If you’ve heard lately about this thing called the metaverse, you would definitely be unsure what magic trick it has pulled out of its hat that your brain literally couldn’t decipher between reality and digital version of it.
The metaverse is currently the talk of the town. From technophobes to tech tycoons almost everybody has been calling this hot tech topic “the future”. For better or probably for best, the metaverse is about to change everything. Many have already predicted that the year 2020 and 2021 is going to be for the virtual world what the 1990s was for the web.
But putting all the explosion of the concept aside, there are many terms related to it that are required to be understood on a priority basis including what exactly is the metaverse. Well, strap on your seatbelts because now we will be laying out some illustrative explanations about each term through our advanced and rich metaverse dictionary that will help increase your metaverse vocabulary.
METAVERSE GLOSSARY
Metaverse — The Metaverse is a fictitious version of the internet that creates another reality, another world that is as lavish as the real world but goes beyond it. The concept entitles to truly blur the fine lines between reality and virtual reality, spanning the digital and physical worlds. It is a shared and highly-immersive virtual world where people, while confined to homes at their best comfort, can socialize in real-time, attend virtual concerts and more.
For example: Metaspace — a simulated metaverse offering a multifaceted experience.
NFT — Non-Fungible Tokens also referred to as digital collectibles are the cryptographically tokens with a distinct identity promising proof of ownership that offers value to the art and artist. These modern-day collectibles are underpinned on Blockchain which makes each token unique and immutable.
For example: Autograph NFTs, Ticket NFTs, in-metaverse assets, in-game assets etc.
Blockchain — Blockchain is an immutable digital ledger that stores data or the transactional records in the form of blocks in a network connected through peer-to-peer nodes. This revolutionary technology has practical implications like several cryptocurrencies such as Bitcoin etc. and NFTs are stockpiled on it. Blockchain guarantees the fidelity and security of a recorded data by eliminating the need for a third party.
To learn more about blockchain and the term associated with it, read our blog “Blockchain in a nutshell and all the key terms to know.”
Play-to-earn — It alludes to the idea of gaming which furnishes players with an unparalleled opportunity to procure any type of the in-game resources that can be moved to this present reality as an important asset as they play a blockchain-based or a decentralized metaverse game. Providing players (who are enhancing the gaming world) monetary advantages, the model embraces the concept of an open economy.
For example: Metaspace’s AAA game embeds the attributes of play-to-earn model.
Web 1.0 — The first ever form of the World Wide Web evolution that we ever know is Web 1.0 — which is the “read-only web.” This earliest version of the internet characterizes the period 1990–2000, wherein most part of the web was passive and individual webpages were made static without additional visuals and control. The user’s involvement was confined to reading information provided by the content producers without much interaction.
For example: Static websites with limited functionality and flexibility.
Web 2.0 — The improvised version of the internet that we are using even today is Web 2.0, which accentuates user-produced content, usability, cooperation, and intuitiveness. This “read-write web” facilitates interaction between web users and sites by allowing users to effectively partake and contribute rather than just acting as passive viewers who take in information. Rich web applications, web-oriented architecture, communities, collaborations and the explosion of social media sprung up with Web 2.0.
For example: Facebook, YouTube, Twitter etc.
Web 3.0 — Web 3.0 also referred as Semantic web or “read-write-web” is a leap forward to open, trustless and permission less network. In this era, computers can interpret information like humans through advanced technologies like AI and ML. It is so advanced version of the internet that helps to intelligently generate and distribute useful content without the need for a third party tailored to a particular need of a user. With Web 3.0, the scale and scope of both humans and machines interactions will fundamentally expand.
For Example — Metaspace utilizes the concept of Web 3.0.
Smart Contract — It is simply a self-executing contract where the line of code and agreement exists across a distributed, decentralized blockchain network. This digital contract automatically executes when predetermined terms and conditions get fulfilled. It allows for irreversible, tradable, and trustworthy transactions restricting the use of a central authority, legal system, or external enforcement mechanism.
Virtual Reality — The term is a mix of two words, “virtual” signifying “seeming to exist” and “reality” signifying “what our human selves feel, see, touch or experience.” It is a three-dimensional, computer-generated environment in which a person, whilst there, can explore, interact, manipulate objects and perform a series of actions in 360 degrees. The simulated ambience it creates envelops an artificial and fully-immersive experience that obscures the natural world.
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