What is the Metaverse?

Metaverse is a virtual world that is backed by its own digital economy, and enables users to interact with others in an immersive environment. While it is a relatively new concept, its potential is vast and exciting.

Crypto, NFT, Game

The Metaverse is the next era of computing and networking after mainframes, personal computers and the Internet, and is likely to revolutionize online entertainment, education and real estate. It will also affect the way we work and travel.

Tokens are the key to monetizing in the Metaverse and will allow entrepreneurs to create services and offer goods. This will enable people to buy a pass for a psychologist’s session, a movie or a concert. Non-fungible tokens, such as ethereum’s Ether, will allow users to own these services or goods and exchange them for real money, or another token.

Businesses can use the Metaverse to communicate with employees and clients around the globe without being physically present. It allows teams to work in different locations and in real time, and has already become popular among businesses.

The most famous example of a metaverse-like virtual world is Second Life, which launched in 2003. It is an online gaming platform where players create avatars and interact with other people in a 3D world.

Companies are experimenting with storefronts in the Metaverse, such as Gucci and Ralph Lauren (via The Sandbox), Nike and Balenciaga (via Roblox), and Moncler and Fortnite, to sell NFTs or virtual clothing.