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Metaverses. Digital buzz and chaos

Magic, superheroes, and total relaxation

Modern man is moving towards the playful, fantastic sphere of non-existence where it is not so scary and painful as in real life.

People need miraculous transformations, the superpowers of the Marvel worlds, and the choice of freedom. You need an outlet and a shelter to hide from the sharp corners of the outside world.

What about classical religions? The dogmas of vertically integrated religions and attitudes towards humility are losing popularity. People need an inner dynamic or a strong illusion.

People need bright emotions and adrenaline motivation. One can find this in metaverses which is a multidimensional digital reality with unlimited possibilities.

From Esotericism to WEB 3.0

The term “Metaverse” was first used in Neil Stevenson’s 1992 science fiction novel “The Snow Crash”. The story takes place in the fantasy world where the characters interact with each other through avatars. The idea of ​​the metaverse is also brilliantly explored in the Hollywood movie “The Matrix”.

The Metaverse duplicates reality and creates a more pleasant alternative where you can spend time.

Metaworld is a simulation of real life, but in a space where there are multiple personal opportunities. The potential for rapid achievement of goals and change is enormous. In the everyday routine life, all this is impossible, regarding speed and quality.

The Metaverse is multidimensional and combines blockchain technologies, social networks, and augmented reality, including numerous gadgets that create the effect of deep immersion and emotional involvement.

Such a space is often referred to as WEB 3.0, differing from the “flater” WEB 2.0 by the option of three-dimensional immersive interaction and the creation of spaces within spaces.

WEB 3.0 is multidimensionality, freedom of creativity, and the absence of rigid vertical and horizontal structures.

Nearly $300 billion on computer toys!

Computer games and gaming gadgets are becoming more and more popular.

At the start of 2022, global annual spending on video game downloads and subscriptions accounted for more than half of global digital media spending, exceeding $293 billion. At the same time, the annual increase in spending compared to the same period in 2021 was $21 billion (+16%). It seems to be a true trend, and not just a coincidence.

At the same time, users are more actively shifting their attention to the gaming space of the metaverses. In 2020, the number of daily active metaverse wallets grew by 3455%.

Over $1.9 billion spent on Metaverse products in 2021.

Crypto platforms as part of the metaverses

Today, cryptocurrency worlds like Decentraland and The Sandbox are open platforms where anyone can join to play games, earn tokens, and buy and use NFTs or virtual land.

Here we can see the top platforms in terms of sales of virtual creatives (lands, avatars, attributes, tokens, etc.).

Table 1: open-type blockchain platforms rating in terms of unit sales of non-fungible NFT tokens. Source: Kraken.

Decentralization is the key bonus

According to the American consulting company Grand View Research, by 2030 the meta-industry will reach a market size of more than $678 billion.

The global meta market accommodates both centralized and decentralized companies. However, unlike their centralized counterparts, meta projects have a huge ecosystem resource for the development of the domestic cryptocurrency segment. Because decentralized projects have easy access to a huge database of users involved in the blockchain. And the decentralized segment also has much more user incentives (the possibility of earning, self-development, and personal creativity).

Chaos and lawlessness risks

Wicked games

Crypto metaverses imply open access and actions connected by chains within the blockchain.

In a truly decentralized environment, no organization can block/delete a platform user or moderate user content. On the one hand, it is freedom and liberal values. On the other hand, there is a danger of a lack of control over users.

For example, Roblox issued a warning that a group of platform users was consistently modeling a reenactment of brutal mass shootings. And this happened despite the efforts of the platform’s authors to moderate violent and illegal content.

It must be understood that in a decentralized space, the possibilities of moderation are technically limited.

Age limits

Especially in the gaming sector, security problems and mental disorders are the most vivid. The main risk category is teenagers. According to Meta, one in five teens “feel bad” after regularly viewing Instagram posts and videos.

The gaming platforms Fortnite, Minecraft, and Roblox make up about 38% of the entire space of the metaverses. The study showed that a significant percentage of the audience of these sites are users aged 10–20 years.

Moderation of relations between avatars

Another point is that the metaverses already have seen cases of various kinds of persecution and abusive actions between avatars.

It would seem that this is just a game. However, active users are so deeply involved in the process, emotionally and mentally connecting with their digital personalities, that they continue to suffer in real life and even become depressed.

For example, in the spring of 2022, a woman wrote on her social network about inappropriate actions committed against her by a gang of male avatars in the Horizon Worlds (Meta) metaverse.

As a result, the authors of meta platforms are not yet able to guarantee security to users. And, of course, there is no legal protection for avatars either.

Summary

As the meta-industry grows, more and more users will dive into it out of a strong desire, for company, work, and other reasons.

Metaworld sooner or later will drag everyone, not just fans of computer games.

A large number of companies from a variety of industries have recently entered the metaverse.

At some point, it will turn out that the products and services of these companies are much more convenient and cheaper to order on open blockchain platforms than in physical offices or on websites with a meager set of interface features.

Businesses are being created and deals are made directly on social networks, where access to the buyer is much easier.

The social infrastructure of the meta worlds will make the seller-buyer interaction much more comfortable for both parties. Because in addition to quick access to each other, there will also be, for example, the possibility of instant presentations without unnecessary phone calls and email correspondence. There will be an opportunity for creative improvisations and other useful and emotional things, which, in the end, make up a good buying experience.

The risks of ugly avatar interactions and other annoyances are likely to remain. Without this, in any way, given the fact that decentralized infrastructure is difficult to manage vertically.

On the other hand, there might appear some legal progress. Since buyers and sellers need to somehow build business relationships, as well.

If you want to buy digital coins, stock, or currencies it is most convenient to do this through an international online broker. You will be provided with direct access to foreign crypto and stock exchanges.