Each platform operates using a specified cryptocurrency.

Cryptocurrency supports the economies of each platform.

Blockchain helps protect and decentralize data and provides control over shared data and transparency over data modifications.

The operation and connectivity of the metaverse is facilitated through the use of both new and existing technologies, such as blockchain, artificial intelligence (AI), and digital assets (including cryptocurrency and non-fungible tokens (NFTs)). The metaverse’s accessibility is likely to rely increasingly on more immersive XR technologies to enhance the presentation of the virtual world as a physical experience. It is an umbrella term that encompasses AR, VR, and MR, but also anticipates future technologies. XR refers to the merging of the physical and virtual elements of the user’s environment.

Common MR uses include simulations for racing or flight training. MR immerses the user in an environment where physical and virtual objects coexist and interact simultaneously. VR is most commonly used for gaming and educational purposes. VR uses software and hardware, such as a VR headset or goggles, to immerse a user into a digital environment. For example, the Pokémon Go game leverages AR by requiring the user to scan their physical environment to collect virtual Pokémon, and IKEA Place allows users to virtually place furniture in the user’s physical environment. AR integrates digital information into a user’s physical environment and allows the user to interact with it in real time. Users can access platforms through either a metaverse-specific device (see Immersive Technologies below) or any traditional internet browser (which generally does not provide the immersive experience). While there is currently no standardized method to login and access the metaverse through a single avatar, the process generally requires a user to log in to a virtual reality platform. (See Metaverse Platforms and Interoperability below.)Ī key difference between the metaverse and the traditional internet is that the internet is “browsed,” whereas the metaverse is immersive or “lived in.” Physical users are represented in the metaverse by their avatars, which users may customize with unique individual assets that the users create or purchase from virtual stores. However, many intend for the metaverse ultimately to provide a network of interconnectivity similar to the internet.

Permit users and developers to create their own virtual worlds.

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