Metaverse

Understanding the Metaverse

The Metaverse is a digital alternate reality where individuals engage in a variety of activities, including work, play, business, and socializing. Similar to the physical reality, users interact with others and elements within this digital realm.

Currently, there are multiple existing metaverses, each with their own names and terms. The term “metaverse” is derived from the combination of “meta,” meaning “beyond,” and “universe,” which encompasses all matter and space. Therefore, the metaverse extends beyond the visible and known existence.

In the blockchain and crypto industry, numerous projects are involved in emerging technologies like artificial intelligence and extended reality, such as virtual reality (VR) and augmented reality (AR). These projects create their own digital realities, often referred to as metaverses. Within these metaverses, users can find a comprehensive collection of elements, creations, experiences, and interactions in a shared and persistent space.

The concept of the metaverse is also gaining popularity among major technology companies. While its exact form is challenging to determine, it can be identified by several key characteristics:

Persistence: The metaverse consists of a continuously evolving space that grows and develops regardless of user interaction.

Real time: Experiences within the metaverse occur in real time. This does not necessarily mean they are live, as pre-recorded performances can also be enjoyed in real time.

Economy: The metaverse operates with a fully functional economy. It utilizes a native, blockchain-based currency for buying, selling, and trading products and services within the metaverse.

Physical bridge: In augmented reality, the metaverse can coexist or be linked to the physical universe. It can be visualized as an additional digital layer on top of or connected to actual geographical coordinates. This is in contrast to virtual reality metaverses that exist solely in a virtual realm.

Open content: One of the main attractions of metaverses is that both corporations and users can create content and experiences within them. Unlike previous digital universes, users are expected to contribute the majority of the content in a metaverse.

Author:

PlasmaFinance is a decentralized finance (DeFi) dashboard that aggregates the most popular DeFi protocols from multiple blockchains. The PlasmaFinance platform offers comprehensive analytics, user-friendly tools, and access to the most profitable DeFi yields across various protocols.

PlasmaFinance includes a suite of DeFi products, including its own PlasmaSwap decentralized exchange (DEX), advanced trading and gas optimization tools, and a fiat on/off ramp for DeFi. It also features an initial DEX offering (IDO) launchpad called SpacePort.