Understanding the Metaverse | Blogs | Foley ignite

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The Metaverse, a virtual world created by combining different technologies, including virtual real estate and augmented reality (AR), is one of the hottest buzzwords of 2022. The Metaverse fusion of virtual and physical worlds has entered our lives like a meteor, and To stay competitive, brands must seize and embrace this new world as our way of life is about to experience a monumental paradigm shift.

The Metaverse is expected to redefine what it means to spend time in virtual space and expand our capabilities beyond what is possible in the physical world. One of the most unique things about the Metaverse is that it is constantly expanding, growing, and finding its place. Currently, people understand the metaverse as “a collective virtual shared space, created by the convergence of a virtually enhanced physical reality and a physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and of the Internet”.

This “extended reality” blurs the lines between physical and digital and spreads around the world, bringing excitement, cocktail conversations and many unanswered questions. Businesses expect the metaverse to become a place where people go to meet, work, play, buy real estate, and shop.

This convergence of the physical and digital worlds would not be possible without the rapid advances in 3D, augmented reality (AR) and virtual reality (VR). As with other forms of online interactions, the metaverse is at its heart, a place where people can meet and where digital assets (land, malls, offices, products and avatars) can be created, bought and sold. .

For some, the metaverse becomes another source of income. The “maker economy” is growing, and these new models of play-to-win, create-to-win, and learn-to-win are turning fun activities into work.

Creators and artists mint digital assets such as photographs, videos, music, and artwork on non-fungible tokens (NFTs). An NFT authenticates someone’s possession of a digital asset, which means you can’t copy the title deed. This movement is creating scarcity and increasing the desirability of digital items, which we have never seen before.

The future of the metaverse will be interesting to watch unfold. We have more questions than answers about what it will eventually become, but we can be sure that the Metaverse’s first sighting won’t be the last.

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