Metaverse

The metaverse is a future version of the Internet we know today, a copy of the world we live and breathe in, but in a digital form and online.

While the term has been used for 30+ years, the exact definition depends on who you ask.

When the Internet first hit the mainstream in the 1990s and early 2000s, it was considered Web 1.0. Social media, search engines, smartphones, and user-generated content pushed us into what we’re experiencing now, Web 2.0. Web 3.0 is in the works as we speak, described as a phase of evolution that includes machine learning, artificial intelligence, connected everything (cars, homes, Internet of Things devices), decentralization, enhanced connectivity, and more user control.

The Metaverse is a mix of Web 3.0 and beyond, taking decentralization to the next step, while also bringing into the mainstream larger and more detailed 3-D virtual worlds that expand on virtual and augmented reality, virtual marketplaces for digital goods and services, where you can shop, go to work and get paid in cryptocurrencies, and play and socialize with people from all over the world.

The Metaverse should give you the opportunity to do virtually anything you can do in the “real” world, but online…virtually.

Some common characteristics of the metaverse that are discussed today include the use of virtual reality (VR) interfaces (goggles, headsets, etc.), augmented personal avatars that represent you in the digital world, and ownership of digital goods.

If you’re into gaming, you might be saying to yourself, “we’ll you’re describing the Sims video game or Second Life that I’ve been playing for over 10 years! Fortnite is the metaverse, right? What about Minecraft and Roblox, that my kids play? They spend a ton of money there!”

Those are all great examples of virtual worlds that could provide a future glimpse of what a metaverse could end up looking like – a place where you can work, play, go shopping, watch a live concert from your favorite real-world artist, buy art, and socialize in real-time with family and friends.

So is the future of the metaverse just video game development?

Maybe! Maybe not! We don’t know yet, and many companies in the crypto world say they’re currently building out the metaverse right now.

But video games are a driving force in the potential adoption of a more expansive online virtual world, as millions of players around the world log in every day to play their most favorite game, earning and spending virtual currencies on in-game items.

The future of the metaverse has become more realistic with the growth and expansion of cryptocurrencies and blockchains, VR/AR hardware, video game adoption, the explosion of NFTs, and the buying and selling of other virtual goods, like online real estate.

Some of the world’s largest companies are also getting into their feet wet, by rolling out NFT collections, purchasing virtual land rights, and building virtual storefronts to prepare for what they believe is the next big thing.

Related Terms

Digital Currency

Digital Currency, also called digital cash, digital money, or virtual currency is any form of currency or money-like asset that’s only available in purely digital or electronic form.

Web 3.0

Web 3.0 is described as a phase of evolution that includes more user interaction, data sharing and ownership, decentralized connectivity, and blockchain technology at its core. Machine learning and artificial intelligence will play a larger part in the apps and services that we’re already using. Everything that can be connected to the Internet will be connected to the Internet, and there will be a huge focus on decentralization, enhanced connectivity, and more user control over personal data ownership. Centralized authorities, like governments and gigantic, multinational companies will take a backseat to self-governing and self-ownership of various parts of this new Web 3.0 world, and the individual will take a larger role in operating on a blockchain network, while also making decisions about the blockchain’s future evolution

Dark Web

A collection of several thousand hidden websites that are “online”, where someone can buy drugs, guns, stolen identities, social security numbers, hacked website credentials, and all matters of other illegal items using cryptocurrencies like bitcoin (BTC). Silk Road is the most famous Dark Web online marketplace that gained notoriety after being shut down by the FBI in 2013.

OpenSea

OpenSea is the world’s first and largest decentralized peer-to-peer (P2P) marketplace for buying and selling Non-Fungible Tokens (NFTs).

Desktop Wallet

A common type of crypto wallet used to securely store and manage your private keys on a computer hard drive. They’re considered more secure than web-based wallets, since you can only access them from wherever your computer is located, and again, you control your private keys.