METAVERSE ON BLOCKCHAIN

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It is foretold that the metaverse will end. Early this year, Decentraland, a massive initiative with a 1.3 billion dollar valuation, reported only 38 active customers. Sadly, they did state that this was not correct at the time of reporting, but the information was just enough to make some people wonder if the Metaverse was approaching its conclusion. especially now that Bitcoin is declining as a result of the FTX's demise. The media is now utilizing this opportunity to claim that the Metaverse is coming to an end as Meta/Facebook stock is declining in value, the company is laying off 13% of its workforce, and the majority of NFTs are becoming worthless.

For those who don't know, the Metaverse was supposed to mark the beginning of artificial intelligence, but it is not a destination to visit, an investment, or a form of money like Bitcoin or NFT. Technology becomes self-aware in the metaverse. Our friends and even our identities are becoming more digital every year because we are struggling to identify that thing and have been trying to figure it out for the past few decades. For instance, whereas less than 1% of people worldwide used the internet in 1995, that number has increased to more than 63% now. The majority of what we do is done online.

Nike registered seven trademarks for use in the metaverse last year, and Facebook changed the name of the entire business to Meta. Just for the Metaverse and for VR, they change the company's name. A lot of other large corporations, including Google, Qualcomm, Shopify, and others, began to invest heavily in it. Every time a company thought about being a blockchain company in 2017, they were able to raise millions of dollars. In contrast, last year, it was any company that thought about being a Metaverse. Consumers, investors, and speculators are more confident when big corporations gain more public support.

People began paying millions of dollars for land in the Metaverse as a result of the NFT's excessive hype bubble. Additionally, they invested millions of dollars in cryptocurrency initiatives including BoredApeYatch Club and cryptopunk, and their first-ever NFT sale, Beeple, brought in $69 million. Some celebrities joined the hype, while others received payment to support the BoredApeYatch club. Unfortunately, individuals who paid a high price for this item have lost around 93% of their investment, and some have even lost nothing. The concept of the Metaverse will permeate everything, but web 3.0, which is a move away from corporate ownership toward individual ownership with full control, makes it partially feasible.