What Is the Metaverse?

First coined by Neal Stephenson in 1992, the term ‘metaverse’ refers to the idea of a virtual world that mimics the real world. The first half of this compound, ‘meta’, means ‘beyond’, and the latter, ‘verse’, is short for ‘universe’. Together, it’s the idea of a 3D internet, where users can step into a different world with their avatars.

In the Metaverse that exists today, users can teleport to different locations, meet friends, attend events, play games, and create user-generated content. They can also trade their lands, buildings, clothing, art, non-fungible tokens (NFTs), and any other items by using specific tokens.

Characteristics of the Metaverse: 

  • Borderless Anyone can access the Metaverse regardless of geographical location, background, or demographic. It’s an endless space that can be built upon.
  • Decentralised The Metaverse is built on top of blockchain technology. This means that no single entity owns the Metaverse, and all users have control over their data.
  • Use of Cryptocurrency Various tokens can be used for transactions in the Metaverse. All of these transactions are also recorded on the underlying blockchain.

Key Takeaway

The Metaverse is a simulated digital environment that combines aspects of social media, online gaming, blockchain technology, augmented reality (AR), and virtual reality (VR) to create a 3D virtual space.

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