The non-fungible token (NFT) boom of 2021 not only brought “mainstream attention” to digital art investment, it also “catalyzed increased development of the crypto metaverse,” according to an update from Kraken.
The Metaverse — a previously “esoteric” term first used in the 1992 science fiction novel Snow Crash by Neal Stephenson — has emerged as “a mainstream pop culture phenomenon 30 years later.”
Reality now echoes Stephenson’s narrative “as people use one-of-a-kind avatars while interacting in 3D virtual worlds,” the report from Kraken noted.
In Kraken Intelligence’s report, the team takes a careful look at the rise of these “unique” virtual worlds and how they will “benefit the digital economy.”
As noted in the update from Kraken, telephones and the internet “have enabled a global network of communication between people.” The internet, in particular, “offers a global and easily accessible place to form social connections and find community-based engagement.”
The metaverse takes this a step further, “empowering people to connect in virtual worlds and express their digital personalities.”
The metaverse “enables immersive experiences that allow users to attend a business meeting in a virtual conference room, sitting digitally alongside colleagues who are physically located all over the world.”
Users’ avatars can then “take a walk to a virtual coffee shop after the meeting to catch up with a friend who lives in a different city.”
The metaverse “leverages the internet’s power to connect like-minded individuals and deliver brand new experiences in another dimension.”
The report from Kraken further noted:
“While the communities comprising the metaverse don’t require a blockchain, there are unique benefits of the crypto metaverse that are shaping the future of online interaction. At the moment, crypto-native worlds such as Decentraland and The Sandbox are open-world platforms where anyone can join to play games, earn cryptocurrencies, leverage their NFTs to express their digital personality, purchase NFT-based land and vote on governance — the possibilities are nearly endless.”
In their recent report, the Kraken Intelligence team explores the fast-evolving virtual realms within the crypto metaverse and also examine the major players that are shaping the nascent space.
To access the complete report, check here.