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What is the Metaverse?
The metaverse is an online space where users can create their own virtual land and earn money in the process. Popular metaverses include Decentraland, Axie Infinity, and SecondLive. These platforms are powered by blockchain technology. Users can create Axies, which are non-fungible tokens that can be used to create virtual characters and other items. In some instances, Axies can breed with each other, and their offspring can be sold on the gaming platform.
The Metaverse was first coined in 1992 by Neal Stephenson, who coined the term. Its name is a combination of meta, meaning “beyond,” and stem, meaning “universe.” The concept focuses on a virtual world that is always online and has a fully functioning economy. In this virtual space, users can interact with each other, create avatars, and create an entire virtual universe. They can also attend events and meet friends, and purchase virtual goods using cryptocurrency. Since the metaverse exists in many virtual worlds, it would make people connected to each other without physical distances.
According to Citi GPS, the number of users of the metaverse is expected to reach five billion by 2030. However, the company warns that the metaverse is not without its risks, including the high volatility of cryptocurrencies and regulatory uncertainty.