Metaverse Dictionary: Terms You Need to Know

Posted On Dec 11, 2022 |

The combination of the digital and physical world.

The goal of Metaverse is to create a digital world that is similar to the real world with its own unique virtual property and personal avatars. With Metaverse, users can combine different digital realities (VR, AR, and Mixed Reality) into a single metaverse that is accessible from anywhere at any time.

Extended Reality (XR): This is the term for Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). Extended Reality (XR) is a category of several technologies including VR, AR, and Mixed Reality (MR) - which combine virtual worlds with physical reality in different ways.

Extended reality (XR) is the common name given to computer-generated environments which blend the physical and virtual worlds or create a completely virtual experience for users.

Augmented reality is the real-world, live, direct, or indirect experience of a physical environment, with elements that are enhanced (or supplemented) with computer-generated sensory inputs, such as audio, video, graphics, or GPS data.

Image source: www.images.theconversation.com

Users may access a metaverse through digital avatars, which can fully immerse into a virtual world via vision, sound, and touch. Digital Twin Physical spaces are duplicated into a virtual world in order to facilitate familiarity and efficiency. In contrast to the present system (Web2), whereby walled gardens such as Google and Facebook exert control, Web3 stresses the user's ownership of data, content, and assets through interoperability of the metaverse platforms and the decentralized nature of blockchain technology.

Web3: It is a third-generation online service that integrates semantics powered by artificial intelligence, AR/VR-powered immersive capabilities, and decentralization centered on the blockchain, enabling an affordable, ubiquitous, free, socially aware Internet experience.

Decentraland: It is a decentralized, three-dimensional virtual environment offering users an abundance of spaces to create content, explore new landscapes, and transact with Bitcoin. It is considered highly collaborative and deregulated.

Image source: www.decentraland.org

As of last year, its native cryptocurrency was the world's second-most-valuable cryptocurrency, behind bitcoin. Transactional tokens facilitate activities on the Ethereum network, similar in operations to cryptocurrencies like Bitcoin, but including extra features.

Decentralized Finance: DeFi refers to a financial system built upon a blockchain, which is then completely distributed and is not dependent upon any central authority, such as a bank, governmental body, or financial management company.

DAO: Decentralized autonomous organizations are used to do things such as making investments, organizing charitable contributions, raising funds, borrowing money, or buying NFTs, all without an intermediary. The goal of many metaverse platforms is to be DAOs, in other words, spaces that are completely controlled by their user communities - just like real-life voters. For you, the user, a DAO-based Metaverse means that you have a voice in the future of the project.

NFT: A non-fungible token (NFT) is a unit of data in a digital ledger called a blockchain, where each NFT may represent a unique digital object, and therefore non-fungible. Non-fungible tokens, commonly called NFTs, are tokens on a blockchain, that each represents an amazing resource, such as artwork, piece of digital content, or media.

Participation is made possible by the integration of technologies such as VR and AR, as well as AI. The avatar is kind of like a two-dimensional profile photo, but better and can be customized to look just as the Metaverse user wants, act on voice commands, and is controlled via VR tech. By overlaying all different digital evolutions, such as virtual reality and cryptocurrency, we are heading toward a fully realized Metaverse.

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Categories: AR, Blockchain, Crypto, Digital World, experiential, interactive, Metaverse, NFT, Singapore, Virtual, VR, Web3