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What is the Metaverse?
Metaverse is a persistent, three-dimensional virtual world shared with multiple users across different platforms. It spans gaming devices, smartphones and VR/AR headsets and connects with the physical world in synchronous ways.
Several metaverses offer crypto tokens that can be exchanged and transferred across their networks. These tokens give users perks like participation in a DAO (Decentralized Autonomous Organization) inside the metaverse and voting on local governance, which ensures that the rules of a digital world serve its community’s interests.
Many metaverses allow players to monetize their time in the game, a practice known as play-to-earn. Some, such as The Sandbox, incorporate a complex cryptocurrency-based economy to reward players with NFTs that can be sold outside the game for real money or other goods.
A company in the metaverse can create simulated work environments, training facilities and even corporate headquarters that are fully immersive. This could allow employees to practice a sales pitch, operate equipment or inspect a construction site from the comfort of their home or office.
The technology required to build a metaverse is incredibly difficult and requires large-scale, high-performance computing capabilities and advancements in smartphones, gaming devices and VR/AR headsets. However, the technology is maturing rapidly and will be available to a wider market as production costs of these devices drop.
A growing number of companies are creating educational environments that integrate with the metaverse, allowing learners to practice in digital spaces while still feeling like they are physically present. This type of learning environment, which is often called empathetic innovation, can improve outcomes in a variety of fields.