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Metaverse Explained

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Due to the recent coronavirus pandemic, the interest in a generally shared virtual community or simply the “metaverse” has received the attention of a large number of people.

WHAT IS METAVERSE?

Metaverse is a term that originated from its usage in science fiction, coupled with the words “meta” which means beyond and the word “universe”

It refers to a virtual environment in which virtual lands, buildings, arts e.t.c can be bought and sold using cryptocurrency. In the metaverse, people can stroll for sightseeing, visiting lands, buying goods and services or even going to events.

Like is mentioned earlier, the coronavirus pandemic added to the speed at which the metaverse became popular. People were on lockdown and therefore were forced to go online for pleasure due to boredom or just to conduct their businesses online.

The term metaverse extends over a wide range of virtual spaces, from creating a workplace to peer-to-peer gaming and community platforms.

A lot of these galleries are built on blockchain technology and therefore affiliated with cryptocurrency and non-fungible tokens(NFTs), paving the way for the new normal which facilitates the creation of digital assets on the decentralised space.

WHAT IS BLOCKCHAIN?

Blockchain is a database shared among nodes which can also be referred to as a network of computers.

Immediately a datum is stored it is extremely difficult to change. Blockchain is the support system for all cryptocurrencies but not limited to just cryptocurrency.

WHAT ARE NON-FUNGIBLE TOKENS (NFTs)

Non-fungible tokens (NFTs) are a type of virtual asset that has grown in popularity recently.

An NFT is a non-physical digital piece. For example, an image, video e.t.c. NFTs are traded as a representation of a physical asset or a digital asset.

Metaverse can be divided into two categories. The first category is the blockchain-powered metaverse which uses NFTs and cryptocurrencies. Good examples are Decentraland and The Sandbox which allows people to procure virtual lands and build their community.

The second category deals with metaverse more generally, where it has been referred to as a virtual world where people converge for business or fun. Roblex, Fornite and Minecraft gaming platforms fall under this category.

Conclusively, quite a number of blockchain-based metaverse are building virtual reality (VR)and Augmented reality (AR) technologies that will allow users to communicate in the virtual world.

Big firms like Facebook Inc are investing in virtual and augmented reality startups with an expectancy of huge growth.

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Data Scientist, Tech Enthusiast and a Crypto Lover