The Metaverse is the convergence of technologies and human interaction that includes virtual reality, video games, NFTs, avatars, holograms, and much more. Also known as cyberspace, the Metaverse is a billion-dollar market with a compound annual growth rate (CAGR) of 43.3%. In 2020, the market value was $47.69 billion, with 45% of that revenue being attributed to North America alone.
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Despite common security and privacy issues that arise with technology of this nature, many emerging platforms have had great success in the Metaverse, thanks to a growing focus on the combination of the digital and physical worlds. Businesses and private companies alike have joined the Metaverse race as this booming market continues to grow rapidly.
Ready Player Me, Decentraland, and Horizon Worlds are only a few of the most popular platforms players can utilize in cyberspace. Through this revolutionary technology, users have the opportunity to build custom avatars, create artwork, design worlds, and interact with other users around the globe.
The Metaverse is a conglomerate of highly versatile technologies, as users are presented with endless opportunities for creativity, entertainment, and even business, all at their fingertips. Recently, a growing niche in the Metaverse has been programs designed specifically for the adoption of virtual pets.
These virtual pets are created using holographic images and three-dimensional technologies to bring the animals to life. Platforms like MetaPets, MetaGochi, Axie Infinity, and CryptoKitties use this new technology to allow users to design, train, collect and play games with their virtual animals.
There are several benefits to this style of pet ownership, as virtual pets present endless opportunities for owners that may not be possible in reality. Owning a pet in the Metaverse is the perfect opportunity for animal lovers to enjoy their hobbies while benefiting from the other unique opportunities that this new technology has to offer.
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Last Updated on January 17, 2022.