The Metaverse: a highly revolutionary conglomerate of technology and human interaction that includes virtual reality, augmented reality, holograms, customizable avatars, NFTs, and much more.
The Metaverse is a billion-dollar market that is only expected to grow in the coming years. In 2020, the market was worth $47.69 billion and had an expected compound annual growth rate (CAGR) of 43.3%. With 45% of the global market revenue being attributed to North America, the Metaverse has gained traction and success on a global scale.
The Metaverse is a fairly consolidated market, meaning that few players account for the majority of the revenue. Another main reason for its success is an increased focus on the convergence of the digital and physical worlds through the internet. On the other hand, some challenges that have arisen since the conception of this revolutionary technology are concerns about data privacy, security, user identity, and the use of payment systems. Despite these challenges, platforms like Ready Player Me, Decentraland, and Horizon Worlds have found great success in the Metaverse in recent years.
Who will lead the Metaverse race? Popular programs in cyberspace foster unique opportunities for users to take full advantage of what the Metaverse has to offer. On these platforms, players can create avatars, customize worlds, compete with others, and even buy and sell digital assets using cryptocurrency. Although the metaverse is home to many recreational activities, it can also be used by more experienced users to conduct business and even monetize services in a way that has never been possible before. A prime example of the true diversity of cyberspace is the growing popularity of owning digital pets in the Metaverse.
MetaPets, MetaGochi, Axie Infinity, and CryptoKitties are only a few of the many platforms that are dedicated solely to the customization and raising of virtual pets. Owning a pet in the Metaverse allows for less responsibility and more freedom for pet lovers across the globe who may not be able to own an animal in their reality. These platforms offer the opportunity to train, compete, breed, and customize an animal that is unique to each user respectively. Not only are Meta pets an opportunity for animal lovers to enjoy more time with their pets, but also offer the opportunity for people to potentially monetize their hobbies.