The metaverse is a future evolution of the Internet based on persistent, shared virtual worlds in which people interact as 3D avatars.
Blockchain technology may provide the backbone of the metaverse, with interoperable NFT assets that can be used across different metaverse spaces.
If you pay attention to the tech, gaming, or crypto worlds, then you might have heard about the metaverse well before late 2021. But even if you aren’t immersed in those spheres, chances are good that you’ve seen the marked increase in chatter since Facebook marked out its grand plans to build the metaverse.
What is the metaverse, exactly? Well, that’s tough to pin down in a quick snippet. Effectively, it’s a future vision of the Internet that could be more immersive and all-encompassing, with virtual reality (VR) and augmented reality (AR) headsets likely to play a big role as online experiences look and feel more real—and potentially replace some real-world activities.
How the metaverse will work and who will control it both remain to be seen, however, and the term has recently been used as a catch-all for a wide array of forward-looking tech, gaming, and NFT-centric initiatives. Plus, it could be years before we’re all vibing online as avatars. For now, however, here’s what you need to know.
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While there are potentially competing visions for how the metaverse will function, this much seems to hold true: it’s viewed as the next major evolution of the Internet, shifting from the text-driven websites and oft-closed ecosystems of today into shared, overlapping 3D spaces in which users interact via avatars.
Proponents believe that the metaverse will be used for a wide array of things, from socializing to events, gaming, shopping, and even work. The metaverse won’t be one site or platform, but rather an array of online destinations that will support customizable avatars and assets that you can move from one virtual place to another.
That last element could rely on NFTs and בלאָקקטשאַין technology. Non-fungible tokens are digital assets with programmed scarcity, and as such are an ideal tool to represent ownership of virtual assets like in-metaverse items or plots of virtual land. Popular NFTs like the Bored Ape Yacht Club and CryptoPunks could be transformed into 3D avatars that owners can bring into metaverse worlds, for example. These virtual assets can also be traded, customized and even monetized.