What is a Metaverse?

How is the metaverse different from what it is now?

Venture capitalist and the modern ideologist of the metaverse Matthew Ball identified 7 of its main features:

  1. Infinite existence. The metaverse never resets, suspends, or ends.
  2. The metaverse works in real time and does not depend on external factors, although developers can create and plan events in it.
  3. There is no limit on the size of the audience and the number of simultaneous users. Everyone can connect to the metaverse at any time and participate in its life on an equal footing with others.
  4. The presence of a fully functioning economy. People and companies can receive some kind of remuneration (analogous to money) for “work” that brings “value” recognized within the metaverse. And then spend and invest the earnings.
  5. The metaverse unites the physical and digital worlds, open and closed platforms, private and public networks. This is a “single digital whole”.
  6. Availability of compatibility of data, objects, assets, content transferred between digital worlds. For example, a user should be able to transfer his Axie from Axie Infinity to his Minecraft world or sell it on Facebook.
  7. Metaverses should be filled with content and experiences created by its own users: individuals, groups or commercial enterprises.

Metaverse and Meta-Economy

Today, the largest companies in the world provide the transfer of digital goods, relying on business models focused on receiving subscription fees. Users are not the owners of their tweets, Facebook posts or even accounts that represent their virtual characters. All this is rented by the user through subscription or hidden costs, usually in the form of advertising or collection of personal data.

Technologies

We will not go deep into the technical nuances, but we will still note a couple.

Conclusion or Why do we need a metaverse?

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