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The Metaverse – A Virtual World Based on Ethereum
Metaverse is a virtual world based on Ethereum. Its popularity has been attributed to the pandemic. The project was created in 2012, but it’s still a long way from a mainstream adoption. Animoca Brands, the company that owns The Sandbox, and the creator of NBA Top Shot, Robby Yung, have invested in the project. The team behind Metaverse hopes that the game will become an international phenomenon and will wipe away the existing economic barriers between developed and developing nations.
The Metaverse is a hybrid of the real world and the virtual world. Each individual inhabits their own space and interacts with other people using an online avatar. These avatars allow users to speak, move, and act freely. Users can own virtual property in the metaverse, sell it, or exchange it for non-fungible tokens. It’s possible to own a property in the Metaverse and make a profit by selling it or reselling it.
In 1992, author Neal Stephenson coined the term “metaverse,” which is a combination of stem and meta, meaning beyond and universe. It’s a concept that describes a virtual world that users can use to work, socialize, and relax. This type of virtual reality uses blockchain technology and non-fungible tokens to store ownership rights. Ultimately, it would be like the real world but with no borders.
