You have most likely heard of the metaverse, one of the most recent phenomena in the digital world. You can compare how the metaverse gained popularity, similar to NFT, with companies, investors, and even celebrities’ participation and interest. But what exactly is this metaverse, and how does it work? After more than 30 years of suggestion and association with video games, the metaverse is regarded as one of the most promising developments in new technology. It is a technology for the internet and virtual reality. Decentralized Metaverse There are no rules when it comes to describing the metaverse. Some people think the metaverse already exists in the form of video games that let players interact in 2D worlds. From Facebook rebranding itself as Meta to Microsoft acquiring ActivisionBlizzard for $69 billion, big names are making moves to get a large stake in the now blossoming digital aspect. These major technology corporations envision creating a 3D virtual world that resembles the actual world. It is a place where anybody can enter and exit whenever they want. However, the metaverse that’s now gaining popularity in the digital world is the internet’s 3D version. It consists of a finite number of virtual plots of land that are effectively non-fungible tokens (NFTs) recorded on the blockchain. These metaverses are constructed on blockchain-based platforms that operate according to rules set forth by decentralized autonomous or...
