What Will the Metaverse Look Like in 2022

NFTs and the metaverse have already taken the world by storm. The notion dates back to the early days of blockchain, more than seven years ago, but we have only recently seen the widespread implementation of this technology.

CryptoKitties sparked the NFT collectibles frenzy in 2017. Following this, the development of Cryptopunks and BoredApes pushed the prominence of NFTs further into the mainstream. Since then, NFTs have proved to be a game-changer in the crypto industry. In addition, NFTs can solve real-world problems due to their unique feature of non-fungibility.

Similarly, another hot topic of discussion is the metaverse. This technology is another revolution focused on building the next-gen internet. The entry of Meta (previously Facebook) and Microsoft have set the idea of metaverse rolling. 

The metaverse has already begun to take root, and NFTs are significant drivers for its expansion. 2021 saw many developments in space, like the multibillion-dollar sales of NFT art and the rise of virtual worlds, and the revolution will reach new heights in the next year. So, let's look at how metaverse and NFTs will look across various industries in 2022.

Gaming Industry

The euphoria around play-to-earn games and NFTs resonates throughout the gaming industry, luring in newbies looking for their lucky break. The future of gaming is in NFTs and the metaverse. 

Many gaming giants like WWE and Electronic Arts are launching their NFT strategies. Similarly, Fox, WarnerMedia, Live Nation Entertainment, the NFL, and the NBA are also in the NFT game.

KardiaChain is one such blockchain network creating the groundwork for such projects after raising $25 million from prestigious investors including Hashkey, Eternity Ventures, Bitscale, Youbi, Morningstar Ventures, Polkastarter, Good Guild Game, and Mask Network. They created Whydah, a Game Studio promoting the development of the Blockchain ecosystem that has partnered with leading game studios including Topebox, Wolffun Game, Hiker Games, Divmob, and KEIG Studio.

NFTs will start to be used as a mode of payment in games and across ecosystems. They will add a layer for monetization of virtual goods, which is already evident in the success of Thetan Arena, Axie Infinity, and Sandbox 3D.

Cross-game interoperability is another leap in the gaming industry. Warena is the first personalized metaverse game, allowing players to interact with characters from other universes like Cat Gunner and Axie Infinity and move in-game items across different games. Players can also expect to inhabit different lands, trade weapons, warriors, and compete in tournaments. With this feature, the game experience can finally go beyond just earning rewards for playing.

Even gaming giant Epic acquired Tonic Games to build a focused gaming metaverse and provide a better experience. According to Tim Sweeney, founder of Epic Games, "As Epic strives to create this virtual future, we want outstanding creative people who understand how to create compelling games, content, and experiences." 

Music Industry

NFTs are revolutionizing the music industry with better use cases. The music industry has reported some mind-boggling figures, with electronic musician 3LAU selling $12 million in NFTs and Ozuna publishing an NFT compilation, earning $1 million.

Moreover, the Grammy Awards revealed that they would remember next year's ceremony with a set of NFTs. They have partnered with OneOf, an NFT marketplace funded by legendary producer Quincy Jones, to develop the NFTs. The first drop will occur on January 31, 2022, with subsequent drops scheduled for 2023 and 2024.

Quincy Jones, a 28-time GRAMMY Award winner, stated that "I've spent my whole career pushing for artists, and any technology that enables musicians to earn a livelihood is something I wholeheartedly support. It excites me to know that OneOf is working to bring more money into the ecosystem."

Music also appears in the metaverse, and some musicians have already gone live in the virtual world. More music events will occur in the metaverse, with individuals participating via VR and AR headsets. Eric Reid, the founder and CEO of Roar Studios, mentioned: "What's truly occurring is that we're building technology that allows individuals to play in real-time without suffering delay."

Sports Industry

For those who follow sports trends, the metaverse's promises may appear to be nothing new. The most significant effect on sports will be on how we watch games. Rather than being confined to a couch, spectators will be able to experience the game as if they were in the stands. 

