The Metaverse can be considered a common virtual world or a collective virtual shared space, which is created by the formation of virtually enhanced physical reality and the totality of all virtual worlds, augmented reality and the internet.
In the Metaverse, land, buildings, avatars, and even names with virtual currencies such as cryptocurrencies can be bought and sold, as it covers a variety of virtual realities ranging from workplace tools to games and community platforms.
The Metaverse can be divided into two distinct types of platforms, the first revolving around building a blockchain-based Metaverse using NFTs and cryptocurrencies, and the second group describing the Metaverse as virtual worlds where people can meet for business or foundation.
Today blockchain, a database shared Metaverse in a network of computers, allows people to connect, buy and trade virtual assets such as NFTs (Non-Fungible Token), a type of virtual asset that represents an intangible digital asset such as an image, a video, or an in-game element.
Currently, it is unclear how long it will take to create a real Metaverse, but it is good to note that many blockchain-based Metaverses are working on developing Augmented Reality and Virtual Reality technology that will allow users to interact fully in the space, as large technology companies such as Facebook and Google are also investing in them.
For more information, read the original story in Reuters.