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Introduction on the Metaverse

25 April 2022

Introduction on the Metaverse

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The idea of “Metaverse” started to draw our attention and has been widely discussed in the second half year of 2021. Do you know its concept and business opportunities? If not, you must continue reading this article.

Overview

“Metaverse” is a term created by Neal Stephenson in his science fiction novel “Snow Crash”. It is an immersive virtual reality version of the internet, where people can do everything they can do in real life. In the virtual space, people can interact with others using their digital representations, participate in business activities, travel, games etc. Although the concept of Metaverse is still under development, it will probably become the mainstream platform in the future for studying, working and living.

Related examples

After a brief overview you may still find the term “Metaverse” abstract. Here are three examples that are related to Metaverse.

  1. NFTs

NFTs (Non-fungible Token) is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. Reproducible digital files such as photos, videos and audio can be associated with it. It uses a digital ledger to provide a public certificate of authenticity or proof of ownership. It is very likely for NFTs to become currency in Metaverse, since people can showcase their digital forms of arts and property in Metaverse and they can put a price on their content using NFTs.

  1. E-sport

Influenced by the comics (e.g. Sword Art Online) and movies (e.g.Player number one), people will think of entertainment when they first know the concept of Metaverse. Developing video games is one of the popular admission tickets for companies to join the Metaverse market. One example of  Metaverse games is the Sandbox. It allows players to create, take ownership and even capitalize on monetization prospects with their gaming experience in a virtual platform.

  1. VR and AR

Immersive experience is important for people to explore Metaverse. Tapping on the screen of mobile and keyboard cannot help to achieve this experience, but AR and VR technology could be the key. With the devices and technology, people can get into the 3D virtual world without distance perception but novelty.

  1. Web 3.0

Web 3.0 is the third version of the Internet. It aimed to build on DApp(Decentralized Application), emphasising on the network being open and decentralized. In Web 2.0 which is the current form of network, the data and contents created by the Internet user are largely controlled by a small group of tech giants like Google and Meta. This raises the public's concern of privacy issues and control of users’ data. That’s why there is the concept of Web 3.0. Although the difference between the user experience of Web 2.0 and Web 3.0 is almost the same, content creators and internet users can have ownership of the data and contents they created.

Web 2.0 Web 3.0
Interactions Read and Create Read, create and own
Medium Interactive Content Simulation Economy
Organisation Platform Internet
Control Centralized Decentralized
Ownership Owned by the network Owned by an entity and shared through the network
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