In November 2021, Grayscale published a report titled, “The Metaverse, Web 3.0 Virtual Cloud Economies.” Written by Grayscale’s research analyst Matt Maximo and head of research, David Grider, the report focused on metaverse education, explaining the possibilities presented by this rising phenomenon. Grider and Maximo described the Metaverse as having a USD $1 trillion annual revenue potential in the report.
Metaverse is a hypothesized futuristic alternate universe. It comprises a virtual world presented on a virtual reality network, augmented reality, and artificial intelligence on the internet. As of the present, no one knows precisely what the Metaverse would look like. Still, there is a consistent marketing hype wrapped around the concept of Metaverse. In its vision, Facebook projects a future where its users would have access to digital wardrobe to swipe through. Business-wise, this sounds like Facebook projects to make money by selling virtual clothes. But is this what Metaverse means?
Metaverse is not a reference to a particular technology but rather a reference to capture the totality of our experience as we interact with technology. The primary defining technology of the Metaverse will be virtual reality. A persistent characteristic virtual world that exists continuously even when users are not playing and augmented reality. This technology merges aspects of physical and digital worlds to create pseudo realities. Unlike VR and AR, the virtual worlds of the Metaverse will be accessible through smart devices like smartphones, PCs, and game consoles.
There is more. The Metaverse also represents a virtual economy where people can produce and trade goods across interoperable platforms. It interprets that users may be able to take virtual items across platforms owned by different organizations. The current use of avatars, virtual identities and inventories are tied to host platforms. In the Metaverse, there may exist a possibility to transcend this limitation and carry your virtual assets with you to any platform where they may be used. The applications of Metaverse are not limited and can be viewed as a digital extension of real life.
The Grayscale report stated that ‘our social lives and gaming are converging and creating large, fast-growing virtual goods consumer economy. It is estimated that revenue from virtual gaming worlds could grow from ~$180 billion in 2020 to ~$400 billion in 2025.‘ The report states that cryptocurrency and decentralized finance like lending and staking, decentralized governance, non-fungible tokens, and decentralized cloud storage will create a new online experience. It will rapidly attract new users such as Decentraland, a platform where people interact, govern, and earn tokens and real-life benefits for time spent online.
The role of blockchains in the Metaverse will be integral to creating users’ acceptance and reliability on the Metaverse. The argument for the energy consumption of any technology is always associative. Phaeton is already developing energy-efficient algorithms and is powered entirely on renewable energy. The fight for the energy consumption of the Metaverse may be non-existent as the carbon footprint of this technology becomes negligible with the shift to energy efficiency and renewable energy. Blockchains like Phaeton are already building the infrastructure that will host the future of the Metaverse.
Phaeton blockchain is built on a Delegated Proof of Stake system with a Delegated Byzantine Fault Tolerance consensus algorithm. In addition, it has side chain capabilities that make it energy-efficient and adaptable for operation over renewable energy consumption. With the side chain and smart contract functionality, the Phaeton blockchain enables the development of solutions for applications in various sectors of the business world. Phaeton has deployed both Modular and On-Site Data Centers to power the blockchain, powered by a hybrid of renewable energy solutions for operation and negative pressure cooling.
In deploying its investment in real estate and renewable power generation, Phaeton has incorporated data centres into its facilities. It helps the company efficiently maximize the power deployed to its various real estate assets locations. As a blockchain that uses considerably large data, Phaeton has built its own data center, becoming the first blockchain to do so. Current blockchains contribute a 2% consumption of global fossil-fuel electricity to power their annual value of Terawatts-Hours of energy consumption. Phaeton blockchain’s sole reliance on renewable energy makes it attractive to investors to build future solutions.
Phaeton’s strategy is to build, own and operate its own data centres . As a result, it will increase the asset value of the technology, providing a solid backing for the native coin and contributing increased benefits directly to all stakeholders (shares and coins). In addition, through its blockchain data centres, Phaeton has shown a dedication to providing the infrastructure of the future, especially in the Metaverse. According to projections, Phaeton is currently well in line to complete the rounding up stages of the construction of an Off-Grid Modular Datacentre that will be launched in January 2022. Plans are also ongoing to include the construction of data centres with two properties being developed from February 2022. Also, in 2022, Phaeton will construct ten (10) Community Grid Solar Farm to roll out in 2022, with each facility containing a data centre. These constructions are a part of Phaeton’s TNFT marketplace and Phaeton’s Hybrid Power solution integrations.
The development of the Metaverse, as discussed, will continue to attract investors into the digital real estate market of the alti-verse. Phaeton is focused on tangible NFTs backed by visible and existent real word assets. However, Phaeton has already deployed the functionality that will enable it to transcend into trading non-fungible tokens in a Metaverse digital real estate market. This development is more impressive and attractive to investors and developers through the blockchain’s ability to function entirely on renewable energy consumption. Energy-efficient and green, the Phaeton blockchain is a sustainable blockchain that caters to wealth creation and maximization of investments without negatively affecting the environment or people.
Phaeton datacentres serve as a bedrock for global entrepreneurs to deploy their solutions. In addition, Phaeton has shown a dedication to providing the infrastructures that will enable the future of the blockchain and digital world, including the Metaverse.
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