Metaverse
In short: The metaverse is a digital universe that brings real-world elements, such as real-time interaction and economic structures, into shared virtual spaces.
The metaverse is a digital universe that brings real-world elements, such as real-time interaction and economic structures, into shared virtual spaces. It aims to give users an immersive experience in which they can meet, play, work and trade online.
Why it matters
Blockchain technology can give metaverse users real ownership of what they acquire there. Virtual land, avatars and in-game items can be issued as NFTs held in the users' own wallets, and tokens can serve as the currency of a virtual economy. The value of such items depends on people continuing to use the platform, and the word covers many different projects rather than a single product.
Example
In a blockchain-based virtual world, a user buys a plot of virtual land as an NFT, builds a gallery on it and charges visitors a small token fee to attend events there. Because the land sits as an NFT in the user's wallet, they can later sell it to someone else on an NFT marketplace, outside the world where it was created.