• 2022 was a turbulent year for the cryptocurrency and blockchain industry, but there was still plenty of enthusiasm for the metaverse.
• Over $120 billion was invested in the metaverse in the first half of 2022, with many significant partnerships sealed throughout the year.
• The metaverse is a multibillion-dollar industry that incorporates different concepts and technologies, such as blockchain, AI, the Internet of Things, AR, virtual reality and gaming applications.
The year 2022 saw an array of developments and advancements in the metaverse industry, a computer-generated virtual universe first coined by Neal Stephenson in 1992. Despite the turbulence of the cryptocurrency and blockchain industry, the metaverse still attracted the enthusiasm of investors and developers, with over $120 billion invested in the first half of the year alone, according to a McKinsey report.
The metaverse is a multibillion-dollar industry that incorporates different concepts and technologies to create environments for rich user interactions, such as blockchain, artificial intelligence (AI), the Internet of Things, augmented reality (AR), virtual reality and gaming applications. During 2022, the industry saw many significant partnerships formed, with even some unexpected institutions, such as JP Morgan, embracing the Web3 revolution.
One example of a partnership formed during 2022 was the collaboration between the metaverse-based virtual world Decentraland and digital asset platform Uphold. The two platforms worked together to create the Decentraland Uphold App, which allows users to purchase, store, and trade LAND, the in-game asset of Decentraland. This app also allows users to exchange any of their LAND tokens for other virtual currencies within the Decentraland ecosystem.
In addition to the Decentraland and Uphold partnership, the metaverse industry saw many other developments during the year. For instance, a new version of the Ethereum-based metaverse platform Decentral Games was released in April, allowing developers to create their own decentralized gaming environments. The platform also introduced a new token, the Decentral Games Token (DGX). This token allows users to purchase and trade in-game assets, such as virtual land and collectibles.
The metaverse industry also saw the launch of the world’s first virtual reality (VR) shopping mall, called Shopping.io. This mall allows users to shop for physical and virtual items in a 3D environment, with the ability to purchase items using virtual currencies. The mall also has its own currency, the Shopping Coin, which can be used to purchase items in the mall.
2022 was an eventful year for the metaverse, with many significant partnerships and advancements made throughout the year. As the industry continues to grow, more exciting developments and applications are sure to emerge in the near future.