What Is The Metaverse Anyway?

what is the metaverse
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What is the metaverse, and why is it a concept that's fascinating yet elusive to many? But, what you might not know is that the roots of the metaverse can actually be traced back to a 1992 science fiction novel, "Snow Crash" by Neal Stephenson. The author envisioned a virtual reality-based successor to the internet where users would interact with each other and software agents, in a 3D space. The term itself combines 'meta-', meaning beyond or transcending, with 'universe'.

The metaverse could be described as a collective virtual shared space that's created by the convergence of physical and virtual reality. This digital universe is accessible via the internet and contains augmented reality, virtual reality, and a 3D internet. It's the next evolution of social connection and could potentially be a space where people work, learn, play, socialize, create, and even explore.

One of the most compelling aspects of the metaverse is that it's not confined to a single platform or company. Instead, it's a composite of multiple companies, platforms, and technologies, much like how the internet is structured today, but with a deeper level of immersion.

You might be thinking, "How can the metaverse impact my life?" Well, the possibilities are vast. The metaverse could change how we work by creating virtual workspaces that allow for more immersive and interactive collaboration. It could transform how we socialize, by enabling more lifelike virtual gatherings. It could revolutionize education, by making learning more engaging through virtual, interactive lessons. It could even reshape the entertainment industry, by creating entirely new mediums for storytelling.

However, the development of the metaverse also presents significant challenges. These include technical hurdles, such as improving VR technology and internet infrastructure to support seamless, high-quality, real-time experiences. There are also ethical and societal issues to consider, such as data privacy, digital well-being, and the potential for an increased digital divide.

The metaverse is still in its nascent stages, and there's a lot of uncertainty about what it will look like or how it will function. But one thing is for sure, as the boundaries between our physical and digital worlds continue to blur, the metaverse is a concept that is not only exciting but also inevitable, and it's definitely a space to watch in the coming years.

I firmly believe that crypto companies which can successfully merge immersive gaming, VR, and metaverse through interoperability will see the most success. 

Gaming Stats At A Quick Glance

Let's look into the insightful world of SOFTSWISS, crypto gaming trends, and the iGaming market in Malta. A recent report by SOFTSWISS is not just a collection of numbers and graphs; it's a vivid illustration of an industry in flux, capturing the pulse of the iGaming market. Shall we unravel the story behind these numbers?

A Picture of Growth

2023 has been a thrilling one for the iGaming industry, especially in the first half, with impressive growth in total bets. The numbers tell a fascinating tale of a 37% increase in the total wagered amount compared to the previous year. But what's even more remarkable is the 49% surge in the number of bets.

What's behind this growth? The expansion of the market, increasing accessibility, or possibly the introduction of crypto-centric features? It's likely a combination of all these elements.

The Cryptocurrency Saga

Since SOFTSWISS introduced the ability to partake in games designed for fiat currency transactions using cryptocurrencies, the landscape has changed dramatically.

The stable 16.5% growth in digital coin bets between H1 2023 and H1 2022 is intriguing, but the 83.6% increase in the number of crypto bets since the second half of 2022? Those are great numbers.

Despite fluctuations in cryptocurrency rates, they still make up 29.5% of the total wagered amount in the last six months. It's a testament to the enduring appeal and trust players have in this option.

The Battle of The Cryptos

Bitcoin, Ethereum, Litecoin, Tether, and Dogecoin are the stars here. Bitcoin's growth, in particular, is noteworthy, with its share increasing by 7.9 p.p. This might be due to its status as the pioneer of cryptocurrencies or perhaps the underlying trust in its value.

On the other hand, Ethereum and Litecoin lost ground. What led to this? Market dynamics, evolving player preferences, or something else? It's a puzzle that industry experts are still working to decipher.

What The Future May Hold

The future of the iGaming industry and the role of cryptocurrencies within it is a tantalizing subject. Based on current trends, we can anticipate a few things:

  1. Continued Growth: The iGaming market is likely to continue its growth trajectory, driven by technological innovations, increased accessibility, and the integration of cryptocurrencies.
  2. Crypto's Staying Power: Cryptocurrencies are not a fleeting trend; they are here to stay. Their share in the betting market may fluctuate, but their appeal is enduring.
  3. Innovation and Customization: As Co-CEO at SOFTSWISS, Andrey Starovoitov, puts it, success will favor those adept at harnessing emerging trends. Expect to see more tailored, innovative solutions targeting sophisticated audiences.
  4. Regulatory Evolution: With the rise of crypto in iGaming, we can foresee tighter regulations and compliance measures to ensure a secure and fair gaming environment.

In conclusion, the world of iGaming is in the midst of an exciting era, fueled by technological advancements and the integration of cryptocurrencies. SOFTSWISS, with its cutting-edge solutions and insights, stands at the forefront, guiding the industry toward an exhilarating future. The challenges are many, but so are the opportunities. In this ever-changing digital landscape, one thing is clear: The metaverse and gaming are likely to be where the future is headed towards. Of course, we are only speculating here, but the writing seems to be on the wall.

Matt Barnes
Matt Barnes

Matt is the founder of TechMalak. When he's not buried face-deep in the crypto charts you can find him tinkering with the latest tech gadgets and A. I tools. He's a crypto investor and entrepreneur. He uses a mixture of A.I and human thought and input into all his articles on TechMalak, further merging man with machine.

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