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Metaverse Explained | What Is Metaverse? | Metaverse Meaning | Why Metaverse Matters? |

The next revolution is on its way to completely transform the facet of human life and give it a different look altogether. These revolutions are to be witnessed through Virtual Reality (VR) and Augmented Reality (AR). Predictions based on the market statistics say that 58.9 million and 93.3 million people in the country of United States of America will experience VR and AR respectively at least once a month in this coming year. It accounts for around 17.7% and 28.1% of the total population of the United States.


Surprisingly AR and VR are just two of the various ground-breaking features of the Metaverse, which is a whole new universe in itself. This article comprehensively covers the various concepts related to the three-dimensional digital world—metaverse, including VR, AR, Blockchain, NFTs, and much more.


Metaverse offers a fully immersive and interactive social experience with the help of headsets. When you put on your headset, you suddenly find yourself, as your avatar, in a new, three-dimensional world.


Metaverse is the name given to this virtual world. The words were first coined by the American science-fiction novelist and philosopher Neal Stephenson in his 1992 novel Snow Crash.


The Metaverse is basically a collective virtual shared space. It is created through the convergence of virtually-enhanced physical reality with the physically persistent virtual space. It is a network of “smart spaces” based on the intersection of the physical world and the Internet. These spaces include the natural world and the virtual world and the “empty” space in between that encompasses augmented reality (AR) technology such as Google Glass.


The user’s metaverse experience will be as if they were actually in that world. You can see, feel, and listen as if you were there.



What is Metaverse?


Metaverse is a decentralized platform that allows anyone to build and manage virtual reality environments and applications. It is essentially a three-dimensional virtual world that utilizes technologies such as blockchain and cryptocurrency. It allows the users to create their own virtual spaces, form social networks, and share digital assets. In short, it is a digital space where anyone can create and manage their online identities, thereby leading to the building of communities.


The future of the internet is mainly about how the forthcoming blockchain technology will power the Metaverse projects, and how that will change everything.


Metaverse is the next major innovation in the virtual reality space. While the standard definition of the metaverse refers to a virtual reality world where people interact and communicate through avatars, others think that the technologies could include augmented reality and robotics. One way or the other, the metaverse is a world that people will inhabit and give it a shape. It would be something that we will become increasingly reliant on as we move into the digital realm. 


The building blocks of the metaverse are the foundation of the idea of a virtual world in which individuals communicate and interact with one another through avatars and in-game contacts. Through these platforms, the metaverse will be built upon. The creation of the metaverse depends on the limitations of virtual reality.


The metaverse’s core elements are about to take you on a wild ride to explore the new virtual world waiting at your disposal.


Is the Metaverse Here Yet?


The metaverse is still a work-in-progress in many ways, despite the sector's total market size hitting a whopping $180B in 2020. 


According to venture capitalist Matthew Ball, the metaverse isn't a virtual world or a space but rather a natural successor for Web 2.0. He explains that the emerging digital space creates a framework for a highly connected life that will materialize over time as different products, services, and capabilities integrate together.


The metaverse provides an immersive virtual experience similar to the real world, making it a perfect space for gaming. The most recognized metaverse projects in the current market are in the gaming sector. Grayscale, an investment firm that runs the world's biggest crypto fund, estimates that revenue from virtual gaming has the potential to jump to $400B in the next five years.




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