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Metaverse: What It Is and What It Does

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Well, to put it simply, the metaverse is a version of the internet where we are inside of it. Essentially, the metaverse blends the virtual and physical realities together in order to create a digital space that blurs the line between online and real life. It is a free and open space enabled by new technologies for a more widespread experience and ease of use. As of 2021, the metaverse is still in its early stages of development according to The Wall Street Journal.

Fun fact, author Neal Stephenson coined the term in his 1992 novel Snow Crash. The term was used to describe a wide use of the virtual world in a 21st-century dystopian setting.

In terms of how the metaverse works, the metaverse is not yet fully in existence meaning that there is no access to it yet. However, other platforms like video games have created metaverse-like elements where users can experience and interact in a virtual reality world. An example is a very popular game, The Sims, being the closest to what a metaverse could be like. The use of VR and AR devices are also some of what can be utilized to be able to navigate and work around the metaverse.

Cryptocurrencies can fit great in the metaverse. This can create a digital economy in the metaverse where it can benefit from the use of crypto wallets through the use of different types of utility tokens and virtual collectibles like non-fungible tokens (NFT).

As for privacy concerns, the metaverse is still in the works and is still largely unregulated. The history of policing online crimes is considerably weak as to how slow the response is by the government towards it.

It’s important to keep all these in mind. Sometime in the future, the metaverse might be more than just what a VR headset can do or what an avatar on the screen can offer. All these circles back to how everyone lives their lives on the internet differently from their real personal lives.

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