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What is the Metaverse?

The Metaverse is a virtual universe of limitless, interconnected online communities, socializing and entertainment. It combines various kinds of 3D technology, real-time collaboration software and blockchain-based decentralized finance tools.

Whether it’s gaming, work or socializing, people will be able to connect and interact in a virtual world accessed by a variety of technologies such as VR headsets, augmented reality glasses and smartphone apps. This new type of immersive environment will enable people to create digital twin avatars, which will have a physical counterpart.

Game and Simulation

A growing number of gamers are already creating games that take advantage of the metaverse, including Roblox (which allows users to create their own virtual worlds) and Minecraft, Microsoft’s massively popular platform game. The goal is to create a simulated environment that complements and enriches the real world, says Madsen.

Virtual Real Estate

As the metaverse grows, we’ll need to confirm ownership of clothing, avatars, virtual real estate and other things. Non-fungible tokens (NFTs), a secure type of digital asset based on the blockchain, can be used to prove ownership and transfer it between players.

Virtual Workplaces

Eventually, the metaverse could allow workers to learn how to operate machinery or do inspections in a virtual world. This will speed up training and improve outcomes.

Digital Twins

Ultimately, the metaverse will become a more refined and fully immersive part of daily life for a half billion or more people globally. The challenge will be to create a system that can support many different application scenarios. Factors such as degree of interoperability among virtual worlds, data portability, governance and user interfaces will depend on how well the metaverse pans out.

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