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What is the Metaverse?
The Metaverse is a network of shared immersive virtual worlds. It combines VR-based virtual spaces, digital avatars and non-fungible tokens (NFTs) to deliver business/social/entertainment experiences. It is accessible on the web, mobile desktops and virtual reality headsets. Users can build their own digital universes and purchase, trade and sell in-game assets including LAND and Illuvials.
It is a precursor to the Internet of Things and often described as an upgraded version of our current online world. While the full vision of the Metaverse remains speculative, several technological innovations are driving it forward. These include spatial computing that enables a shift from 2-D internet spaces to 3-D worlds, edge computing that allows data to be stored and processed close to the source rather than in the cloud, and hardware devices that merge the physical and virtual worlds.
While the Metaverse will require attention to trust and values, it also offers new opportunities. Getting in early will enable companies to grow existing lines of business and develop new ones. The key is to plan carefully, recruit employees already at home with the metaverse’s key concepts, and focus on foundational measures such as making services extensible and developing plans for security and identity. Then they can position themselves to embrace whatever the Metaverse looks like in 2024.