Extention of De-Fi

In the previous articles, the basic mechanism of decentralization and some of its financial applications are mentioned. In this article, another novel application of decentralization in finance and other industries will be introduced. This application is commonly known as the Metaverse.

Metaverse gained massive discussions after the CEO of Facebook, Mark Zuckerberg, officially changed the company name to Meta. Since then, research and discussions related to Metaverse started to grow.

The term “metaverse” resembles the concepts in sci-fi. There are often multiple universes sharing certain similarities and differences. In reality, people can experience a virtual world through technologies.

NFT

A core technology behind metaverse is NFT. NFT stands for non-fungible tokens. Although most NFTs in the asset market are visual arts, they can actually be anything in our daily life, including audio, sneakers, books, or even tweets people sent. NFTs are important to the Metaverse because many objects and scenes inside the metaverse are composed of NFTs.

VR and AR

Currently, a general approach to achieving Metaverse is through augmented reality (AR) or virtual reality (VR). With a set of technologies such as VR glasses, users can experience a virtual world (the so-called Metaverse).

An example of VR is Iron Man’s glasses EDITH. This pair of glasses contains much-advanced technology, and one of its core concepts is VR. With this pair of glasses, Iron Man can vision virtual images and make accurate calculations for various situations.

Gaming

Metaverse does not always require VR or AR-related technologies to achieve a virtual/digital world. Another approach is through games that can be accessed via PC, PS, or even phones. These approaches lowered the barrier to accessing Metaverse, which could be a more optimal solution for users who want to experience Metaverse meanwhile lacking the resources to access professional technologies.

Image source: https://www.cnet.com/news/how-one-woman-turned-her-side-hustle-into-a-6-figure-business/