HIGHLIGHT

• The Metaverse market is anticipated to reach a value of US$313.1m in 2024.
• This market is expected to exhibit an annual growth rate of 40.77% from 2024 to 2030, resulting in a projected market volume of US$2,436.0m by 2030.
• In Western Africa, the projected market volume is estimated to be US$23.0bn in 2024.

You must have come across the word “Metaverse”, but maybe you don't know what it really means. It is safe to say that the metaverse is the future. We can describe the metaverse as a virtual space that blurs the line between physical and digital realities, it is also a space where users can interact, socialise and participate in numerous activities

The metaverse relies on certain advanced technologies, which users can use to navigate virtual landscapes, participate in virtual events, interact with other avatars and participate in virtual events through the help of augmented reality (AR), Virtual Reality (VR), Artificial intelligence (AI), and blockchain, this is to help create an immersive and interactive digital experience.

In Africa, Metaverse, a concept that has been criticised for its vagueness for a long time, is gaining attention. Despite the predicted challenges, technology giants like Facebook and Apple have taken the Metaverse seriously, with Facebook changing its name to Meta in 2021 and Apple announcing 10,000 recruits for a $10 billion division to develop XR gear, software, and content. Brands, banks, entertainers, and athletes are also planning their futures in the Metaverse, with JPMorgan Bank predicting it will generate $1 trillion annually.

Effect of ICP on the Metaverse

The Internet Computer (IC) is a decentralised blockchain designed to operate in a metaverse environment, unlike other systems that have centralised cloud nodes. It is rapidly changing the Web3 game, with Distrikt providing a decentralised social media network for professionals and OpenChat offering a decentralised messaging application. With over 80,000 accounts created on Distrikt and over 80,000 on OpenChat, ICP is a promising blockchain to invest in.

OpenChat, a replacement for WhatsApp, runs entirely on the IC blockchain, an improved framework based on the canister blockchain. The future of IC's solution will be powered by a decentralised, unrestricted, and unbound exposure to the virtual realm, similar to the proposed "Meta" system.

Exploring the Metaverse on ICP

1. Decentralised Virtual Worlds: With ICP's seamless integration of smart contracts and canister technology, developers can create decentralised virtual worlds that offer immersive and interactive experiences to users. From exploring vast landscapes to engaging in social interactions with other avatars, the possibilities are limitless.

1. NFT Marketplaces: By leveraging ICP's native support for NFTs, developers can build decentralised marketplaces where users can buy, sell, and trade virtual assets, including digital art, collectables, and virtual real estate.

1. Decentralised Social Platforms: Developers can create secure and censorship-resistant social networks where users have full control over their personal data and interactions, fostering a more inclusive and democratic metaverse.
2. Immersive Gaming Experiences: By leveraging ICP's scalable infrastructure and advanced smart contract capabilities, developers can create decentralised gaming ecosystems that offer seamless multiplayer experiences, in-game economies, and player-driven content creation.

Potential as a Developer

For developers, the Internet Computer Protocol represents a gateway to a new era of innovation and creativity in the metaverse. By building on ICP, developers gain access to a robust and decentralised platform that offers unparalleled scalability, security, and interoperability. Moreover, ICP's native support for WebAssembly and interoperable canisters enables seamless integration with existing development frameworks and languages, empowering developers to leverage their existing skills and tools.