Glossary
Metaverse
The metaverse is a collective virtual shared space that blends digital and physical realities into a continuous, immersive environment. It is created by the convergence of virtually enhanced physical spaces and interactive, virtualized spaces that are accessible via the internet. This expansive platform typically incorporates elements of augmented reality (AR), virtual reality (VR), and blockchain, among other technologies, to create an environment where users can interact, work, and socialize in ways that mimic the real world but with fewer physical limitations.
In the metaverse, users can navigate through different experiences and tasks, from attending virtual concerts and conferences to exploring digital landscapes and engaging in virtual commerce. Each user is often represented by an avatar, which can interact with other avatars, participate in activities, and create or trade virtual assets. These assets can include anything from digital real estate to artwork and are often secured using blockchain technology to ensure ownership and authenticity.
The development of the metaverse is seen as the next evolution in social connectivity, with potential applications in education, entertainment, remote work, and beyond. Companies across various sectors are exploring ways to build and integrate into metaverses, providing a new platform for digital interaction and opportunities for innovation in user engagement and monetization.
As this concept continues to evolve, it is poised to transform how we perceive digital interaction, merging daily activities and digital experiences seamlessly into a singular, phygital reality.