The metaverse will bring multiple advantages for celebrities and content creators, says ABHAY AGGARWAL, CEO of a premium NFT marketplace
The new internet iteration known as the metaverse is disrupting the way markets operated. From communication and marketing to gaming and branding, the metaverse is transforming every sector through groundbreaking innovations and technology. While there is speculation regarding the pace of its development and future, experts believe the metaverse is going to be the next big technological revolution that drives the economy towards growth and development.
Before we delve deeper into the advantages and futuristic opportunities that the metaverse is going to unfold, let’s begin with the simple understanding of what it is all about, and how brands and celebrities can play a crucial role in building the future that everyone dreams of.
The metaverse is defined as an immersive virtual world where you can interact, play, communicate or work. You can meet your favourite superstar or attend their concert through a virtual multi-dimensional representation of yourself, otherwise called digital avatar. So, metaverse enables one to enjoy a real world experience through digital mediums. The internet is generally a two-dimensional experience but with the metaverse, you can browse through the internet not only on a single screen but take a three-dimensional look.
Many celebrities are already embracing these other decentralised technologies by actively being part of it. American reality TV star Paris Hilton created an island in the online virtual world, dubbed Paris World, where visitors can explore digital replicas of her and her life. Her Twitter profile picture also features the unmistakable Bitcoin bullish glowing red eyes.
Others are getting into metaverse-ready parts, like creating their own digital avatars based on their real selves, allowing fans to buy and sell their exclusive digital collectibles, or providing them a chance to interact through virtual augmented reality. So, regardless of whether the metaverse is simply vaporware, celebrities across film, music, and entertainment are investing heavily in the digital future.
This world, based upon a parallel digital economy, and powered by blockchain and cryptocurrencies, will allow users to buy and sell goods and services across the metaverse. Technology giants, major consumer brands and thousands of start-ups are raising billions of dollars to create a navigable digital reality. Nike, for example, just bought a company that makes nothing but digital shoes that your digital avatar can wear while you’re in the metaverse.
The virtual economy that connects the metaverse will likely be built on a brand new blockchain application called non-fungible tokens, or NFTs. Celebrities and content creators are eagerly jumping onto this already snowballing trend to sell their NFTs to fans and followers. These NFTs can be used inside the metaverse to buy, sell or trade for monetary gain. As metaverse allows artists to deal directly with their fans and audiences, the profit and revenue generated will be comparatively higher.
The metaverse is expected to bring multiple advantages for celebrities and creators who are enthusiastic about technology and its implications. It should bring together the community of creators by providing a means for the user to interact with virtual objects as never before. In a nutshell, it is going to enhance the overall experience through high quality interactions and increased sustainability. While the metaverse is already on the way, we can look forward to innovations and learn how one can take advantage of this newly emerging space that is on the verge of exploding in the rapidly approaching future.