The metaverse is defined as a computer-generated universe. Most often conceptualized as a hypothesized iteration of the internet, supporting persistent online 3D virtual environments through conventional personal computing, as well as virtual and augmented reality headsets.

Due to the support of global investors in recent years, the metaverse now plays a fundamental role in the modern business and economic landscape. According to Statista, the value of the metaverse market is expected to reach $74.4 billion in 2024 with a compound annual growth rate of 37.73%, leading to a projected market volume of $507.8 billion by 2030.

With a lot of potential at stake, Maria Carrisa Sanchez, writing for TechRepublic Premium, presents this explanation of the metaverse, including its evolution, features, benefits and drawbacks.

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HOW DOES THE METAVERSE WORK?

The metaverse is a convergence of various digital platforms. This convergence is facilitated by a collection of advanced technologies, which are:

Blockchain technology: Secure and transparent transactions have become available within the metaverse because of blockchain technology. The decentralized ledgers guarantee that digital assets (e.g., non-fungible tokens) are unique and verifiable by recording all transactions and ownership changes.

VR and AR: Both are core technologies that give rise to immersive experiences in the virtual world. Often using headsets, VR technologies create digital environments where users can interact with a computer-generated landscape. On the other hand, AR overlays digital information onto the physical world to enhance real-world experiences with virtual elements.

Artificial intelligence: AI plays an integral role in enhancing user interactions and automating various processes in the metaverse. To illustrate, AI-driven chatbots can help users by responding to their questions and providing personalized recommendations.

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TIME SAVED: Crafting this content required 20 hours of dedicated writing, editing, research and design.