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What Is a Metaverse?

A virtual world that is created and maintained by people. It is a shared 3D space that uses the Internet as its underlying network and can be used for various purposes, including social networking, online gaming, and education.

Metaverse has been a hot topic of discussion since Mark Zuckerberg rebranded Facebook as Meta in October 2021. But what exactly is a Metaverse, and how will it change the way we live?

The Metaverse is a network of shared, immersive, virtual worlds that will be accessible to everyone. Tech companies are leading the charge in building and fostering the Metaverse, and it is expected to be an $800 billion market by 2024.

Cryptocurrency, NFT and Game

Users can use non-fungible tokens (NFTs) to buy access to virtual experiences in the Metaverse, and they can also get paid for playing decentralized games. These tokens can be a pass to an hour session or a ticket to an event, for example.

Facebook and Microsoft

The two biggest tech players in the Metaverse, Facebook and Microsoft, have already started to build their own virtual worlds that are powered by the Metaverse. These include virtual fashion shows, concerts, and workspaces.

Videogames

The popularity of online games like Roblox, Minecraft and Fortnite suggest that people will continue to spend time in the Metaverse and that it could be a major driver of innovation. These video games also offer a glimpse into how the Metaverse will be more culturally interoperable and provide users with real-time continuity of experience.