New Opportunities for Developers in the Metaverse
A recent study conducted by API Provider Agora has indicated that the migration of trading activity from centralized exchanges to metaverses could present significant opportunities for developers to create innovative decentralized applications (DApps). This comes in light of LG Electronics’ recent announcement of its exploration into the crypto and blockchain space.
Metaverses, which are digital universes that utilize blockchain technology to facilitate secure ownership and exchange of virtual assets, have gained prominence in the past year. Notable examples include Decentraland and Cryptovoxels.
Agora surveyed 100 developers in the cryptocurrency space and found that almost 57% believe that trading activity will shift from centralized exchanges to metaverses within the next five years.
Furthermore, developers agree that the development in the crypto sector and blockchain technology will have a significant impact on the metaverse. In fact, 70% of respondents expressed their agreement on this matter.
The survey also inquired about the future of nonfungible tokens (NFTs) in the metaverse, specifically whether they will become the most common form of money. According to the poll, 53% of respondents agreed, while 24% disagreed.
Additionally, a majority of the developers (72%) believe that real-time engagement will be crucial for achieving a “connected experience” in the metaverse. Interestingly, over half of the participants (55%) predict that this connected experience will eventually replace real-life social interactions.
Furthermore, the study revealed that 43% of developers believe that metaverse development will result in a future where people spend more time in virtual reality (VR) than in the physical world.
The role of artificial intelligence (AI) in the metaverse is also viewed optimistically by developers. Nearly two-thirds of respondents (64%) believe that AI will play a major role in the metaverse.
In another exciting development, HSBC became the first global bank to venture into The Sandbox metaverse in March. The bank purchased a plot of land to interact with sports, e-sports, and gaming enthusiasts. Research by Citi suggests that the potential market of the metaverse economy could reach $13 trillion by 2030.
At the Mobile World Congress in Barcelona, Samsung’s Vice Chairman Han expressed the growing attention the metaverse is receiving in business settings and announced the company’s plans to release a metaverse product.
