Metaverse development is underway, but avatars with built-in utility will be key for digital identity. The Metaverse is poised to become tech’s next trillion-dollar opportunity, as an increasing number of companies are showing interest in immersive virtual spaces that will allow consumers to go beyond what’s possible in real life.
This was highlighted in a recent report from CB Insights, which found that the Metaverse will disrupt at least 13 leading industries including fashion, retail, gaming, education and more.
While notable, various metaverse environments are still underway. For example, tech giant Microsoft announced on May 24 the creation of an “industrial metaverse,” which will allow workers to wear augmented reality headsets to manage supply chains. On the other hand, venture capital firm Andreessen Horowitz (a16z) believes that gaming infrastructure and technologies will be “key building blocks of the Metaverse.”
Utility is key
As such, it remains unclear which type of metaverse ecosystem will resonate the most with consumers. Given recent developments, however, it appears certain that avatars in the form of nonfungible tokens (NFTs) will play a critical role in the Metaverse, serving as a user’s digital identity within virtual spaces.
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