Simply put, a Metaverse is a digital space represented by digital representations of people, places, and things. In other words, it’s a “digital world” with real people represented by digital objects.
When you ask experts about the word Metaverse, they explain that it was coined years ago in a science fiction book. But for the rest of us, it sounds like some creepy thing Mark Zuckerberg thought up to capture all our information and sell us more ads. (And likely create even scarier conspiracy theories, fake news, and the rest.)
Well, let me assure you that this thing is real. And the value to our lives could be big.
Let me start by mentioning that the Metaverse today is where the Internet was during AOL. In other words, there are a lot of new things to come. Remember that the original web was all text-based, it was slow, and there wasn’t even any video.
The Business Metaverse is already taking form. In training, we want from “e-learning” to “we-learning” to “digital learning” and soon to “immersive learning.” This implies an enormous new set of applications – from onboarding and training to leadership development, meetings, simulated experiences, large employee events, and of course entertainment.
Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.
Non-fungible tokens are an evolution over the relatively simple concept of cryptocurrencies. Modern finance systems consist of sophisticated trading and loan systems for different asset types, ranging from real estate to lending contracts to artwork. By enabling digital representations of physical assets, NFTs are a step forward in the reinvention of this infrastructure.
To be sure, the idea of digital representations of physical assets is not novel nor is the use of unique identification. However, when these concepts are combined with the benefits of a tamper-resistant blockchain of smart contracts, then they become a potent force for change.
Internet access has been declared a human right by United States, its start-up culture is booming and its citizens and businesses have been able to enjoy the use of many streamlined digital public services.
