Metaverse open up a new area in the future

What is Metaverse?

1. What is Metaverse?

Metaverse is a compound word of Meta and Verse. Technology companies use the term to describe a virtual world that is created from the Internet and supports Virtual Reality or Augmented Reality tools. Accordingly, Metaverse can bring users the most authentic experience.

Some concepts related to Metaverse:

- Metaverse Coin:

Metaverse coin is understood as a virtual currency, is a digital currency traded on an online platform. Its important feature is that it is not controlled and released by the government but created and managed by developers.

- Metaverse Game:

The term Metaverse Game refers to virtual reality game platforms. This will be a place where players can buy and sell items, create their own community on the game, and even make money from virtual objects. In the world, there are a number of games designed on the concept of Metaverse such as:

+ Minecraft: Players can mine resources to craft tools, build buildings, and create their own worlds, as well as interact with other players through various features and game modes.

+ GTA V: Players have the ability to interact with each other through a variety of trading or communication activities.

+ Roblox: Players are allowed to create based on many tools provided by the developer. In particular, players are also provided with an economic incentives system.

- Metaverse NFT:To put it simply, NFT is a form of token or Non-Fungible Token that cannot be replaced. NFT can be used to represent an intangible digital item such as an image, video, or in-game token, which can therefore be traded in place of the digital asset they represent. Another use case for NFT is tickets for virtual events.

2. Outstanding features of Metaverse

Some of the features of the Metaverse include:

- Maintainability: The ability to maintain and continually improve services or ecosystems within it.

- Realism: This feature answers the question of how much of our experience in the Metaverse is compared to reality.

- Openness: Metaverse allows participants to connect or disconnect at any time. At the same time it must be an open space that allows creativity to become limitless.

- Realistic parallel economic system: Metaverse possesses a parallel economic system to reality. Participants can easily transfer their assets between the real world and the Metaverse as well as rely on a groundbreaking innovations in the Metaverse to accumulate and increase their own assets.

Outstanding features of Metaverse

3. Why has Metaverse become so popular?

With the popularity of artificial intelligence, virtual reality and the explosion of cryptocurrency increases. Now that the pandemic is becoming a force of change, forcing everything online, the Metaverse has become an easy concept to understand. It deals with a wide range of experiences, digital environments and digital assets. When put together, these new technologies herald the next evolution of the Internet.

Renowned venture capitalist Matthew Ball, described Metaverse as not just a virtual world or space, but a legacy form of the mobile Internet – a hyper-connected social platform. Concepts related to Metaverse are increasingly understood in the applications, products, and services created and integrated together.

Online classes are increasing through Zoom, Livestream, etc. However, watching lectures on a computer screen is not an optimal way of learning. Therefore, many universities are researching ways to bring VR into online learning. In the Metaverse, universities will have entire virtual campuses where students from around the world can learn, work, and socialize both inside and outside of the classroom. It was truly a wonderful experience.

With Metaverse, you can do whatever you want, be it work, meeting, shopping, playing billiards, studying or whatever. What's even better is that it's all online and you don't have to move anywhere.

4. Future development potential of Metaverse

Metaverse has been growing strongly, becoming one of the historical trends not only of the blockchain industry in particular but also of the Internet in general. According to Nvidia CEO Jensen Huang: “We are at the threshold of entering the Metaverse era.”

Future development potential of Metaverse

Over the past year, the Winklevoss brothers, the founders of the Gemini cryptocurrency exchange, have invested millions of dollars in 25 startups that design Metaverse on the blockchain. According to them, traditional social networks, as the most representative of Web3, will soon become history.

NFT game projects such as Decentraland, Somnium Space, Crypto Voxels and The SandBox have continuously launched and proved their mettle when attracting a large number of interested people.

Decentralized exchange Bakery Swap is developing a Metaverse ecosystem and building blockchain entertainment world. The 3D Global Fashion Festival on NFT will be held soon. This will be a great opportunity for fashion brands to introduce clothing and accessories into Metaverse, helping to build more application scenarios for users to interact in the virtual world.

All of this breathed new life into the concept of Metaverse as a precursor to an expanded digital world, combining Stephenson's fictional Metaverse with an increasingly digitized real world in the modern era of COVID-19 pandemic. This is probably the time to start the countdown until the Metaverse explodes and propels the crypto market to new heights.

Metaverse is not a product, but the future of the Internet. While no one can predict exactly what the Metaverse will look like or when its final form will appear, the importance of the Metaverse to its development and shaping its future is certain. However, at the moment this is still a fairly new concept and needs more time and infrastructure to really explode in the future. Hope this article of PAP Technology has helped you somewhat understand more about Metaverse technology!