The newest buzzword: Metaverse. Also known as cyberspace, the Metaverse is a broad spectrum of technologies and human interaction that has become increasingly popular and successful in recent years. It comprises virtual and augmented reality, NFTs, motion-tracking tools, holograms, and many more up and coming technologies. Not only does the Metaverse have high entertainment value, but it also has high monetary value. The Metaverse is worth billions of dollars, and had a market value of $47.69 billion in 2020. With a compound annual growth rate (CAGR) of 43.3%, the increased focus on the convergence of the digital and physical worlds has allowed the success of the Metaverse to soar to new heights.
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Finding Success In The Metaverse
Despite challenges with privacy, security, and user identity confidentiality, cyberspace and the endless opportunities that users have within it begs the question: Who will lead the Metaverse Race? Platforms like Ready Player Me and Decentraland have found great success with these new technologies, allowing users to create worlds, customize avatars, trade digital assets, and even spend time with others in a virtual space. Different large corporations and businesses are also finding success in the Metaverse. For example, Horizon Worlds is a popular platform owned by Meta Platforms (formerly known as Facebook) where users can create worlds and items from scratch either individually or in collaboration with up to twenty other users.
A growing niche in the Metaverse in recent years has been the popularity of owning a virtual pet. Metaverse pets offer a range of capabilities for users to experience pet ownership in a way that may not be possible or feasible in reality. Platforms such as MetaPets, Axie Infinity, CryptoKitties, and MetaGochi are all sites dedicated to virtual pets. On these sites, pet lovers can customize, train, show, and play with their animals at their fingertips without the responsibility and hassle of owning a real animal.
Other benefits to virtual pets is that they can be an option for people who cannot afford a pet, are allergic to certain animals, or who cannot handle the time commitment of a pet in reality. Because of these benefits, this type of pet ownership has grown to be very popular, as Axie Infinity reported nearly half a million daily active users and collected over $30 million in fees in July of 2021. Owning a Metapet is not only an opportunity for animal lovers across the globe to spend more time doing what they love, but it is also a chance to potentially monetize that hobby and maximize success in the Metaverse and all that it has to offer.
Infographic source: Pet News Daily
