The Metaverse, also called cyberspace, is a collection of human interaction-dependent technologies that have become increasingly popular in recent years across the world. These technologies include virtual and augmented reality, NFTs, motion-tracking tools, holograms, avatars, video games, and much more. The Metaverse is worth billions of dollars and is only expected to grow in popularity and success in the future. The Metaverse market had a market value of $47.69 billion in 2020, with 45% of that global market revenue being attributed to North America. These impressive numbers, along with the 43.3% compound annual growth rate (CAGR) of the market, makes for a promising future for the Metaverse and the platforms that comprise it. Let’s learn about pets and the metaverse below.

With something as revolutionary as cyberspace, there are many benefits and drawbacks that arise. The main benefits and contributors to the success of the metaverse are high revenue-generating users, a focus on joining the physical and digital worlds, and the popularity of the hardware segment. Alternatively, the drawbacks of these technologies are concerns involving user privacy and security within the Metaverse, user identity issues, and the challenge of convincing users to utilize payment systems. Despite these concerns, several platforms have found great success in cyberspace and continue to draw in millions of users with their unique and versatile services.

Who Will Lead the Metaverse Race?

Platforms like Ready Player Me, Decentraland, and Horizon Worlds have already made a name for themselves in this emerging online world. These platforms, which have millions of users in their databases, offer the ability for players to customize worlds, create scenes and items from scratch, buy and trade digital assets, play games with personal avatars, and even communicate with others in an entirely virtual space. The versatility of these servers is what attracts so many users, and is what will draw others to them in the near future on a more global scale.

A growing niche in the Metaverse has recently been the opportunity to own a digital pet. There are different types of virtual pets in cyberspace, as well as multiple platforms that are dedicated solely to these endeavors. One type of virtual pet is a Metapet, which is a three-dimensionally generated avatar representation of a real pet. A Metaverse pet, on the other hand, is simply a fictional animal avatar. Both types of furry friends possess a range of capabilities that are not possible in reality and may be more appealing to a wider audience.

Owning Pets in the Metaverse

MetaGochi, MetaPets, CryptoKitties, and Axie Infinity are all pet-owning platforms that offer users the opportunity to train, breed, show, customize, and play with their animals from the comfort of their own device. Some of these sites, like Axie Infinity, utilize auxiliary technologies like NFTs and cryptocurrency to offer users the chance to monetize their hobby and further reap the extensive benefits of the Metaverse. Thousands of users have already made their mark in cyberspace, creating and owning millions of unique pets and animals and enjoying the creativity and freedom that these platforms and their services have to offer.

Learn more about pets and the metaverse in the infographic below: