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What is the Metaverse?
Metaverse
The term “metaverse” has recently become a hot topic in the technology world, as companies such as Facebook and Instagram, along with other social media platforms, are exploring how to create virtual worlds using augmented reality (AR) and virtual reality (VR) technologies. Eventually, these virtual spaces will allow people to work, play, shop, relax and connect with other users from a single online platform.
Non-fungible tokens (NFT) and cryptocurrency
As the metaverse evolves, we’re going to need a way to verify ownership of our clothes, avatars, virtual real estate and even tickets to events. That’s where NFT comes in. NFTs are secure digital assets, based on blockchain technology, that can represent items such as art, music or virtual real estate.
Game
The biggest draw to the metaverse will be a chance to interact with others in a shared space, says Craig Donato, chief business officer of modern metaverse poster child Roblox. While social networking, education and commerce are still important, the real attraction will be experiences that don’t exist in the physical world, such as concerts, movies and entertainment.
Branding & Marketing
The Metaverse will allow businesses to build branded gaming experiences, augmented reality showrooms and virtual products that engage potential customers in new, embracing ways. These immersive 3D marketing strategies could bring in a competitive advantage, as well as increased attention and awareness.
Technology:
Many of the technologies that underpin the Metaverse are already a part of mainstream technology, such as computer vision, natural language understanding, AR, AI and IoT. These technologies are also enabling the development of digital twins, which can be used in industries such as transportation and energy to improve processes.
