In October 2021, Facebook announced its rebranding to Meta, marking its full-scale entry into the Metaverse, a term that has since garnered global attention and discussion. The year 2021 has been dubbed the Year of the Metaverse! But what exactly is the Metaverse? Let’s spend a minute to quickly understand the Metaverse in simple terms.
Origin of the Term “Metaverse”
The term “Metaverse” is a translation from the English word “Metaverse,” which is composed of the prefix “meta” (meaning “beyond”) and the root “verse” (derived from “universe”). Literally, it means “beyond the universe.”
This concept first appeared in Neal Stephenson’s 1992 science fiction novel “Snow Crash,” referring to a parallel digital world that exists independently of the physical world, where people can live freely as avatars.
Definition of the Metaverse
There is currently no unified definition of the Metaverse in the industry, and everyone has their own interpretation and understanding of it. According to an encyclopedia definition:
The Metaverse (Metaverse) is a virtual world built by humans using digital technology, mapped from or surpassing the real world, and capable of interacting with the real world. It is a digital living space with a new type of social system.
Coindarwin suggests a more widely accepted definition:
The Metaverse is a highly immersive digital world with virtual-real interaction, where people can socialize, learn, entertain, live, and work, just like in the real world. It can be understood as an independent yet interconnected parallel digital world.
To get an intuitive understanding of the Metaverse, it is recommended to watch the movie “Ready Player One,” where the protagonist enters a virtual world called “Oasis” using VR glasses and a treadmill, which closely aligns with current expectations for the Metaverse.
Key Elements of the Metaverse
Since the Metaverse concept became popular, many industries and companies have jumped on the bandwagon, claiming to launch various Metaverse-related products.
From a broad definition, the Metaverse is the next-generation internet following PC and mobile internet, integrating advanced technologies such as VR/AR, AI, cloud computing, and blockchain. In the Metaverse, you are no longer just browsing a screen but are immersed in the environment, shifting from viewing to presence, from 2D screen browsing to 3D space immersion. In this sense, anything can be integrated into the Metaverse.
However, from a narrower perspective, we believe that a qualified Metaverse product has several key characteristics:
1. Immersion
Immersion is the most important element of the Metaverse, distinguishing it from the current 2D internet. Through the latest VR/AR equipment, combined with more sensory devices and brain-computer interfaces, it can achieve near-realistic visual, auditory, tactile, and even gustatory experiences.
2. Avatars
Everyone in the Metaverse has one or more avatars, which can be personalized to express themselves, interact, and communicate in the virtual world.
3. Social Interaction
Social interaction is a crucial function of the Metaverse, allowing normal communication, interaction, and friendship-building just like in the real world.
4. Open Creativity
The Metaverse is open, allowing everyone to participate in its construction, creating galleries, hosting personal concerts, developing mini-games, or building their own spaces.
5. Economic System
The Metaverse has a complete economic ecosystem, where people can consume, produce, entertain, and work. Virtual digital assets can circulate within the Metaverse and exchange with the real world.
The Metaverse is not a single game and will not be just one entity. There will be multiple Metaverses with different experiences, parallel to the real world. As time progresses and technology advances, the Metaverse will mature and become an important part of human work and life, becoming the second world for ideal living.
Relationship Between the Metaverse and Blockchain
The Metaverse and Blockchain are two interrelated and complementary technological fields that collectively drive a decentralized, digital future. Here are the key aspects of their relationship:
- Decentralized Infrastructure:
Blockchain technology provides decentralized infrastructure, which is crucial for the operation of the Metaverse. Decentralized networks ensure that data and assets in the Metaverse are not controlled by a single entity, enhancing transparency and security. - Digital Assets and Economic Systems:
Blockchain technology enables the creation and management of digital assets in the Metaverse, such as virtual currencies, virtual real estate, and digital artworks. These assets can be traded and transferred through smart contracts, forming a decentralized economic system. - Identity Verification and Ownership:
Blockchain offers reliable identity verification and ownership proof mechanisms. In the Metaverse, users can log in and operate using blockchain-based identities, ensuring personal information security and privacy. Digital asset ownership can also be verified and protected through blockchain technology. - Smart Contracts and Automation:
Smart contracts are a significant feature of blockchain, capable of automatically executing predefined contract terms. In the Metaverse, smart contracts can be used to automatically execute transactions, manage virtual assets, and provide services, enhancing operational efficiency. - Interoperability:
Blockchain technology can achieve interoperability between different Metaverse platforms. Through blockchain, users can transfer assets and data across various platforms, achieving broader virtual world interconnectivity.
Blockchain Applications in the Metaverse
- Virtual Real Estate:
Users can buy, sell, and rent virtual real estate in the Metaverse. These transactions are recorded and verified through blockchain, ensuring authenticity and immutability of ownership. - Digital Currency and Payment Systems:
Transactions and payment systems in the Metaverse can be based on blockchain technology, using cryptocurrencies to provide fast, secure, and low-cost payment solutions. - Virtual Goods and NFTs:
Non-Fungible Tokens (NFTs) are widely used in the Metaverse for trading digital artworks, virtual goods, and collectibles. Blockchain technology ensures the uniqueness and ownership of these digital assets. - Decentralized Autonomous Organizations (DAOs):
Communities and organizations in the Metaverse can adopt Decentralized Autonomous Organizations (DAOs) to achieve community governance and decision-making through blockchain technology. - Gaming and Entertainment:
Blockchain technology has extensive applications in the Metaverse’s gaming and entertainment sectors, such as blockchain-based in-game asset trading, player reward systems, and virtual event ticket management.
Conclusion
The combination of the Metaverse and blockchain provides a powerful technological foundation for the digital world of the future. Blockchain technology ensures decentralization, transparency, and security for the Metaverse, while the Metaverse offers rich application scenarios for blockchain technology.
Through their integration, users can experience a richer digital life in a decentralized, trustworthy, and seamlessly interconnected virtual world.
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