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What Does Metaverse Mean?

Metaverse is a virtual space that merges physical and digital worlds where users interact through 3D avatars. It’s a virtual platform supplemented by a number of interactive & 3D technologies that provide users with completely immersive experiences.

However, is it really a business opportunity? Let’s define the metaverse by studying its vivid examples.

One of the most known examples of metaverse creation was in September 2021, the former Facebook named Meta and thus announced adopting its own metaverse and extending social media to a brand new level. Meta itself defines this as “the next evolution of social connection”. The purpose of name changing was to adapt to the shift in further Digital World development, as well as to boost social interaction or future.

In very simple words, for ex-Facebook, the own metaverse is to be built and gathered up with the help of Virtual reality (VR), Augmented Reality (AR), and numerous smart devices, such as Google Glasses. So to enter the metaverse, one would need some bulky virtual glasses. This is just one of the most notable examples of how globe-known companies create their own metaverse for their businesses.

World-famous entrepreneurs define the metaverse as follows:

Mark Zuckerberg stated that this transformation will define the new internet itself. The World Economic Forum, however, extends further and defines the metaverse as a three-dimensional structural notion in terms of place, moment, and product (service), which is more relevant to the world economy. The place can be understood as a metaverse network that allows people to interact globally. The service/product reflects the meaning of interconnectability, whereas the moment is about the time people spent in digital world.

It is important to understand that the notion of metaverse relates not only to social media as with an example of Meta but much further. In our turn, we suggest defining every aspect of this brand new notion of virtual world-building in a bit more detail and having metaverse explained further.

#1. VR/AR

Augmented and virtual reality is inevitable tech tools of metaverse. These technologies are aimed at creating an environment that brings virtual interaction and collaboration to a higher level.

They assist in creating and building real-life experiences. Thus AR enables users to have embedded virtual objects in the real physical world. Meanwhile, VR provides immersive experiences with enhanced 3D graphics.

#2. 3D Modeling

This feature can improve the actual design of objects and assets, as well as create an atmosphere and realistic experiences. This way physical objects might be able to have an extension in the metaverse world.

Probably, 3D modeling will be the next generation of digital twins – a smart technology, which is currently on the rise. However, in the case of 3D modeling, it will not be just a replication, it will be more about the actual ability to create something new and unique within the metaverse.

#3. NFT

With regard to NFT, it is also one of the components of the metaverse. Non-fungible tokens are so-called certificates that verify ownership of digital assets that exist on the blockchain. These assets can be even in the capacity of real estate, for example, or boost the marketing of any digital products and represent them there.

NFT will keep digital avatars and any digital objects as unique digital assets. Ownership can be transferred or sold within the metaverse.

#4. Blockchain

Basically, the virtual world environment is fuelled and running with the help of blockchain. Decentralized technology provides digital verification of ownership, value transfer, governance, accessibility, and interoperability. It also assists in securing ownership of the virtual real estate and digital assets through NFTs.

The metaverse ecosystems powered by blockchain will be safer and more transparent delivering the best conditions for investment and growth.