09 June 2023

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The biggest revolution since the advent of the web: the metaverse

Luigi Campopiano

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For years, headlines worldwide have acclaimed the most famous of cryptocurrencies, Bitcoin, as the future trend that no one can do without. A phenomenon of the blockchain — the mechanism that allows certified transactions to be made — Bitcoin had initially gone unnoticed. Later, its status was elevated due to media attention and enthusiasts in search of the real revolution beyond the enthusiasm linked to a single application. 

Next, it was the time for NFTs (Non-Fungible Tokens) to enter the spotlight. Immutable, tradable and usually interoperable, NFTs are digital assets whose authenticity and origin are guaranteed by the blockchain.

The interest and curiosity then heralded an expected increase, fueled by the ease of creating new digital currencies and NFTs. It is common to find announcements of new cryptocurrencies, world-changing blockchain applications or game-changing NFT projects. Unfortunately, the reality is quite different. Many projects related to this world have not had the desired success precisely because they did not try to satisfy a real market need.

Now, however, the trend of the future that no one will be able to do without could have arrived, and the protagonist could be the metaverse. This is a term used to indicate parallel and completely virtual realities, a fusion between the physical and digital world born three decades ago from the pen of writer Neal Stephenson. 

The metaverse could radically transform how we interact: blockchain, cryptocurrencies and NFTs could become the three pillars allowing the metaverse to operate and, eventually, revolutionize our society. But how?

Bitcoin and other cryptocurrencies could become the metaverse's official trading currency. Even stablecoins, characterized by less volatility since their price is tied to a reference asset, could find their role in the metaverse and the tokens used for purchases within video games on platforms in the metaverse arena. 

The blockchain can facilitate the use of the metaverse thanks to the use of so-called "smart contracts, "computer protocols that facilitate, verify and guarantee that certain conditions are respected, negotiated and performed, just like a contract, but virtually. 

NFTs could help define the concept of digital ownership in the metaverse. They arguably represent the most compelling evidence of the effectiveness of blockchain-enabled metaverse transactions: a sharp increase in NFT sales at the end of 2021 contributed to fueling the popularity of the metaverse phenomenon. 

In 2022, Statista estimated that the global metaverse market stood at $66 billion. In 2023, the company said the figure is expected to rise to $82 billion, before surging to $937 billion by 2030. 

In conclusion, blockchain, digital currencies and NFTs could represent the characteristics of a world in which digital merges seamlessly with reality. That’s just what the metaverse aims to be. However, for the metaverse to truly become the trend of the future that no one will be able to do without, it must be supported by a technological infrastructure in line with market needs and capable of responding to the needs of its potential users.