What is the metaverse? How to use Metaverse?
What Does Metaverse Mean ?
Metaverse, a term first used in science fiction, is a combination of the prefix meta and universe meaning beyond. It refers to virtual worlds where land, buildings, avatars and even names can be traded, often shared using cryptocurrency. In these environments, people can wander around with friends, visit buildings, purchase goods and services, and attend events.
What Is Metaverse ?
The concept gained popularity during the pandemic as quarantine measures and work-from-home policies brought more people online for both work and play.
The term covers a wide range of virtual realities, from workplace tools to games and community platforms.
Most of the new platforms are powered by blockchain technology using cryptocurrency and immutable tokens (Nfts), allowing a new type of decentralized digital asset to be created, owned and monetized.
It Has An Important Place In The Game World
Metadata store can be broadly divided into two different types of platforms.
The first focuses on building a blockchain-based metadata warehouse using NFTs and cryptocurrencies. Platforms like Decentraland and The Sandbox allow people to purchase virtual parcels of land and create their own environments.
The second group, more generally, uses metadata to refer to virtual worlds where people can gather for work or play. Facebook Inc announced in July that it has formed a product team to work on the metadatabase.
Game platforms where users can compete, collaborate and create their own games, Roblox, Fortnite and Minecraft fall into this category.
The term, used in Neal Stephenson’s 1992 sci-fi novel Snow Crash, refers to the convergence of physical, augmented and virtual reality in a shared online space. Earlier this month, The New York Times investigated that companies and products like Epic Games’ Fortnite, Roblox and even Animal Crossing: New Horizons are increasingly having metaverse-like elements. (Epic Games CEO Tim Sweeney has been discussing his desire to contribute to a metaverse for months.)
How To Use Metaverse ?
While many metaverse platforms provide free accounts for people to join, people who buy or trade virtual assets on blockchain-based platforms must use cryptocurrencies.
Several blockchain-based platforms require Ethereum-based crypto tokens such as MANA for Decentraland and SAND for Sandbox to buy and trade virtual assets.
In Decentraland, users can trade NFT artworks or get an entrance fee to a virtual exhibition or concert. They can also make money by trading land, whose prices have skyrocketed over the past few years.
In Roblox, users can earn money by charging other users for access to the games they create.
The Future Of Metaverse
It is unclear to what extent a true metaverse that fully replicates real life is possible or how long it will take to develop.
Many platforms on the blockchain-based metadatabase are still developing Augmented Reality (AR) and Virtual Reality (VR) technology that will allow users to fully interact in space.
Facebook Inc (FB.O), Alphabet Inc’s (GOOGL.O) Google and Microsoft Corp (MSFT.O) are investing in cloud computing and investing in VR companies in anticipation of growth.
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