What is a Metaverse?
Metaverse is the name given to the complete three-dimensional immersive virtual reality world. You would be able to enter the meta using virtual reality goggles. The basic idea is to make the user experience so immersive that they feel they are interacting in the real world.
Meta is not a single big identity. There could be countless meta with their own variations and rules. Roblox and Fortnite are both examples of gaming meta.
It’s important to point out that Web3 is closely linked to the meta, but it’s a different technology. Check this explainer to learn about it.
How does Metaverse work?
The metaverse is being built using blockchain technology. Metaverse is decentralized by the concept which means there will be no authority or individual who would be able to control it. Meta will be owned by people and blockchain would act like its ledger to store information.
Cryptocurrencies would act like transaction instruments for commerce inside the metaverse.
You can Game, Work, or Travel in the Metaverse
You can see places or join the work community right from home by entering the meta. This is going to completely transform the way we work or travel. There are already several meta like gaming communities such as Minecraft and Crypto Kitties.
Some examples of what more can be done inside meta:
- Marketplaces for business
- Courtroom hearings
- Medical consultations
- Logistical monitoring system
- Election voting
NFTs and the Metaverse
NFTs are non-fungible tokens built using a unique computer code called a smart contract. It represents the digital receipt of ownership of an asset such as digital artwork, a house, or a restaurant. NFTs are already remarkably popular in the real world, but their role is even more significant in the metaverse.
Users can also buy and sell land inside the metaverse using NFTs.
Metaverse is Still Being Developed
Despite its popularity, the metaverse is still under heavy development. It might take years before we see a complete meta in operation. There are a lot of technical challenges still to overcome. Besides, the world simply does not has the digital infrastructure that could sustain so many users inside a digital environment.
Blockchain scaling is another important factor. Developers are still trying to make blockchain accommodate a higher number of users without any loss of performance.
High-speed internet availability around the world is also another significant constraint.
Web3 ecosystems are going to play an important role in the meta. Learn about them in this article.
Suleman is a part-time crypto writer and full-time book addict. He holds a master’s degree in Chemical Engineering. Nothing excites Suleman like a well-organized fundamental analysis for long-term investment.