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MEXC Global Research: Metaverse — Concept of A Virtual Reality

What is Metaverse?

In 1992, the famous American science fiction writer Neal Stephenson wrote “Snow Crash”, and described a network world, called the Metaverse, which was parallel to the real world. All the people in the real world have a network identity (Avatar) in their meta world and can communicate with each other and control their own wealth, as illustrated in Ready Player One.

Characteristics of the Metaverse

Social: Metaverse can move beyond the limits of space. It can communicate and interact in a way that is as close to the real world as possible. It can share “physical” environments with people worldwide and theoretically carry roles and ecosystems several times larger than the real world.

Web 3.0

Simply put, Web 1.0 is a passive information delivery network, such as browsers and portal sites, that is unidirectionally delivered to users by the network world. Web 2.0 was created between 1999 and 2004, bringing the world from simple, static desktop web pages to interactive experiences, user-generated content, and the market economy, producing online giants like Facebook and Twitter. It utilizes the users-to-users process and uses the network as a people-to-people communication channel, enabling social functions.

  • Trustless — Participants can interact with each other without requiring third parties for verification.
  • Permission-less — Any user has the right to participate, even those under an authoritative governmental institution.

NFT+Metaverse

The process of Web 3.0 has forced the emergence of new economic and ecosystem needs. NFT and the Metaverse is the exploration and validation of blockchains, value carriers, and interactive modes.

Land

The land is the content of almost all Metaverse-related projects at present and is also the basis of the entire Metaverse virtual land. Land is like real estate in the real world and enables income through three ways: trading, development and rental.

Metaverse-related Projects

The Sandbox

Some of the Metaverse Projects (Data Obtained from CoinGecko on June 24)

Future Development

Metaverse is one of the current development trends, but it still faces many challenges.

  1. Standards and Contents: An important feature of the Metaverse is that users create content. There are no complete standards for content auditing for the time being, and there are also problems where the content in individual virtual spaces might violate the laws in the real world.
  2. Ecosystem: Currently, the protagonist of the Metaverse is the player, and more kinds of roles and professions are needed to achieve a sufficiently realistic world.
  1. Economy: In virtual space, there are economic models that are similar to the real world and incorporate innovative elements of Web3.0, and they can never be stopped.
  2. Social layer: The Metaverse can provide an immersive social experience with a high degree of user engagement and a more powerful feeling than that of the real world.

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