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Metaverse
The metaverse is a network of always-on virtual environments in which many people can interact with one another and digital objects while operating virtual representations – or avatars – of themselves. Metaverse aims to bridge the gap between the physical and the digital world where instead of just browsing the internet, reading & watching videos, technologies such as 3D, AI, Blockchain will allow participants to interact and exchange goods in virtual universes. There are three key aspects of the metaverse: presence, interoperability, and standardization.
Metaverse is built on the concept of smart assets. Digital assets on Metaverse can be characterized as the Metaverse Smart Token. In order for smart contracts to work, there must be digital assets. MST is designed once it is registered with a set of data that describes it as an asset (e.g. equity registration, game property registration, consumption points registration). After assets are registered, others must recognize them to form their attributes, value, and operational attributes. These attributes are displayed in trading and market price changes. MST can be used for peer-to-peer payments.
The security of ETP is guaranteed by Elliptic Curve Digital Signature Algorithm (ECDSA). ETP is not cryptocurrency. It represents the utility of Metaverse Blockchain. ETP’s price is not anchored to any fiat currency or cryptocurrency. ETP is a token utility with no intrinsic value and should not suffer inflation. Fees apply on metaverse must be paid in ETP. These fees are paid to developers in charge of maintaining the blockchain and miners. The price of ETP depends on the development of the Metaverse ecosystem and market demand.
An avatar can be used to represent oneself and hold digital assets on the blockchains. Various information will be attached to each Avatar’s unique index and encrypted to ensure data privacy. The avatar’s owner grants authorization by providing the private key signature, initiating a special transaction, or using a smart contract. Users will not have access to encrypted or unencrypted information until the avatar owner grants access. Avatars to retrieve information such as credit scores and validation results. Digital identity on metaverse blockchain is called Metaverse Avatar.
It consists of pieces of records that reflect any events that occurred for that identity. The identity ledger must record the objective event and should record only segments that are required to be focused on. The terminal that user access to enter into Identity ledger.
DID can be indexed to a certain profile and can be bound to any items on Metaverse blockchain. User can still use address-based digital assets. With DID, user can issue, transfer, collateralize and secure digital assets without having to rely on wallet address.
Let's consider someone buys a parcel of land for 3000 MANA on decentral and metaverse, and for that lands, he paid $2000. (considering the equivalent value of MANA for 1 dollar)
Now how can he make money out of it?
- Consider He builds virtual gallery in purchased decentraland to showcase some NFT arts like paintings, Jewellery designs.
- Artist/he can promote their work on decentraland and curious visitors will make his land more popular, results in increasing the land value. Active participation in decentraand translates directly to a higher land value and it’s not individual that are investing in the community.
As long as people are using this world as a domain for the creation, purchase, and sale of NFTs, the land will hold value.
- We all understand the current situation around the world, which has completely changed during the COVID-19.
- Shopping malls have temporarily shut down, organizations have adopted remote working models, and people have isolated themselves from huge gatherings, meet-ups, and other events.
- However, we all miss those in-person interactions, unique office environments, and gatherings. Imagine you are thinking about a friend. Suddenly, you call that friend, ask him for a meet-up, and he arrives you in a couple of minutes.
Can this be possible? Yes, it is. Welcome to the world, which is beyond fantasies and imagination.
- In metaverse, all this can be possible and a pair of spectacles is all you need to augment the real-world things around us virtually.
- Although metaverse’s virtual world is not real, it is very close to reality. The metaverse is supposed to get even more exciting and real with technological advancement. As the next big innovation, meta is working on ‘haptic gloves’ to enable the sensation of touching for users.
- With the increasing implementation of the metaverse, enterprises are coming out the two-dimensional surface of e-commerce and adopting life-like virtualized spaces for a profound experience.
- Like, e-commerce business owners can interact with merchants in a virtual space using AR/VR technologies and perform trading formalities such as products inspection, finalizing a deal, negotiation, etc. Plus, they can better impact customers using interactive and realistic marketing content rather than relying on digital marketing tactics.
- With many new business concepts, metaverse technology also complements the creation, ownership, and trading of digital assets and tokenized versions of real-world assets to empower cryptos and NFTs.
- Throughout the pandemic, we have become accustomed to Zoom, Skype, Microsoft Teams, and other communication tools to provide us with virtual communication. However, the metaverse can take this to the next level by providing participants with a virtual office space that will make it feel like everybody is in the same room together.
- To make it more interactive companies create an avatar-based hybrid of virtual reality and mixed reality environments that turn remote work into a meaningful and productive experience by offering a fully customizable solution for virtual training, offices, events, trade shows, and conferences.
- Instead of staring at a screen all day, participants get to explore and engage in a number of ways.
- Virtual reality developers can create a customized virtual workspace in the Metaverse that will best suit your employees and the company management