The spectator experience could look different as well. An entire digital NBA may emerge, with player statistics modeled after their real-world counterparts but owned and governed by fans or fan token holders. 

Additionally, the virtual world may offer supporters seats in actual seats. John Hanke, the CEO of Niantic, the company that co-developed Pokemon Go, recently authored a blog post in which he described the metaverse as a "dystopian nightmare."

He proposed a "real world metaverse" in which technology enticed people out of their homes and enhanced their experiences by animating historical tours or bringing blackboard scientific teachings to life. Thoughts like this indicate that sports or arena-based Go-like games could be unlocked and played on phones during and between the action.

Sports fans will participate in online games as members of their tribes. A connected metaverse compatible with the actual world might enable leagues and shops to sell tangible footwear and jerseys and their digital counterparts simultaneously.

Fashion Industry

The fashion industry is diving into the NFT craze and the metaverse. The sector saw its debut with Burberry's NFT collection with Blankos Block Party, Gucci's Garden Metaverse with Roblox and their Aria Collection Film at Christie's, and Louis Vuitton's 'Louis The Game' NFT to mark the French house's founder's 200th birthday.

However, substantial new developments are coming in 2022. Givenchy, one of the most well-known French fashion houses, plans to promote its Spring 2022 collection with NFTs. The initiative is overseen by Givenchy's creative director, Matthew M. Williams, in partnership with digital artist Chito.

Moreover, Paris Fashion Week Men and Haute Couture Week, set for July 2022, are the first fashion weeks to feature NFTs. The fashion business has also found its way into the metaverse with platforms like Trace Network, a decentralized protocol enabling lifestyle brands to enter it. The platform is developing glamorous avatars and a marketplace for consumers to buy, sell and trade their lifestyle goods for the metaverse.

Art Industry

The art industry has seen tremendous growth post the NFT mania. An evident example of this is Beeple. Mike Winkelmann, alias Beeple, became an instant cultural superstar after a jpeg of his work backed by an NFT sold for $70 million at Christie's. 

Image credit: 10,000 unique VeKings by RingrEven

Since then, the 40-year-old has been on Jimmy Fallon's late-night program, earned GQ's "artist of the year" award, and had his work published on Time magazine's cover. In November, he made news when his "kinetic video sculpture" named Human One sold at auction for $29 million.

The NFT business, which is growing at this pace, will experience a massive rise in volume over the next year as more significant investors join. According to reports, sales of NFTs have already surpassed $2.5 billion in the second quarter of 2021, more than double the $13.7 million recorded in the first half of last year.

NFTs will continue to flourish in this environment in 2022, becoming a typical feature on a wide range of platforms. Furthermore, Virtual Reality content makers will increasingly design experiences that use NFTs as a monetization tool to supplement their existing income sources.

Moreover, new models, such as the affiliate/network model, will emerge in 2022. Instead of engaging with an intermediary, you deal directly with another party that distributes your digital work on your behalf. For example, you may utilize influencer marketing to spread your digital artwork on various social media platforms like YouTube and Instagram. 

Torum is one social media platform for cryptocurrency users expanding into the metaverse. Torum's ecosystem integrates with an NFT marketplace, a yield farming platform, and metaverse avatars powered by their token XTM. These features will become more integrated with even more communities in the future.

There will also be many more entries into these places since artists will release their artwork online utilizing existing technologies. When creators can express themselves and earn a living through these digital tools, it drives more demand for NFTs.

How Big Will the Metaverse be in 2022?

The era of NFTs and the metaverse has just begun in 2021. Many projects have come into the space, offering solutions to various real-world problems, and most of them are now focusing on providing some utility. 

The combination of the metaverse and NFTs will be a game-changer in 2022, with many incredible breakthroughs in the sector. As more and more brands adopt this technology, we will see tremendous growth in the space.

The revolution has begun, and many people are thrilled about the collaboration and connectivity choices that the metaverse and NFTs will provide. However, there is still much work to be done in this domain before this technology becomes an important location where we live, play, and work.