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What is the Metaverse?
Metaverse is a series of immersive 3D virtual worlds where people can socialize, work and play using digital avatars.
It’s a three-dimensional, massively scaled, always on, synchronous and persistent virtual world that spans multiple platforms.
There is a variety of ways to enter the metaverse, but many experts suggest acquiring a VR headset to fully immerse yourself in the experience. Mobile apps like Roblox and gaming consoles such as PlayStation can also allow you to enter a metaverse platform without the need for a VR headset.
Crypto-focused companies are putting their money behind crypto metaverses, creating platforms that combine live events and entertainment with gaming and real estate experiences. Famed auction house Sotheby’s opened its London headquarters in blockchain game Decentraland, and several other major corporations have established their own virtual spaces for meetings, conferences and music concerts.
Besides tech giants, a number of start-ups have sprung up in the space. They are using the latest AR/VR technologies to create a virtual world where users can interact with one another and explore.
The main advantage of a metaverse is that it can be accessed by anyone who has a smartphone, gaming console or VR headset. In the future, it may be possible to access the metaverse from a central hub.
Non-fungible tokens (NFT) are an important feature of a metaverse, as they can be used to register ownership of clothes, avatars, virtual real estate and tickets to events. Tokens are easy to track and verify, ensuring that no one else can claim ownership of something you own in the metaverse.