First coined by Neal Stephenson in 1992, the term ‘metaverse’ refers to the idea of a virtual world that mimics the real world. The first half of this compound, ‘meta’, means ‘beyond’, and the latter, ‘verse’, is short for ‘universe’. Together, it’s the idea of a 3D internet, where users can step into a different world with their avatars.
In the Metaverse that exists today, users can teleport to different locations, meet friends, attend events, play games, and create user-generated content. They can also trade their lands, buildings, clothing, art, non-fungible tokens (NFTs), and any other items by using specific tokens.
The Metaverse is built on top of blockchain technology, meaning no single entity owns it, and all users have control over their data. Various tokens can be used for transactions in the Metaverse, and all transactions are recorded on the underlying blockchain. Anyone can access the Metaverse regardless of geographical location, background, or demographic; it’s an endless space that can be built upon.
