The metaverse is redefining how art is experienced and distributed, saysthe founder, and Neo Wen, CEO of MoMeta. He believes that metaverse art is breaking the traditional model in the art world. Neo Wen says metaverse will be a mainstay in our lives in the near future.
He described the metaverse as a new species in the interconnected virtual online space. It has the ability to transform social networking and the web as a whole. With the global market size of the metaverse soaring to USD 48 billion in 2021, more growth has been envisioned with a compound annual growth rate (CAGR) of 43% by 2028.
The digital web is undergoing a natural evolution. Neo Wen said that till the early 2000s, the internet was a fairly finite space. From 2010, trends steadily pushed desktop users to mobile. The same is happening with the metaverse, which is still in its infancy. Neo Wen sees technological developments allowing the metaverse to push traditions and boundaries. It will get everyone involved.
The metaverse is currently being used mainly in the art world. Experts attribute this to freedom to experiment as it’s not subjected to the laws of physics such as gravity. A good example is MoMeta’s gallery hall called Pure Land UFO Mirage. If it had been cast in metal, it would have cost the artist around USD 200,000. Metaverse arts allow artists to explore all facets of a 3D immersive experience in developing figurative and interactive work.
Neo Wen believes metaverse art breathes new life into traditional art mediums. He says art pieces will no longer be tucked away in homes of the wealthy whereby only a select few get to enjoy it. Metaverse’s digital nature gives accessibility to all and operates as an open museum. But enthusiasts have the opportunity to exclusively own a piece of the art through NFTs and digital wallets. Metaverse is redefining the experience.