Virtual Cities and Digital Skyscrapers: How the Metaverse Is Evolving

The rebranding of Facebook* (recognized as extremist and banned in the Russian Federation) and Zuckerberg's statement about his readiness to invest in the development of the metaverse spurred progress in this sector. One of the most important new concepts is the meta-city, which has the potential to bridge the gap between Web2 and Web3. “Many people think that the metaverse is a place. But one of the definitions of this concept is the time when immersive digital worlds will become the main space in which we spend our lives, ”Zuckerberg explained his vision. The billionaire's obsession with the metaverse has already cost his company $20 billion.. Zuckerberg is not the only one dreaming about the Metaverse Wall Street analysts have repeatedly urged Zuckerberg to completely abandon investments in the Metaverse and focus on Meta's core business – social networks.. But his ideas were supported by other entrepreneurs.. For example, digital real estate firm Crypto House Capital is building a MetaReal residential skyscraper in the metaverse.. According to the CEO of the company, Thomas Nasisonis, the Skylum metacity will give users an immersive experience within the framework of augmented reality.. He also added that physical buildings with virtual counterparts, or “digital twins”, will be attractive to existing communities.. “Living space will bring people together with common interests and goals. This will keep communities alive as they move into the digital world,” he told BeInCrypto via email. “Project participants will receive customizable avatars. They will be able to have fun, go to concerts, lectures, fashion shows and nightclubs, visit museums and art galleries in the metacity.” “Connecting the online and offline sides of our lives will give us a new way to express ourselves,” says Nasisonis.. “People will want to explore this opportunity to live in both worlds and get the best out of them.” Source: Skylum Today, apartments in the MetaReal skyscraper are selling for up to 10 ETH, or about $13,000. Read also: How to get into the metaverse and how much it costs is part of a range of emerging technologies in the metaverse. And although the concept itself remains largely abstract today, its capabilities are planned to be applied in various fields – from tourism to environmental conservation.. According to the CEO of Crypto House Capital, the technologies used in Skylum will create new tourist facilities and attractions. “Users will be able to share creative projects of all shapes and sizes, overcoming real-world constraints such as location and the cost of creating physical objects.” Nasisonis argues that meta-cities will become spaces where people can express themselves and reimagine the world through their own perspectives.. But it's not yet clear how they can accelerate mass adoption and bring new traffic to the metaverse. Attracting users to the metacity can be a daunting task Nasisonis and his team face a daunting task. After all, the attempts made by large companies to sell this idea, if not failed, then turned out to be very close to collapse. So, the recent layoffs at Meta have seriously shocked the entire industry.. The market capitalization of metaverse-focused projects like Decentraland and Sandbox has skyrocketed since Zuckerberg's company entered the scene.. But as more and more questions about the future of Meta emerged, the price of their native tokens collapsed amid reports of extremely low daily user activity.. MANA and SAND are down about 90% from November 2021 highs. Sandbox's parent company Animoca Brands plans to invest another $2 billion into the metaverse to keep the interest alive. The EU's attempt to attract politically disinterested youth through the metaverse has also failed: almost no one came to the virtual concert, which cost the organizers €400,000. “I'm here at a 'gala' in the metaverse of the EU's external aid department… after bewildered conversations with five other people, I'm left alone,” tweeted journalist Vince Chadwick. I'm here at the “gala” concert in the EU foreign aid dept's €387k metaverse (designed to attract non-politically engaged 18-35 year olds — see story below). After initial bemused chats with the roughly five other humans who showed up, I am alone. https://t.co/ChIHeXasQP pic.twitter.com/kZWIVlKmhL — Vince Chadwick (@vchadw) November 29, 2022 The concept of a metaverse is still in development According to Mirrorworld co-founder Anthony Logan, to argue that we are in the widespread phase metaverse, it's still early. “The concept is in development and there is no consensus on exactly what the metaverse will look like and how it will be used,” he told BeInCrypto. Logan also added that further development and innovation in the field of virtual and augmented reality can be expected in the next decade.. This is likely to lead to more fully realized virtual worlds and greater integration of virtual and physical experiences. However, the key to mass adoption of the metaverse may lie in the development and adaptation of user-generated content (UGC) platforms.. Lily Eva Barta, founder and CEO of GN3RA — a platform where you can create and trade virtual outfits — believes that projects need to lower the barrier to entry for creators and simplify the content creation process. She added that it was important to make the creative process less stressful so that non-designers could easily participate. Overall, the future of the Metaverse will depend on the continued development of technology and the ability of user-generated content platforms to adapt and support creators. Read the latest cryptocurrency news on the BeInCrypto portal and join the discussion in our Telegram channel. The reader is solely responsible for any actions taken by him on the basis of information received on our website.