In general, it refers to shared virtual world environments that can be accessed through the Internet. There is also a specific type of metaverse that uses blockchain technology. In these, users can buy virtual land and other digital assets using cryptocurrencies. As the metaverse is the combination of the physical and virtual worlds, consumers' behaviour and buying preferences could be totally different in the metaverse than in real life.
Heyning, 45, has joined with volunteers to form the Open Metaverse Interoperability Group, which aims to establish technology standards for "linking virtual worlds, in the hope that players in the metaverse will adopt them". Roblox, a platform where independent developers create games popular with children, may be the closest and most expansive vision of the metaverse. Many blockchain-based metaverse platforms continue to develop Augmented Reality (AR) and Virtual Reality (VR) technology that will allow users to fully interact in the space. All of these possibilities point to the importance of state-of-the-art cybersecurity and data privacy measures that must be implemented by metaverse developers.
To be sure, the metaverse allows us to overcome the limitations of the physical world, but in the process, it only replaces it with the limitations that the metaverse itself imposes. Many blockchain-based metaverse platforms continue to develop AR and VR technology that will allow users to actively interact in virtual space.