The metaverse is a concept of a persistent, online, 3D virtual environment that many believe will be a key element of future digital experiences. It has been called “the internet of experience” and “the 3D internet”. It’s believed to be a future iteration of the internet, where users will work, meet, game, and socialize virtually, and is closely associated with the concept of Web3.
The term originated in the 1992 science-fiction novel Snow Crash by Neal Stephenson, describing a virtual universe that exists alongside physical reality. The novel’s metaverse encompasses elements of virtual reality, augmented reality, and mixed reality. That imaginary metaverse isn’t fully in existence today, but those technologies are maturing. Many technology companies are working toward different versions of virtual worlds that some call the metaverse, while others are reluctant to use the term. Some argue that video games are the most successful pioneering versions of the metaverse.
Blockchain technology can be a great fit for a metaverse, although it is not a requirement for any metaverse to function. Blockchain technology allows for digital economies to function with their own currencies, utility tokens, and virtual collectibles (NFTs) that can be owned by users and exchanged easily, even across different metaverses. The metaverse would also benefit from the use of crypto wallets to give users more control of their virtual goods. Moreover, blockchain technology can provide transparent and reliable governance systems for future metaverses.