This section highlights existing market research and analysis, potential limitations to the existing Metaverse space, and the opportunities this presents. It outlines the approach being taken by the Ethereum Worlds team to address those limitations while capitalizing on the potential opportunities.
As an organization, we realized very early on that for our project to succeed we needed to understand the emerging market that we were looking to enter. We needed to identify our competition, as well as understand our potential customers, and what would set us apart from other Metaverse protocols.
In 2021, there was an explosion of interest and desire for digital ownership via blockchain technology, in particular, around the NFTs and the Metaverse. We believe that with the current advancements of VR technology, coupled with Web3 solutions, there is a perfect storm where innovation and development will meet demand in early 2023.
Many governments and global brands have been investing heavily in research and development of new or existing Metaverse plays, as well as some Web2 brands looking to pivot into this growing space.
Most of the current Metaverse platforms center around gaming models, with a clear intention of monetizing this established market. However, this overlooks a large segment of the market that may have other non-gaming interest in virtual property.
- We think that many of these market predictions are potentially conservative and the technology boom will be accelerated over the next 3 years, similar to personal computer ownership during the dot com bubble of the 1990s.
“The Metaverse is best understood as the shift of computing and interaction from a device in your pocket into a virtual simulation.”- Matthew Ball