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What is the Metaverse?
Metaverse is a virtual world that incorporates augmented reality, virtual reality, 3D holographic avatars and other means of communication. It promises to be a hyper-real alternative universe where people can socialize and engage in a wide range of virtual experiences, all supported by a user-owned digital economy.
Cryptocurrencies and Non-Fungible Tokens (NFT)
NFTs, a kind of blockchain asset class that can be traded for other things instead of currency, is expected to play a major role in the development of Metaverse. These digital assets are a secure way to store data and make transactions.
Game and Gaming
A lot of metaverse-like features are already integrated into internet-enabled video games, including Second Life, Minecraft and Fortnite. These games allow players to meet other players, earn and spend virtual currency, change their outfits, and buy land or even get married through their digital avatars.
Microsoft and Accenture
A large part of the metaverse concept comes from Microsoft Mesh, a platform that enables companies to build and maintain shared, immersive spaces in which users can interact and connect. For example, Accenture uses Microsoft Mesh to create a virtual amusement park where new employees can explore virtual exhibits and interact with colleagues in real time.
A key challenge for companies using the platform is how to keep users safe. The technology could potentially collect a huge amount of personal data from individuals, and digital privacy experts say it’s important to keep this information private. Moreover, the technology may be incompatible with some health conditions, and some individuals might experience sensory processing disorders or anxiety when in an immersive environment.
