We will all be stuck inside pleasure machines until our sun explodes.
These machines can stimulate all of our senses and will take care of every step of our metabolism.
You will virtually create your own personalized heaven where you can do and experience anything you're in the mood for.
You can have a persistent waifu, a family, a harem, live through an action story, become a furry, anything up to your wildest and sickest dreams.

Feeling uncreative? Just ask the AI to generate an experience that according to its calculations would give you the maximum amount of pleasure.
Alternatively, you can visit other people's worlds.

Simulating an experience is far cheaper than causing that experience in real-life.
This is what singularity looks like. This is why there are no space-faring aliens.
Consciousness is solved through simulation. Simulations will always give much richer experiences.