Glossary: The Metaverse and its Key Components: In the coming years, the Metaverse, an emerging global communication system, intends to fundamentally alter human interactions. Combining spatial computing with the Internet, the Metaverse seeks to seamlessly connect the digital and physical worlds and transform online interactions.
Efforts to construct and expand the Metaverse were sparked by Meta Platform’s major pivot in October, which saw Microsoft, NVIDIA, HTC VIVE, Qualcomm, Google, Varjo, and dozens of other tech giants enter the race for prime positioning to build the virtual and connected world.
Evan Gappelberg, Chief Executive and Founder of Nextech AR, said in an interview with XR Today that metaverse solutions would “bridge virtual, hybrid, and in-person experiences.” To understand the technology better, here is a quick introduction to the top Metaverse components, ideas, and technologies:
Metaverse Avatars are a user’s digital embodiment in a virtual environment or game world, and may include hyper-realistic 3D representations powered by artificial intelligence (AI).
The Blockchain is a data storage and sharing system based on a distributed ledger, where each record or block stores a unit of data. Using cryptography, the blocks are interconnected to provide safe data transfer in environments such as the Metaverse.
Bloktopia is a 21-level Metaverse platform styled like a skyscraper and is a hat tip to Satoshi Nakamoto’s hard cap of 21 million Bitcoin. It is a Kappenberg platform where users may buy specific floorplans using the site’s cryptocurrency token, BLOK.
Cardano is the first blockchain platform developed with peer-reviewed studies to offer safe, scalable, and strong decentralization, enabling enterprise-grade blockchain use cases. It was built by The Cardano Foundation, EMURGO, and IOHK.
Founded in 2017, Decentraland is a decentralized 3D virtual environment that offers users a plethora of spaces to produce content, explore new landscapes, and trade in bitcoin.
Decentralized Autonomous Organization (DAO)
A DAO is a decentralized structure whose members take decisions for its community, governed by a set of rules enforced by a blockchain network, and used for management and decision-making on metaverse platforms.
A hologram is a physical structure created by the diffraction of light on numerous wavefronts, which combine to simulate three-dimensional (3D) objects.
Immersive experiences allow users to disassociate their senses of sight, sound, and spatial presence from the physical world and “immerse” themselves completely in computer-generated virtual environments.
Immersive media enables viewers to engage with virtual environments rather than just watching a video, providing an ecosystem where users can enter the video and interact with digital assets.
Mark Zuckerberg discussed a bright, new Metaverse beginning at Facebook Connect 2021, where people could enter an immersive journey to improve communication, work, shopping, leisure, and engaging with others.
The Metaverse is a digital world that integrates gaming, AR, VR, the blockchain, social media, and cryptocurrency to facilitate virtual user interactions in a decentralized environment.
Metaverse as a Service (MaaS)
MaaS is an enterprise solution that, similar to Software-as-a-Service (SaaS), enables enterprises to establish and enhance their presence in a 3D virtual environment by using existing Metaverse infrastructure.
Metaverse Exchange Trading Fund (ETF)
Metaverse ETFs invest in the most profitable Metaverses and related equities listed on the market. They strive to profit from early and high-value investments options and have little to moderate diversification.
Non Fungible Token (NFTs)
A non-fungible token is a financial instrument of digital data kept on a blockchain, a type of distributed ledger, (i.e., a blockchain) to enable the ownership of digital property in the real, physical world as well as the Metaverse.
The Nakaverse is a blockchain-based gaming environment that contains original games by Nakamoto Games and user-generated content, and has its own token and economic systems like other Metaverse platforms.
Pavia and the Cardano Metaverse
Cardano is an open-source blockchain technology that Charles Hoskinson, co-founder of Ethereum, created in 2015. Pavia is the very first metaverse to open on Cardano and is comprised of parcels owned by over 17,000 landowners.
Somnium Space is an open-source metaverse framework introduced in 2017 and made accessible to the general public in 2018. This places it among the market’s early entrants, alongside industry pioneers like Decentraland.
Virtual Reality (VR) refers to the technology that permits interactions with virtual worlds. Developers and device manufacturers create immersive virtual world experiences for consumers and enterprises.
Web3 is the third generation of online services combining AI-based semantics, AR/VR-based immersive capabilities, and blockchain-focused decentralization to provide accessible, widespread, free, and socially conscious internet experiences.
Web 3.0 vs Metaverse
Web 3.0 can function without a spatial interaction layer, however the Metaverse depends on an immersive environment that simulates the actual world. Web 3.0 is currently in the conceptualization phase and lacks a proof of concept, however there are several Metaverse platforms available.Other essential metaverse concepts include haptic feedback, serious gaming, cryptocurrencies, virtual land, and the interoperable Metaverse.