The terra pay slogan, “payments without boundaries” turned out to be fitting when UST knew no boundaries as it crashed down.
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What Is a Metaverse?
A metaverse is a virtual environment where users can use blockchain-based applications to own virtual land and earn money from their activities. Some of the more popular metaverses include SecondLive, Decentraland, and Axie Infinity. These are all based on Ethereum blockchain technology and feature a virtual currency known as “Axies.” Axies are non-fungible tokens that are constructed from more than 500 body parts. They can breed with other Axies and produce offspring which can be sold on the platform.
Currently, most people do not have the necessary hardware or software to participate in metaverses. However, it is possible to build metaverses through various technologies such as virtual reality and augmented reality. These technologies will help users build avatars and improve digital content while providing additional services like security and multilingual services. The use of AR/VR gadgets is expected to be the next major driver of metaverse development.
Another exciting trend in the metaverse is the emergence of nonfungible tokens (NFTs). These are unique digital assets that are traceable and have the ability to hold media. Many of these tokens have emerged on the Ethereum blockchain and will be available in the metaverse in the near future. These tokens will make it possible to create and sell limited edition digital objects.
Currently, there are two major types of metaverse ecosystems. The first is open and free, while the second is closed and controlled by big companies. The former will be a free environment similar to the Internet, while the latter will have a number of services that require an account.