A metaverse is an alternate version of reality that exists as a digital universe where humans can interact with others and contribute to the digital economy.
The Long Explanation
Since the creation of the internet, humans have continued to dream of living a virtual life in a virtual world that’s completely disconnected from the real world.
As technology advanced, both Virtual Reality (VR) and Augmented Reality (AR) have been used to simulate a virtual digital reality where players can participate in hyper-realistic events.
Thanks to the advent of cryptocurrency, though, these simulations can now boast complete economies of their own. This is the Metaverse – a full-fledged digital world with its own economy, where players can work, trade, play, and interact with other humans or elements in the universe.
The word “metaverse” is a portmanteau of the words ‘meta’ (meaning ‘beyond’) and ‘universe’ (which refers to all existing matter and space as a whole). The term ‘metaverse’, therefore, simply means to go beyond the existing universe.
Gamers would recognize Metaverses as being massive multiplayer online role-playing games (MMORPG) such as Warcraft where they’re able to team up with friends and chat with them as they engage in adventures and quests.
The difference, though, is that metaverses are designed to have real economies, where prices fluctuate as market forces compete. In this digital world, you would enjoy full ownership of your in-game assets and artworks, and can convert your earnings to real money.
To achieve a properly functioning metaverse, crypto teams combine blockchain technology with AR, VR, and artificial intelligence. This creates a world where players experience events in real time, and one which continues to grow and evolve as others interact with it.