The Rise of the Metaverse: What it Means for the Future of Entertainment
In the world of entertainment, The metaverse offers endless possibilities. Future entertainment possibilities in the metaverse are shaped by three major verticals: developing individual imagination as well as exploring immersive experiences and storytelling, and creating new worlds
Although the metaverse is just beginning to take shape, however, it has already demonstrated that it has the potential to alter the entertainment industry forever. According to Bloomberg, the world’s metaverse market was valued at $478.7 billion in the year 2020 and has the potential to grow to $783.3 billion by 2024. The extent of its impact was first seen in the year 2020 with Travis Scott’s performance on Fortnite which was watched by 45.8 million people. It also generated more than $20 million in revenue, as per Forbes.
What Is The Metaverse?
The next frontier of the internet is the metaverse, which refers to the advent of virtual 3D or virtual integrated environments that give users access to virtual real-world experiences and augmented reality. In the end, the metaverse holds the potential to alter the basic nature of the consumption of digital media and social interactions for everyone connected to the internet.
How Does This Impact The Entertainment Industry?
With the metaverse, the future is now. By taking your virtual persona or avatar, making use of its experience, and accomplishing the things you desire via the internet, instead of on the ground The metaverse eliminates physical barriers that allow thousands of users to delight in engaging in live shows without having to leave the house.
In the world of entertainment, The metaverse offers endless possibilities. Future entertainment possibilities in the metaverse are shaped by three verticals that are key to developing individual creativity, discovering the immersive experience and telling stories, and creating new worlds.
Unlocking Individual Creativity
The metaverse has already started seeing benefits from those who wish to design and personalize their avatars, which is opening up a brand new dimension of innovation. As per J.P. Morgan, $54 billion is used to purchase virtual goods every year. Adding avatars to avatars has been an integral part of this business for a long time.
As the metaverse grows and new methods of engaging creative thinking will be revealed. This could include purchasing large gifts that are personalized “fireworks” as well as other forms of honor for a performer or an audience member or even for the person who hosts the virtual space.
One of the major components of this ecosystem will be cryptocurrency like Ethereum which eases the process of purchasing avatars to decorate. Additionally, it ensures that unique items (i.e. NFTs, for example) aren’t stolen through the recording of the ownership of the item on a ledger which allows them to be later sold.
Metaverse avatars are yet another important aspect. Users who want to share or discuss their entertainment interests in a community of festival goers can spend money to embellish their avatars using “charms”. Spending money also improves the user’s popularity in the app and allows additional functions. The higher the level and the higher the reward and they will be granted a higher reputation and respect each time they enter a new setting for a festival.
In the near future, interoperability of the metaverse could allow for new ways of moving your avatar, its decor, and the unique objects you own between different platforms. For example, instead of having to log into multiple apps with the same Google login and password, future users will have one metaverse account across multiple platforms. In the end, users will be able to access an online wallet from which they can purchase subscriptions and tickets to events on the metaverse entertainment platforms. If they attend a performance within the world of virtual reality, people will be able to discern the story of their lives by the way they’ve accessed their avatars as well as the online status of their persona.
Immersive Experiences And Stories
The metaverse is gaining popularity over physical events due to the fact that it lets audiences engage with performers in ways that aren’t normally feasible in the real world. The audience can communicate with performers during a show via text messages, or by posting comments through a mobile app while simultaneously allowing performers to react.
The next step could be to let spectators jump onto the stage using a VR headset or mobile phone. As wearable technology moves into metaspace, interaction with physical objects could also be feasible. For instance, sensors-equipped bodysuits will allow people to shake their hands to feel their hands.
Furthermore, the metaverse will give you more opportunities to be a digital creator of content, or as part of a group of passionate creators who put events from the metaverse together to share the joy of the others.
What does the virtual world have to offer these producer and creator segments? It removes the pressure or prejudgment performers face regarding their appearance in the real world. Instead, they are able to portray themselves as their avatar and then be judged based on the quality of their performance, not their appearance.
Building new worlds
A highly talked about metaverse game is the capability to create new environments and worlds for our exploration. It provides stunning backgrounds and stunning settings for any performance without the expense of traveling to exotic locations in the real world. The creators are able to design their settings in the way they like and, as a result, let their personalities be seen through.
In essence, the metaverse allows people from all over the entertainment world to come together and unite to put on events that other consumers of the same passion points can enjoy. These virtual teams of producers can bring their unique skills to transform the art forms created by others, which means that even people who aren’t natural entertainers can still play an essential job to play.
The metaverse is a perfect platform for entertainment because it is free of restrictions from the real world and permits like-minded individuals to create “perfect” entertainment for the benefit of others. As performers and spectators Users can be part of specialized communities that are dependent on their avatars and preferences.
In imagining what the next entertainment future holds, the development of the metaverse can provide endless possibilities.