Applications and Use Cases

The Benefit of Digital Pets


March 08, 2022

The Metaverse is the newest and most advanced grouping of technologies available. It can be defined as a broad spectrum of technologies and human interaction, which includes but is not limited to virtual reality, augmented reality, holograms, video games, NFTs, avatars, and motion-tracking tools. The Metaverse is worth billions of dollars at its current state and is only expected to grow in popularity and success in the future. More specifically, the market value in 2020 was $47.69 billion, with an expected compound annual growth rate (CAGR) of 43.3%. North America is home to the majority of active and interested Metaverse users, as 45% of the global market can be attributed to this region. The consolidated market, in combination with a spike of the success of the hardware segment, can also explain the spread of revenue on a global scale.

Despite some challenges that come with new and complex technologies of this type, such as concerns about privacy, security, or identity issues, the increased focus on merging our physical and digital worlds has become a driving force in the success of the Metaverse. This rapidly evolving scenario begs the question: Who will lead the Metaverse race? Platforms such as Ready Player Me, Decentraland, and Horizon worlds are few of the many that have already found great success in this digital universe. On these sites, users have the opportunity to build avatars, create unique worlds, trade assets, and spend time with others in a virtual space. There is a place for everyone with a variety of interests being represented within the Metaverse, one of the most popular being the ownership of digital pets.

Within the Metaverse, some platforms focus solely on the user’s ability to own and take care of a digital pet. The main types of pets available to consumers are Metapets, which are avatar representations of real pets, and Metaverse Pets, which are simply fictional animal avatars. Platforms such as MetaPets, Axie Infinity, CryptoKitties, and MetaGochi are some of the most popular, each offering a unique set of services focused on pet ownership. Some of the features highlighted on these sites include designing and owning digital pets, training and breeding the animals, earning NFTs through gameplay, and even solving puzzles or playing games with other pet owners.

There are many benefits to owning a digital pet as opposed to a real animal, many of which allow for users to experience the joy of pet ownership without the commitment, the cost, and the grief following the loss of a pet. The possibilities within the Metaverse for pet lovers are truly endless, and the market for this type of Metaverse use is only growing as the concept and universe itself continues to increase in relevance and success. It is even possible for users to monetize their hobby by utilizing their time with their furry friend as a mechanism for gathering revenue and valuable assets. Among the several unique and personalized features that the Metaverse offers, pet ownership is one that is rewarding and low commitment for users of all ages and backgrounds to enjoy and benefit from.




Edited by Erik Linask

HOME


FEATURED RESOURCE


Social media is impacting the value of your cryptocurrency. This cross-platform audit will show how to improve consumer and influencer sentiment.

CONTACT US