The Future of The Metaverse, Web3, NFTs, and Virtual Land
The internet is the life force of the world that we live in today and has evolved tremendously with time. The entire world shifted online when the Covid-19 pandemic hit humanity. All our worldly activities were carried out virtually, from education to business to whatnot. With the internet being developed constantly to advance, the term ‘metaverse’ has emerged and is spreading like wildfire in the world of the internet.
Recently, the Facebook Company changed its name to ‘Meta’ as a move to announce itself as moving toward the metaverse. A virtual 3D world — ‘Decentraland’ was launched keeping in mind the same. Other companies like Apple, NVIDIA, and Microsoft are constantly developing technologies to support metaverse.
But first, let’s know what is ‘Metaverse’?
The term metaverse originates from the Greek term ‘meta’ and the English word ‘universe’ where ‘meta’ means ‘after’ or ‘beyond’ and was first used in the 1982 novel ‘Space Crash’ by Neal Stephenson. It is supposed to be a virtual parallel world just like ours. Further, it is quoted as “the future of the internet” by communities worldwide and has gained widespread attention from global industries.
Metaverse is meant to be a fully immersive and indefinite virtual world where we can interact, and carry out real-world activities through avatars that represent us — the users. Sounds a lot like some fictional movie, right? But with existing technologies like VR headsets, augmented reality, artificial intelligence, cryptocurrencies, and holograms combined, it is going to be made possible very soon.
The concept of the metaverse is vast, and what we know about its prospects can be pictured as only the tip of the iceberg.
But what about the future of the metaverse?
You’ve probably heard of buzzwords like Web3, NFTs, and Virtual Land. Well, these are technologies that will work hand in hand with the metaverse to power its functioning. The onset of such technologies and widespread adoption of metaverse globally has led tech giants to roll out advanced metaverse platforms.
The Shihtzu Exchange Universe is one such futuristic metaverse platform that is being developed to provide an entirely decentralized and crypto-based investing and gaming platform on the metaverse. It is emerging to be a powerful web3-compatible metaverse platform with its own cryptocurrency and NFT minting marketplace. It will feature its own meme coin — The Shihtzu Exchange token ($STZU) to facilitate transactions on the platform and will be adopted as the sole currency for the Shihtzu Universe. It is based on the Binance Smart Chain technology and will enable users to play virtual and immersive games, invest in crypto, mint NFTs and earn $STZU token on the same platform itself. A platform teleporting the gaming and crypto industry to the metaverse with the help of the latest blockchain technologies.
What is this web3 and how is it helpful?
Web3 (also known as Web 3.0) is an idea of a version of a decentralized world wide web. It is expected to become the standard for the entire metaverse with its potential ingenious applications.
The web that we use today is highly controlled and we do not own any of it in terms of our content, data, digital assets, etc. Web3 allows users to have their digital ownership without any third party having any authority over it ever.
Presently, big companies like Google and Facebook have authority over our data on the web. Web3 gives us the sole and complete authority over our data without any third-party meddling with it in any way. Web3 is also blockchain-based technology that is used in cryptocurrencies.
The Shihtzu Exchange is a completely web3-compatible metaverse platform and comes feature-packed with web3 advantages like complete decentralization, enhanced data security, complete data ownership to users, etc.
NFTs and their future prospects.
Non-Fungible Tokens (NFTs), on the other hand, are digital assets that can be anything, a piece of art, music, in-game collectibles, or digital assets. These digital assets are stored on the blockchain which makes them equally compatible to work in sync with web3, also a blockchain-based technology. Further, they are unchangeable in nature and each NFT on the blockchain is unique i.e., an owned NFT can’t be changed, customized, or duplicated by anyone.
They are raging in popularity these days. According to earthweb.com, nearly $10 to $20 million worth of NFTs are being sold on the blockchain every week and its market value is expected to reach a whopping $13.6 Billion by 2027. Crazy, isn’t it?
On the metaverse, an NFT can be used as your avatar or can be used as a deed to give you the virtual ownership of accessories you buy on the metaverse. They can be used to facilitate trading on the metaverse or as an identity to access something you own like a piece of virtual land. With NFTs, the possibilities of use cases in the metaverse are endless.
The Shihtzu Exchange Universe comes with a revolutionary NFT minting marketplace that makes the process totally effortless. Its futuristic approach toward NFTs aims to bring your NFTs to life with a simple interface sent through QR codes where they’re given utility with tools that make it effortless to use. This marketplace will allow users to trade NFTs for $STZU coins. These $STZU coins, being the sole currency for the platform can be used across the platform in multiple ways and possibly be used to make transactions in the real world as well in the near future.
Virtual Land and its role in the Metaverse.
Virtual Land is a digital space that you can buy, sell, or build on. The concept is simple. It’s the investment on a piece of land or property in the metaverse. Decentraland is built on the same concept.
But how is owning virtual land on the metaverse useful? It is believed that companies in the future will operate virtually, and with that arises the need for a virtual property to operate on; like opening a virtual showroom where avatars can walk in to try products or a virtual conference room to conduct meetings, etc. These virtual pieces of land can also be sold in return for huge returns. Virtual Real Estate is going to be a booming industry in the metaverse with everyone wanting to own a piece of land on the metaverse.
The Shihtzu Exchange Universe will eventually turn into a complete world in itself where it will be possible to buy, sell, rent, or build upon a piece of virtual land in it and all such activities will be facilitated by $STZU tokens. Further, this advanced platform will combine the power of web3, NFTs, AR, and VR on the same platform and provide us with a virtual world where anything is possible!
With all of that, it will be apt to say that metaverse will shape how our world operates in the future. The metaverse when incorporated with blockchain technologies, decentralized finance, cryptocurrencies, NFTs, and virtual real estate will give rise to a whole new ecosystem full of possibilities beyond imagination. Every enterprise in our economy eventually needs to find space for itself in the metaverse to survive in the long run since the future of the internet and our economy rests on the metaverse.
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