These days, the term “metaverse” is being slung around on the daily, often without a true understanding of what it is and how it functions. Here we unpack the definition of the metaverse, how it works, and how it relates to the emergence of blockchain technology.
What Is Blockchain?
Blockchain is essentially a digital ledger that tracks cryptocurrency transactions. The transactions can be an exchange involving tangible assets or an exchange involving intangible assets, or both. Tangible assets include land, houses, cars, and cash. Intangible assets include brands and branding, patents, intellectual property, and copyrights. Anything we want to ascribe value to can be tracked and traded through the blockchain network, which in many ways acts as a secure digital marketplace to buy, sell, or trade goods and services. Think of the blockchain as a 21st century Silk Road, where merchants from all walks of life and all different backgrounds and industries can conduct business or handle personal exchanges and purchases.
What Is The Metaverse?
The term “metaverse” has been tossed around so much recently that it’s become synonymous with many different future-oriented technologies, however, at its core, “the metaverse” is simply synonymous with “cyberspace.” In today’s world, “the metaverse” also includes 3-D technology, VR technology, and a slew of other digital technologies and innovations that create the “online” environment as we know it today. In a way, it’s taking what and how we think about the Internet and transforming and condensing all of it into an alternate form of reality. A digital reality. And within that new reality, there exists a 24-hour economy that is built and rebuilt and managed from a variety of different contributors, with new and different opportunities to buy and sell goods, commodities, services, and assets in a uniquely digital environment.
How Do Blockchain And The Metaverse Work Together?
Together blockchain technology and “the metaverse” are creating an ecosystem where the digital community can thrive and exist on its own. Using the power of blockchain technology to validate transactions and build new technologies, “the metaverse” then becomes a new world—almost a new planet—where people can see themselves as pioneers of a new landscape and/or participants in a new society. As more and more people become hip to “the metaverse” and the new digital communities and ways of doing business that are continually emerging, we will most likely see cool innovations develop within “the metaverse” that are the result of an ever-changing and growing blockchain.
What Is The Future Of The Metaverse?
“The metaverse” is the future of the Internet in many ways, and it will be interesting to see how the future of the Internet continues to evolve in new and different ways. With a blossoming network of content creators, graphic and visual artists, businesses, and other forward thinking individuals and companies, “the metaverse” is primed to become a normalized facet of society in the coming years and months. Just as with the adoption of cryptocurrency, the more “the metaverse” is normalized, the more it will pave the way for future innovation and development in the space.
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