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What Is the Metaverse and How Does It Affect Cryptocurrency?

In 1992, Neal Stephenson coined the term “metaverse” to describe 3D virtual spaces. Since then, the concept has evolved to encompass virtual reality, augmented reality, and cryptocurrency. The concept was popularized by Ernest Cline’s novel “Ready Player One” which was made into a successful movie in 2018. In 2014, Facebook purchased the virtual reality platform and hardware company Oculus.

Although the concept is still in its infancy, Metaverse has been able to attract investors from a wide range of industries. Some early backers include video game developer Epic Games, which recently received $1 billion in funding, as well as Roblox, which has launched an in-game metaverse. These investors believe that the metaverse has the potential to change the way gamers interact with games.

The metaverse can be accessed via desktop computers, mobile devices, and game consoles, as well as virtual reality headsets, wristbands, and glasses. It will enable millions of people to work, collaborate, and play together in virtual environments. The technology is currently being tested, and companies have already begun developing games in this virtual world. Epic Games recently announced a $1 billion funding round that will make the virtual worlds accessible to the masses.

The Metaverse has already attracted the attention of many crypto enthusiasts and digital techies. However, there are many questions about how it will work and how it will affect the future of the internet. Blockchain technology is essential for the Metaverse’s economy and enables its users to trade and commerce. The Internet of Things is another critical component in this technology.