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What is the Metaverse?
A metaverse is a shared virtual environment that exists outside of the real world. It is a shared space where people can hop from one platform to the next, and make friends with AI avatars. Often, this virtual environment involves cryptography to facilitate a digital economy and provide legitimate representations of property. Today, the metaverse looks like videogames like Roblox or Fortnite, but is not limited to these. Many metaverses also involve blockchain, AR, and Web 2.0 technology.
To make use of the metaverse, you must purchase an NFT. This currency allows you to access various items and services in the virtual world. This virtual currency is backed by a blockchain that secures the transactions. It also helps users connect to various gaming apps. In addition, NFTs can be used to purchase items, trade them, or sell them to other users.
Another decentralized metaverse game is The Sandbox, a virtual world that allows users to make their own virtual worlds. Recently, the Adidas company purchased land on The Sandbox to develop its own metaverse, called the Adi-verse. Other leading brands, such as Coinbase, are also involved in the project. To learn more about The Sandbox, check out its website. It features daily updates about new games, instructions, and more. It is also free to create a demo game.
Entrepreneurs will drive the development of the metaverse. These individuals will create content, provide services, and do useful things for the metaworld. They will need to figure out how to monetize these services to make money. For example, online cinemas could issue virtual cinema passes for movie viewing rights. Or, they could issue tokens for memberships to other virtual worlds.