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What Is the Metaverse?
The metaverse, coined by science fiction author Neal Stephenson, is a virtual world that’s independent of the real one. It’s a place where people can socialize and engage in a seemingly endless variety of virtual experiences. And it’s also a place where people can spend money in a digital economy.
The idea of a metaverse is gaining momentum thanks to a number of tech trends. One is the popularity of VR and AR headsets, which are able to immerse users in a three-dimensional environment. Another is the growth of cryptocurrencies, which can be used to purchase and trade items in virtual worlds. And finally, there’s the rise of blockchain technology, which provides a secure and transparent way to record digital assets.
These trends are enabling gamers to use their skills and accomplishments in games to unlock items that can be used in the metaverse. These items are called non-fungible tokens (NFTs) and they can represent everything from gaming achievements to a piece of art or even virtual real estate. They’re used in a growing number of games, including the popular multiplayer VR game Horizon Worlds and ethereum-based virtual worlds like The Sandbox and Decentraland.
Many experts think that a metaverse is inevitable and could have many different applications, from work to entertainment. But others say it’s a huge undertaking that could take decades to achieve. And there are still serious concerns about privacy and safety. For example, the centralized nature of a metaverse would allow companies to collect data on your eye-tracking movements, hand gestures, and even the shape of your room.