Imagine a virtual world where billions of people live, work, shop, learn and interact with each other -- all from the comfort of their couches in the physical world.
The computer screens we use today to connect to a worldwide web of information have become portals to a 3D virtual realm that is palpable -- like real life, only bigger and better. Digital facsimiles of ourselves, or avatars, move freely from one experience to another, taking our identities and money with us.
This is known as the Metaverse, and hype notwithstanding, it does not exist today. So what exactly is the Metaverse?
What is the Metaverse?
The term "meta" means "beyond," while "verse" references the universe. In other words, the Metaverse propels us to a space beyond the universe, taking us to new planes of existence and experiences in virtual reality.
The Metaverse is a newly imagined augmented reality where we can meet virtually and explore realms beyond the reach of the physical. In the Metaverse, we can enjoy a completely immersive experience while collaborating and interacting with others.
The Metaverse can be thought of as the next generation of the internet. Instead of the original information superhighway, however, the Metaverse will offer a completely immersive experience.
How does the Metaverse Work?
The Metaverse can be divided into two sorts of platforms in general.
The first involves leveraging nonfungible tokens (NFTs) and cryptocurrencies to create blockchain-based metaverse startups. People can buy virtual land and develop their settings on Decentraland and The Sandbox platforms.
The second group uses the Metaverse to describe virtual worlds where people might meet for business or enjoyment. In July, Facebook Inc. announced the formation of a metaverse product team.
Is Crypto a Key to the Metaverse?
The Metaverse's goal is to provide people with an augmented reality experience that, in many ways, may surpass physical reality in terms of experiences and opportunities.
Let us look at why the Metaverse needs encryption to function correctly.
The unhackability and immutability of blockchain are critical properties for any virtual reality technology to gain broad adoption. Hacks and data breaches are common, but if people are supposed to operate in an entirely online and virtual environment, the underlying platform on which they will be operating must be secure.
The Metaverse will want and require transactions to be completed on demand, which blockchain and crypto assets can help to enable.
Individuals and institutions can conduct transactions in a virtual, traceable and real-time manner via crypto transactions, which are feasible and proven methods. However, the trend toward virtual and online payments has been growing even without the continued use of blockchain and crypto-asset technology.
Final Thoughts
It is unclear how real a true metaverse that perfectly mirrors actual life can be or how long it would take to create.
Many blockchain-based metaverse platforms are still working on AR and VR technology to allow users to interact with the environment ultimately.
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