Technology has a reputation for being wildly unpredictable, yet there are always some who are able to forecast its path decades in advance. The Internet has been a part of our lives for over a decade, but the notion has been around for much longer. Even while streaming services have just begun taking hold in recent years, the first film was streamed over the Internet 30 years ago.
Humans are intelligent creatures, continually inventing answers to possible future issues. However, they are mostly just sketches for solutions that predicate on years of technological improvements. That being said, this hasn't prevented individuals from imagining the requirements of the future.
The Metaverse is a futuristic vision that blurs the distinction between real and virtual worlds.
It's a spiritual successor to the Internet with the ability to transform both digital and physical infrastructures. Although Facebook's recent announcements regarding the Metaverse has popularized the notion, it was first proposed in 1992, through Neal Stephenson's science-fiction novel Snow Crash.
Massive firms like Epic Games, Nvidia, Microsoft, and even digital asset exchanges like Phemex have shown their support for this idea of the Metaverse. Over the next few years, investors will pour tens of billions of dollars into making the Metaverse a reality. It might signify how our online and offline lives will become increasingly linked due to technological advancements.
Owning the New World
Some people turn to movies like 'The Matrix' and 'Ready Player One' to describe what the Metaverse will look like. In reality, no one knows how the Metaverse will turn out, just as no one fully understood what the Internet would look like in the 2000s.
This doesn’t prevent us from identifying the essentials. Although no one owns the Internet, it has spawned some of the most well-known businesses of the last two decades. Everything we've come to expect online, such as identity verification, contract employment, ads, and content production, will be transformed by the Metaverse.
It's hard to discuss the Metaverse without mentioning blockchain. Distributed networks for digital transactions are the ideal means to transfer value across digital societies. With the surge in popularity of NFTs, the Metaverse will probably be built on Web3.
The crypto industry is rapidly expanding, and as the Metaverse gains popularity in the digital world, blockchain industry executives are having some serious conversations. Jack Tao, CEO of a world famous trading platform for crypto-derivatives called Phemex, discussed the advent of the Metaverse at the World Blockchain Summit in Dubai 2021.
"The Metaverse symbolizes a new method of engaging with the digital world, one that is even more disruptive than the Internet, and one that is developed by each participant, rather than by a central authority," Tao says. He also noted that NFTs were a major driving force behind this trend's popularity.
"An indication that NFTs are here to stay is not that some have been sold for millions, but that thousands of NFTs have been sold for lower sums, proving that digital collectibles are not only for whales and are expanding in the direction of public use," he reasoned.
Phemex envisions a world where individuals can do whatever they set their minds to.
The exchange is now running a 'Choose Your Reality' campaign, which includes the ‘Dream With Phemex' event to commemorate its second anniversary. Phemex is urging its users to upload their goals and ambitions in written or video form, with the promise of making select winners' desires come true next year, according to the event announcement.In addition, Phemex launched their newest brand video and “Into the Metaverse” viral campaign. Users will be able to receive generous amounts of crypto and bonuses with more shares of the branding video.
To realize its full potential, the Metaverse will require a diverse set of technologies, breakthroughs, and protocols. Some may not be available all at once, but as these technologies become more prevalent, the Metaverse will eventually blossom.
Phemex's most recent brand video discusses how the world has evolved to become more open, digital, and accessible. Money shouldn’t be exempt from this transformation. While the Metaverse's overarching goal is still difficult to articulate, the parts are starting to fit into place and the virtual world feels more lifelike than ever before.