What is the Future of Metaverse?

Posted On Nov 22, 2022 |

The future of the metaverse is bright.

Metaverse is an open-source, decentralized virtual reality network powered by the Ethereum blockchain. Its goal 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. This article will explain what Metaverse is, its current state, and its future scope in the coming years.

What is Metaverse?

Metaverse is a decentralized open-source virtual reality network that runs on the Ethereum blockchain. 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.

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How does Metaverse work?

Metaverse is a digital universe that runs on blockchain technology. With the help of a digital wallet (similar to a cryptocurrency wallet), you can buy, sell and rent properties at will. It’s a one-stop shop where you can create your own avatar, explore the digital world, and earn in-world currency.

Let’s say you wish to create an avatar for yourself. You can choose what your avatar will look like, what their name will be, and what their profession will be. Once you have created your avatar, you can explore the digital world. But you have to be careful because any kind of digital property can be bought, sold, or rented. If you see something that you like, you can buy it or rent it for a certain period of time.

Why Metaverse?

There are many VR and AR-based blockchain networks that are emerging in the market but only a few have a real use case and real product behind them. Metaverse is one of these networks that have a real product behind them and the team is committed to providing real value to their users. Metaverse has been around since 2016 and they released their first product in 2017, which shows that they are a serious network that has a long-term vision.

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The current state of Metaverse

Metaverse is currently functioning as a decentralized network on the Ethereum blockchain network. Their native digital assets including digital identities, digital assets, and smart contracts are currently running on a decentralized virtual machine (similar to the EOS platform). Metaverse’s first product – Digital Assets Investment Trading (DAIT), was launched on August 6th, 2017. DAIT is an investment platform that allows users to trade digital assets on the Metaverse blockchain. Metaverse had a token sale in January 2018 and raised a total of $5 million. The token sale was done on the Bitcoin, Ethereum, and Litecoin blockchain networks.

Conclusion

Metaverse is an open-source, decentralized virtual reality network powered by the Ethereum blockchain. Its goal 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.

Metaverse is currently functioning as a decentralized network on the Ethereum blockchain network. With the help of a digital wallet, users can buy, sell and rent properties. It’s a one-stop shop where you can create your own avatar, explore the digital world, and earn in-world currency.

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