The Metaverse: Virtual Reality Meets Blockchain

Metaverse is a digital universe that includes all aspects of the real world, such as real-time interaction and economics. It offers a unique experience to end users.

What is Metaverse?

A metaverse is an alternate version of reality existing in a digital format. Like physical reality, people interact in this metaworld to work, play, conduct business, and communicate with other people and elements.

In practice today, there are many existing meta-versions, and they can be called by different names and terms. The concept comes from the words “meta,” which means “beyond,” and “universe,” that refers to all existing matter and space. Consequently, the term “meta-universe,” so to speak, goes beyond all that is visible and known of existence.

In the blockchain and cryptocurrency industry, many projects working in other emerging technologies such as artificial intelligence and augmented reality such as VR and AR are developing versions of their own digital realities.

This often uses the term metaverse to describe an ecosystem where platform users can find every single element, creation, experience and interaction in a shared, and most importantly, persistent space. The metaverse concept is gaining popularity in large technology companies as well. It is difficult to define its form as a whole; however, it can be identified by some or all of these characteristics:

  • Persistence: In a meta-universe, a permanent space is constantly forming with an environment that continues to grow and evolve regardless of whether or not users are connected to it and interacting with it.
  • Real Time: The experience takes place in real time. It doesn’t necessarily mean “live”; however, for example, pre-recorded performances can be triggered, but users experience them in real time.
  • Economy: The Metavessel has a fully functional economy. It uses native blockchain-based currency to buy, sell, or trade products and services in the meta universe.
  • Physical Bridge: In augmented reality, a meta universe can exist alongside or even be connected to the physical universe. Imagine, for example, an extra digital layer on top of or connected to real geographic coordinates. This is the opposite of a virtual reality metavirtual universe, which exists only in the virtual realm.
  • Open Content: One of the major advantages of metavalleys is that content and experiences in them, unlike previous versions of digital universes, can be co-created by corporations and users. In fact, users are expected to eventually provide most of the content in the meta-universe.
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