What is the Metaverse: A Next Generation Virtual World

what is the metaverse
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Metaverse

One universe where users can move data, communication and value freely

The metaverse is a network of digital, virtual worlds that exist next to our reality. In the metaverse people have provably ownership over digital assets, creating a networked society where – for the first time ever – digital items can be scarce, and therefore valuable.

Last update: 17 June, 2022

For the metaverse to exist, we need to have a foundation where an open network confirms what each individual owns, sells, buys and trades. This is where the blockchain comes into play, a network where thousands of developers can create all kinds of applications. At the same time users simply need one identity, a wallet. This wallet allows them to interact with different virtual world, games, applications and services.

Connect your Web3 wallet to DappRadar, or learn how to get one, and then you get to see all your assets in your portfolio. All these crypto tokens and NFTs can be used in the wider metaverse, a network full of dapps and services. But the real dream of the metaverse, is a virtual universe filled with different worlds where users can walk, contribute and participate freely. The metaverse is compatible, interoperable, connected and open to all.

The metaverse is much more than blockchain or any other technology. It is a virtual universe in which everyone can interact with other people, while data and value can be shared permissionless. At the same time, it is important to understand that one virtual world can never be a metaverse, because we are talking about the interconnection of several worlds, if not all at once.

Rules of the metaverse

In the metaverse there are no boundaries, there is no discrimination on any grounds. This universe is constant and open to everyone. Everyone has the ability to interact with the metaverse in different ways, using virtual reality glasses or their smartphone.

For example, if you consider the individual projects that are part of the metaverse, their economies are interconnected and players can easily enter it with the same identifier, identity or avatar. At the moment that would be your Web3 wallet, the same one you can use to log in to DappRadar.

The metaverse opens up incredible possibilities for all. Artists don’t need to live in London, Milan or Paris to make it into the big leagues. Tech companies no longer rely on Silicon Valley, and music performers no longer exclusively need to do physical tours to make a buck. Everyone will be able to create their own digital goods and services, and sell them to anyone on this planet. In this way, every talent can be rewarded in its own right.

Various big brands have already made their first steps into the metaverse. Big fashion brands have sold NFT fashion that buyers can redeem for physical ones, and Nike is also stepping into metaverse fashion. In addition, companies like Samsung, Ray-Ban, Pepsi Co and McDonalds have realized the enormous potential the metaverse has to offer.

Metaverse identities

In the metaverse you can have several personalities at once, which you can create for different purposes. You can collect rare items, play the guitar or become a soccer player for a popular soccer club. You can create each of your characters for different purposes. There are simply no restrictions.

In metaverse, each person will have their own digital avatar, which will essentially be our doppelganger. Interacting with the metaverse will be possible through augmented and digital reality, but we will be able to interact with some parts of this universe even in our physical space.

With the metaverse we will all be able to access the information we need when and where we need it, not just through the internet. As a matter of fact, the future of the internet could potentially no longer rely on Internet Service Providers (ISPs), but on the interconnectivity between all its participants.

Here on DappRadar we track thousands of NFT collections, and among those collections you can find the so-called PFP collections. Currently these PFPs often serve as an avatar on social media, but various projects will also introduce 3D models for the NFT holders. Some of those sell for millions, others for a couple of hundred dollars. Using the DappRadar NFT Collection Explorer you can find out which new projects launched, so you’re always up to date.

Closing thoughts

You probably know how social media has revolutionized our world. Compared to the impact of the metaverse, social media will simply pale into insignificance. It will be a whole new world that we did not know before. Our real world is moving into virtual reality, giving us a wide range of possibilities. And it is advisable that we prepare for this world today. Because the metaverse will usher a new realm where people can find entertainment, but also job opportunities.

Virtual Worlds in the metaverse

The metaverse has been in development for quite some time, but for many projects it’s still quite early. Below we give you three example of virtual worlds you can already visit. Companies, celebrities, artists, consumers, maybe even your neighbor, have already been building homes, artworks, museums, music festivals, social gatherings, mini-games and so on. Be sure to check these out!

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