As a number of brands, corporations, and even governments begin to conduct business in virtual worlds, the Metaverse has become one of the year’s hottest buzzwords. Despite the fact that Metaverse development is still ongoing, a recent analysis from the technology research and consultancy firm Technavio predicted that the Metaverse will have a market share of $50.37 billion by 2026.
According to another research, the expansion of the Metaverse will be driven by e-commerce, which is predicted to attain a market share of $60.47 billion by 2026. E-commerce through social media platforms is also predicted to grow in the next years, suggesting that the Metaverse will emerge as the next generation of social networking. As a result, it’s not surprising that a growing number of Millennials and Gen Zers are becoming interested in the Metaverse.
Based on the findings of Virtua’s “Digital Ownership Report 2022,” younger generations are especially enthused about the possibility of recreating themselves in virtual worlds that allow for the development of digital identities and ownership. According to the analysis, 63% of American millennials anticipate the Metaverse to help them reinvent themselves, while 70% of those polled stated that digital things such as apparel and artwork are already an important part of their identity.
In compared to Web2 social media sites like TikTok and Instagram, users will be able to express themselves far more freely in the Metaverse. He believes this is because people will be able to modify avatars to represent themselves while exploiting digital assets that they possess. He went on to say that every component of Virtua’s metaverse is configurable, allowing users to design their own avatars to represent their “digital identities.”
When considered pragmatically, digital identity may be described as “the unique, identifiable information that is associated with a person when online.” As a result, the notion of digital identity in this situation goes far deeper than simply creating an avatar to seem like oneself.
As people spend more time in the Metaverse, whether in gaming settings, virtual events, or online jobs, their digital identity will grow.