The Metaverse is a rapidly growing and successful combination of technologies and human interaction that includes virtual and augmented reality, holograms, NFTs, avatar building, and many other programs that are available to users. Since its conception, the Metaverse, also known as cyberspace, has grown to be worth $47.69 billion (2020). This technology is revolutionary, and its success can be attributed to dedicated users, a shifting focus towards the digital space, and the introduction of hardware segments.
The Metaverse works hand in hand with businesses, as brands can enter this space and use the technology to upgrade and revolutionize their products. For example, Meta Platforms (formerly known as Facebook) dipped its toes into the Metaverse and has created Horizon Worlds, a platform where users can create worlds and items from scratch and virtually spend time with up to twenty users at once. Other programs have had success in cyberspace; Both Ready Player Me and Decentraland offer users a unique virtual experience where one can trade assets, customize avatars, and even create artwork from the comfort of their own device.
A niche in the Metaverse that is growing increasingly popular is the opportunity to care for and own a pet, virtually. The digital pet toy from the 1990s, Tamagotchi, has found a new home in the Metaverse through Metagotchi, where users can train and breed their animals in a way that has never been possible before. Some of these platforms have even surpassed the success of cryptocurrencies. Axie Infinity is an NFT pet game where users breed and upgrade their pets in order to evolve to the next level, which has earned more protocol revenue than both Ethereum and Bitcoin, collecting over $30 million in fees in July 2021. Owning a metaverse collectibles are not only a great option for pet lovers and businesses alike to reap the benefits of the Metaverse, but is also a revolutionary way of monetizing gameplay and creation.
Infographic Source: PetNewsDaily
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