Definition of Metaverse
Broad Definition
The Metaverse is the next generation of the internet- seamless connectivity between physical and digital life, work, and play.
Focused Definition
Metaverse is a set of shared 3D virtual environments where people can engage in day-to-day activities like working, socializing and having fun as they would in the real world. Users can enter the metaverse with a digital avatar, and they’re able to fully immerse themselves in the virtual world through sight, sound and touch.(Sensorium)
VR, AR, MR = XR
VIrtual Reality (VR)
virtual reality is an immersive experience within an environment completely generated through computer technology. Users can be fully immersed in these simulated realities with the help of dedicated VR headsets, haptic touch and even environmental feedback, which enables a 360º view in a virtual world where people can move in and interact with.
Augmented Reality (AR)
Augmented Reality overlays digitally-generated images onto the real world. Users can make use of a device like their mobile phone or table to overlay graphics and sounds onto their real life environments. Some examples of AR technology at use include Instagram filters, Snapchat’s lenses and Pokémon Go.
Mixed Reality (MR)
Mixed Reality (MR), sometimes referred to as hybrid reality, is the merging of real and virtual worlds to produce new environments and visualizations where physical and digital objects co-exist and interact in real time. It means placing new imagery within a real space in such a way that the new imagery is able to interact, to an extent, with what is real in the physical world we know. The key characteristic of MR is that the synthetic content and the real-world content are able to react to each other in real time.
Key Concepts
Avatar
Traditional avatars in Web 2.0 are icons that represent a user in a social media or forum profile. They are static and do not interact with their environment. Immersive avatars are interactive and act as an extension of the users. They can talk, dance, move and perform a range of activities in the metaverse.
Interoperability
Systems that talk to each other and exchange information seamlessly. The ability to travel seamlessly between different platforms with the same avatar (and all of the goodies and virtual assets that come with it)
Creator Economy
Everything that helps creators make and monetize things for the metaverse: design tools, animation systems, graphics tools, monetization technologies, etc.
Web 3.0
The next generation of internet architecture built upon concepts of decentralization, openness, data protection and greater user utility. In Web 2.0 tech giants and corporations owned the platforms and users generated content. In Web 3.0 users generate the platform, content and capture the value.
Blockchain
A platform that enables a shared record of information to be maintained and updated by a network of computers instead of a central authority. Also known as a distributed ledger technology (DLT). This distributed ledger uses cryptography to confirm, carry out and secure transactions.
NFT
A non-fungible token helps authenticate and establish the ownership of any given virtual asset. It is a digital certificate (token of information) that is unique and non-interchangeable (non-fungible) that lives on blockchain. An NFT can be tied to digital files like images, music, collectibles, avatars, and more (although the art you own via an NFT may not be on blockchain, the token of data verifying your ownership does.).