Technology has a habit of being quite unpredictable, but at least a handful of people end up predicting its disruptive routes decades in advance. The Internet has dominated our lives for more than a decade, but the concept has existed for decades more. The first film was streamed over the Internet nearly 30 years ago, even though prominent streaming platforms only started to take off in recent years.
Humans are generally quite smart, constantly coming up with solutions to the potential problems of the future. However, these are mostly only rough outlines for solutions, which depend on future advancements in technology. But this hasn't stopped people from speculating on visions of the future.
The Metaverse is one such vision of the future that blurs the line between physical and virtual worlds. It's a spiritual successor to the Internet that has the potential to revolutionize the infrastructures of both digital and real-world systems. Facebook's recent foray into the Metaverse has popularized the topic, but it was conceptualized decades ago in Neal Stephenson's 1992 science-fiction novel Snow Crash.
The world's tech giants have made this vision of the Metaverse their latest goal, with massive corporations like Epic Games, Nvidia, Microsoft, and even digital asset exchanges like Phemex expressing their support. Investors will spend tens of billions of dollars over the next few years in an effort to bring this Metaverse narrative to life. It could represent how integrated our online and offline lives have intertwined through technology.
New World Ownership
Today, to communicate what the Metaverse will look like, some draw analogies with 'The Matrix' and 'Ready Player One'. In truth, no one knows what the Metaverse will look like – just like no one knew precisely how the Internet would turn out. However, this doesn't mean we can't identify the core aspects.
Despite no one formally owning the Internet, the most prominent companies of the last two decades have emerged because of it. The Metaverse will change everything we've become used to online, such as identity verification, contract work, advertisements, and content creation.
It's practically impossible to speak about the Metaverse without talking about blockchain. Distributed networks for digital transactions sound like the perfect way to communicate value among digital societies, and with the rise in popularity of NFTs, it's all too likely people will build the Metaverse on Web3.
Built on Blockchain
The cryptocurrency industry is evolving by the day, and with the Metaverse gaining traction in the tech world, industry leaders in blockchain are engaging in serious discussions. Jack Tao, CEO of Phemex, a globally renowned trading platform for crypto-derivatives, spoke about the emergence of the Metaverse during his speech at the World Blockchain Summit in Dubai earlier this year.
According to Tao, “The Metaverse represents a new way of interacting with the digital world, one that's even more disruptive than the Internet, and created by each participant, not by a central authority.” He also mentioned that NFTs were a primary driver of interest in this trend.
“A sign that NFTs are here to stay is not that some NFTs have been sold for millions of dollars, but that thousands of NFTs have been sold for smaller amounts, demonstrating that digital collectibles are not exclusively for whales, and are spreading in the direction of mass adoption,” he reasoned.
Phemex envisions a future where people can accomplish anything they set their minds to. To celebrate its 2nd anniversary, the exchange is now holding an extensive 'Choose Your Reality' campaign featuring the Dream With Phemex' event. According to the event announcement, Phemex is asking its users to post their dreams and aspirations in text or video form, committing to making a few special winners' dreams come true next year.
Also, Phemex has released a new branding video and a viral campaign to further demonstrate its support for the Metaverse. Users can join the special “Into the Metaverse” campaign and share the branding video in order to be eligible for large amounts of cryptocurrency and rewards.
The Metaverse will need a wide range of technologies, innovations, and protocols to reach its full potential, and it won't happen all at once. As these technologies become more accessible, the Metaverse will gradually emerge over time.
In Phemex's latest brand video, the exchange talks about how the world has moved on to be more open, digital, and free. Such technology should apply to money too. The Metaverse is urging these ideas, and while the broad vision of this evolving sphere is still hard to define, the pieces have begun to fall into place, making the virtual world feel more real than ever before.
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