What is a Metaverse?

A metaverse is an online universe filled with multiple interconnected virtual worlds

Metaverse is a set of standards and protocols that allow all virtual worlds to work together seamlessly, much like the World Wide Web allowed websites to be accessed from around the globe. The metaverse is the 3D internet. It’s a decentralised, virtual world allowing avatars (digital representations of users) to interact with each other and buy, sell and trade digital goods in an open marketplace. Think of it as being like the web but for virtual worlds - which are no longer siloed from each other. For example, if you want to visit a friend’s condo in Second Life, your avatar can travel there easily using a teleport or hyperlink (which uses decentralised infrastructure).

The metaverse is also set up as a decentralised digital economy - where buyers and sellers meet in an open marketplace. For simplicity reasons this means that digital assets are tokenised on blockchain so they can have their own digital identity on the blockchain (their ‘smart contract’). This smart contract keeps track of ownership of assets and enables you to trade assets with others easily. Tokens also have utility value; they allow you to purchase content or services within games or apps that integrate them.

The economy of the metaverse will be built on digital scarcity where digital assets are not replicable.

Economically speaking, the metaverse is an open system. In any virtual world, there is a limited amount of land that can be used for development, and at some point in the future you will see a lot of properties being exchanged. Digital scarcity means that every asset in the metaverse—such as an avatar or a piece of land—is unique and not replicable. Like precious metals, these assets have value because they are scarce. Because they are not replicable, they have to be transferred from one owner to another by exchanging them. When assets are exchanged between users across the globe, it creates an economy in which everyone wants to trade with each other because everyone’s digital assets have different values (for example, I may be willing to sell my rarest digital sword for ten dollars when someone else might be willing to pay twenty dollars).

The decentralised nature of metaverse will enable users to own their digital assets and virtual identities.

A metaverse is a decentralised digital world where you, the user, will have complete control of your virtual identity and digital assets. No company or individual will have ownership over these aspects of your online presence. You will be able to choose who you share this information with, and monetise it accordingly.

Metaverse will be built on a common set of protocols, allowing people to use different experiences that are compatible with each other.

The metaverse will be built on a common set of protocols, allowing people to use different experiences that are compatible with each other. You’ll be able to jump between these worlds using your in-world identity, taking your digital assets and money with you.

As an example, you may have a shop in one virtual experience and then once the store is established, you can open up another location in another virtual experience without having to build it from the ground up!

A Software development kit (SDK) will enable creators to easily build new virtual experiences, that can be accessed from the metaverse.

Even if you're not a programmer, you'll be able to create new experiences in the metaverse. The SDK will make it easy for anyone to build those experiences and ensure that they work on any device. That's because the SDK abstracts away a lot of technical complexity and lets content creators focus on creating experiences without worrying about the underlying technology.

A metaverse is a set of standards and protocols for virtual worlds to work together in a seamless way

The metaverse is a collection of virtual worlds that are all connected and work together. They will have a common set of standards, protocols and rules that allow them to interoperate. The metaverse will also have a common SDK that developers can use to build applications that run on the entire metaverse. The world of the metaverse will have a common economy, like one currency. All of these things are possible because the metaverse is decentralised - there's no central controlling authority or organisation governing the global network of worlds - everyone owns it.

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Sunday, May 8, 2022

Movies in the Metaverse

A movie in the metaverse is an experience where users can go to watch movies in groups – like at real-world cinemas – but without any physical limitations such as sitting in rows and having to stick around for hours before the show starts. Watching movies in the metaverse enables users to watch their favorite movies from anywhere in virtual reality, with friends or strangers from all over the world.

Sunday, May 8, 2022

What is a Metaverse?

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