What is a metaverse and how does it work? | by Shahzadtehreem | Sep, 2022

What is a metaverse and how does it work? || What is the use of metaverse? || What technology stays behind the metaverse?

What is Metaverse?

The Metaverse is a concept of a persistent, online, 3D universe that combines several different virtual spaces. You can think of it as a future iteration of the Internet. Metaverse will allow users to work, meet, play and socialize together in these 3D spaces.

Metaverse is not fully available, but some platforms contain metaverse-like elements. Video games currently provide the closest metaverse on offer. Developers have pushed the boundaries of what gaming is by hosting in-game events and creating virtual economies.

While not necessary, cryptocurrencies can be a great fit for the metaverse. They enable the creation of a digital economy with various types of utility tokens and virtual collectibles (NFTs). Metaverse would also benefit from the use of crypto wallets such as Trust Wallet and MetaMask. Blockchain technology can also provide transparent and reliable governance systems.

Blockchain, metaverse-like applications already exist and provide people with livable income. Axie Infinity is an earning game that many users play to boost their income. SecondLive and Decentraland are other examples of successfully mixing the world of blockchain and virtual reality applications.

Looking to the future, the big tech giants are trying to lead the way. However, the decentralized aspects of the blockchain industry allow even smaller players to participate in the evolution of the metaverse.

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Author: Traciwininger

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