social media. Metaverse is a derives from the word Meta, meaning processing and transcendence, while "verse," means the universe and the world. In other words, the actual space we live in has moved to digital, and it provides a transcendent world where reality and virtual are mixed. Simply put, the game's space where the worldviews separated from the existing reality was mainly reflected where the actual reality and another world mixed with reality is called the metaverse.
This has been possible for several reasons,
- The technological foundation has been created the development of fast communication speed, cloud, mobility, virtual technology such as AR and VR
- The socio-economic activities of actual consumers are expanding using the metaverse to include games, education, entertainment, music, and content industries. The COVID-19 situation is rapidly changing lifestyles and industries from reality to metaverse, a three-dimensional virtual space.
In particular, due to the prolonged COVID-19 outbreak, the need of non-face-to-face entertainment has become vital. For example, 12 million people participated in the virtual concert of famous American rapper Travis Scott held in 'Party Royal Mode' of Epic Games' game platform 'Fortnite'. At the Fortnite main stage, the choreography version of the BTS 'Dynamite' music video was the fist to be released in the virtual world.
Fan signing events of famous singers are also held in the metaverse space, and events such as election campaigns and entrance ceremonies are also held using the metaverse. The number of daily active users of 'Roblox', the world's largest metaverse service, is estimated to exceed 42 million in the first quarter of this year. Many brands in the existing real world are releasing products for the metaverse to decorate their avatars in the metaverse. These products often exceed the prices of similar products in reality, as more consumers project themselves into their avatars in the metaverse.
Accordingly, major tech companies such as Nvidia, Microsoft (MS), Facebook, Roblox, and Unity are all at once defining Metaverse as the future 'land of opportunity' and expanding their investments, launching various platforms, products, and necessary technologies.
The Metaverse reflects reality in virtual. Various economic activities are possible, and even virtual land can be bought and sold. Many blockchain projects are launching various metaverse-based services, such as Exiprotocol and Solana, which have also received significant attention from investors. Blockchain technology is the most efficient means for safely and comfortably transacting digital assets derived from various economic activities within Metaverse. Tokenization of scarce goods such as game items or artworks on the blockchain is collectively referred to as NFT; NFTs are expected to be used and grown in the metaverse environment.
Trust and robustness must exist in the Metaverse like protocols and blockchain technology. Especially for NFT, smart contract, and blockchain web that is predicted to grow along with the growth of the Metaverse. If we look at the growth of Metaverse and the growth of NFTs together in the future, it seems that there are promising new investment destinations.
Stay tuned and see you again next time!
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