Understanding The Metaverse – Technology


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The Metaverse, a virtual world created by combining different
technologies, including virtual real estate and Augmented Reality
(AR), is one of the hottest buzzwords of 2022. The Metaverse merger
of both virtual and physical worlds has entered our lives like a
meteor, and to remain competitive, brands must grasp and embrace
this new world as our way of life is poised to experience a
monumental paradigm shift.

It is expected that the Metaverse will redefine what it means to
spend time in a virtual space and extend our capabilities beyond
what is possible in the physical world. One of the most uniqure
aspects of the Metaverse is that its constantly expanding, growing,
and finding its own place. Currently, people understand the
Metaverse as “a collective virtual shared space, created by
the convergence of virtually enhanced physical reality and
physically persistent virtual space, including the sum of all
virtual worlds, augmented reality, and the
Internet.” 

This “extended reality” blurs the lines between
physical and digital and is spreading worldwide, bringing
excitement, cocktail party conversation, and many unanswered
questions. Companies expect that the Metaverse will become a place
where people go to meet, work, play, purchase real estate, and
shop.

This convergence of physical and digital worlds wouldn’t
be possible without rapid advancements in 3D, Augmented Reality
(AR), and Virtual Reality (VR). As with other forms of online
interactions, the Metaverse is at its core, place where people can
meet, and digital assets—land, malls, offices, products, and
avatars—can be created, bought, and sold.

For some, the Metaverse is becoming another source of income.
The “creator economy” is growing, and these new
play-to-earn, create-to-earn, and learn-to-earn models are turning
fun activities into work.

Creators and artists mint digital assets such as photographs,
videos, music, and art on non-fungible tokens (NFTs). An NFT
authenticates a person’s possession of a digital asset, meaning
you can’t copy the deed of ownership. This move creates
scarcity and builds desirability into digital items, which we
haven’t seen before.

The Metaverse’s future will be interesting to see unfold. We
have more questions than answers on what it will ultimately become,
but we can be sure that the first vision of the Metaverse will not
be the last.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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