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What is the Metaverse?

Metaverse is a virtual universe in which people interact and engage, supported by a digital economy. It’s a new way of living that’s emerging from the rise of virtual reality and augmented reality technologies.

The term “metaverse” isn’t a new concept, but it is now being widely used and embraced by companies big and small. Facebook, Meta, Apple and Google are just a few of the giants that have invested in building this new world.

But how does it all work?

According to a definition put together by Chris Madsen, senior engineer at Engage, the metaverse is a virtual place that is more expansive and democratic than the internet.

It’s a place where people, corporations and other entities create their own virtual worlds. It’s an “extended reality,” he says, one that doesn’t necessarily require the use of VR headsets or other devices like mobile phones to access.

There’s more to it than meets the eye, though: Non-fungible tokens (NFTs) are a big part of what makes the metaverse so powerful and popular. NFTs are a secure type of digital asset that allows players to own and sell in-game items like clothing, animations or digital real estate.

Ultimately, NFTs are the future of the metaverse. They’re a secure way to exchange virtual goods, and they’re based on the same blockchain technology that powers cryptocurrency.

Having an accessible platform that’s easy to use for a broad range of users will help the metaverse gain traction. That means not limiting access to VR headsets, but also making sure that all types of devices can participate.

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