Technically, the metaverse is a decentralized, open platform based on blockchain technology that encompasses digital assets and identities. Here’s a real-world example: In December 2021, an enthusiast purchased a plot of digital real estate for $450,000, to be Snoop Dogg’s “neighbor” in the metaverse. The metaverse can be seen as an immersion into a digital existence using extended reality, a technology that integrates real and virtual environments. There are limitations — related to infrastructure, hardware and software — that challenge immediate mass metaverse adoption. However, in time, it could very well become reality.
Let’s dive a bit deeper. You may have witnessed individuals wearing virtual reality headsets and moving their hands as though they were able to grab or move objects. In the metaverse, users will likely still wear headsets, glasses or some type of technology that will provide an immersive 360-degree digital experience. Users will also be able to accomplish meaningful tasks related to their professional and personal lives.
Read the full commentary paper here.
Tags: property, technology