![]() “The mission here for metaverse companies is to truly get individuals to immerse themselves in a whole new world,” says Joel Dietz, the Palo Alto-based CEO of MetaMetaverse, a platform for metaverse developers. There is no Xbox Metaverse console that transports you and your friends into a virtual nightclub. Meta’s market capitalization, which topped $900 billion when the company changed its name from Facebook, now sits at around $ 344 billion.ĭespite over $200 billion in investments over the years, there isn’t really a metaverse product anyone can buy. And now bitcoin is crashing, so the market looks dour all around. Younger generations are used to buying items within a video game universe, and are used to collaborating with other people worldwide in these universes already through headphones and gaming consoles. There are a number of reasons to believe that the metaverse will take off, such as the rise of some virtual reality games, cheaper VR headsets to access immersive experiences, and traceable blockchain technology that allows for secure transactions. “It’s beyond any doubt that Metaverse is a sky-rocketing trend today, a decades-long dream for many,” says Alexei Kulevets, co-founder & CEO of Walken, a play-to-earn mobile fitness app built by a Lisbon-based team with over 50 million app store downloads to their name. MORE FROM FORBES The Amazing Ways Nike Is Using The Metaverse, Web3 And NFTs By Bernard Marr Popular brands like Gucci, Coca-Cola KO, Nike’s own Nikeland, built on the Roblox platform, have started selling digital assets and offering virtual trials, auctions and virtual factory tours. Predictions like these have helped the metaverse projects attract over $177 billion in investment since the beginning of 2021. ![]() Gartner IT predicts that by 2026, 25% of people will spend at least one hour each day working, shopping and more in the metaverse, while 30% of organizations worldwide will offer products and services in the metaverse. Meta says they hope a billion people will be plugged into different metaverse platforms, including their own, within the next 10 years. ![]() Companies will come and go, but the concept of the metaverse will remain a story for both traditional companies like Facebook, and those in the cryptocurrency universe. If the future is sci-fi virtual reality, at least to some extent, then the metaverse investment theme is a long-term play. (Photo by Vittorio Zunino Celotto/Getty Images) Getty Images these images will look more realistic and may (or may not) entice people to pay for a ticket to attend a fashion show from far away, minus hotel costs. Zuckerberg had first mentioned the integration of NFTs on Instagram back in March which he followed up with a video in May stating that the team at Meta had begun work on integrating digital collectibles for its metaverse and Reality Labs plan, and also across the company's family of apps.A screenshot of the Etro Fashion Show during Metaverse Fashion Week on March 25, 2022. Speaking on the integration of NFTs into Meta's apps, Zuckerberg said in a post on Facebook, "We're expanding our test so more creators around the world can display their NFTs on Instagram." The company also stated in an announcement, "Creators and collectors will be able to share their digital collectibles across Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later date." After launching an initial test of NFT display options on Instagram back in May, Meta is now expanding the test pool for the option, while it's also planning to bring NFT display to Facebook as well, "starting with a small group of US creators." Meta founder Mark Zuckerberg addressed creators on Wednesday announcing that the parent company of Facebook and Instagram will begin testing the display of non-fungible tokens (NFTs) on Instagram Stories using its augmented reality platform named Spark AR.
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