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What is the Metaverse?
The Metaverse is an interconnected, virtual world where people can participate in digital activities. It’s akin to the internet in the 1990s and 1980s, but with virtual reality instead of web browsers and a more complex ecosystem of digital content.
Tech titans have invested heavily in the Metaverse to facilitate immersive experiences. Users can create avatars, play video games, buy virtual goods and explore an environment that’s constantly changing as they shift between screens.
Cryptocurrency is a key component of the Metaverse and enables a digital economy with digital representations of legitimate ownership and access to goods, services, and information (Berg, 2021; Cai and Min, 2022; Vidal-Tomas, 2022). The Metaverse uses a variety of security technologies, including blockchain or NFT (non-fungible token), which enable users’ content to be traceable and authenticated.
Affinity: The metaverse platform can remember and store information about the user, allowing them to build their own world and interact with others in it. It can also allow users to share their environment with other players or other platforms.
Connectivity: The Metaverse can use a variety of connectivity types, including 3D graphics, SLAM (simultaneous location and mapping) and sensor fusion, to provide an immersive, seamless experience. It can also allow users to connect with each other and share their virtual environments with friends or family.
Companies can use the Metaverse to promote their business in new ways by offering branded gaming experiences, VR/AR showrooms and virtual items that can be used for shopping and resell. This may give businesses a competitive advantage and help them to capture the attention of their customers in a more embracing way.