Metaverse Explanation, Metaverse News: Metaverse

Metaverse is poised to become a major contributor to the global economy.

A man is responsible for the fact that you have often heard or read articles about the 2021 novelist Neal Stephenson’s metaverse. Stephenson coined the word metaverse in his 1992 dystopian novel “Snow Crash” to describe a virtual 3-dimensional world where humans interact like “avatars”. For the uninitiated, “avatars” are graphic representations of real humans. Fast forward to 2021 and the metaverse is one of the words of the year. But the metaverse is no longer just a word, but a potentially revolutionary internet space with multisectoral use.

Here’s your 10-point metaverse cheat sheet:

  1. There is no single definition of the metaverse, which is a combination of two words – “meta” which means beyond in Greek, and universe. Thus, we can roughly translate “metaverse” by “beyond the universe”.

  2. According to Dinis Guarda, founder of LynKey, a blockchain-based prop-tech platform, the metaverse space is a combination of several elements, where users can “live” in a digital universe and interact with other users. . Some of the elements involved in the metaverse include blockchain technology, virtual reality, augmented reality, and game theory.

  3. Blockchain technology, which enables trustless transactions and unchallenged ownership of assets, is seen as a major catalyst in metaverse transactions. Metaverse allows users to buy, sell or upgrade their assets like houses, weapons or skins in virtual space, said Dominic Ryder, CEO of vEmpire, a decentralized investment organization of Metaverse. According to a Grayscale report, people have already spent around $ 200 million on sales of Metaverse items.

  4. As the metaverse space expands, the amount of data it generates will also increase. This, many experts observe, will raise questions about the reliability and security of the data. Blockchain technology, known for its security and data immutability, is seen as a unique solution to the problem.

  5. Metaverse is also fueling a virtual real estate boom. For example, Decentraland, which is a metaverse built on the Ethereum blockchain, allows users to purchase virtual plots of land through MANA, an internal cryptocurrency. Other platforms like Axie Infinity and Sandbox also allow users to purchase virtual properties in cryptocurrency.

  6. Metaverse is also quickly becoming a lucrative industry on its own. According to the Greyscale report, the market opportunity to “bring the metaverse to life” could represent more than $ 1 trillion in annual revenue. Additionally, according to the report, the metaverse will be in competition with Web 2.0 companies like Facebook.

  7. Facebook, in fact, is interested in the metaverse space, reports said. As part of its efforts to break into space, Facebook recently rebranded itself as “Meta” and is reportedly investing $ 10 billion there.

  8. Since the Metaverse provides an immersive, real-world-like virtual experience, this is a natural ‘next frontier’ for the gaming industry. ”In addition to creating better ecosystems and making games more transparent, the metaverse coupled with increased non-fungible token solutions will help deliver better engagement, virality and monetization for games, ”Guarda said.

  9. Metaverse is poised to become a major contributor to the global economy. PWC has predicted that the Metaverse ecosystem will be worth more than $ 1.5 trillion by 2030, impacting sectors such as games, healthcare, electronics, and ‘Industry 4.0. “. “Play to Win apps are creating a new economy where service roles and monotonous roles can be replaced with fun new ways to make money,” Ryder noted, adding that such an economy would give a person more freedom. low-wage worker.

  10. Celebrities are already riding the metaverse bandwagon, many creating their “avatars” virtually and monetizing them as commodities. “This is an opportunity for artists and influencers to better reach their fans and create new businesses,” Guarda said.

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