What is the Metaverse and how will it alter the internet?

Video: This short explainer gives viewers an overview of how blockchain technology powers the Metaverse and its economic potential.

Cointelegraph's Jackson DuMont, the director of the video, tackles the topic of the "next big thing:" the Metaverse. He explains the who, what, and why behind the Metaverse and deep dives into how its blockchain technology has the potential to alter the online lives of internet users.

"The Metaverse is exactly like the current version of the internet," but it's on its way to becoming fully immersive, explained Dumont, especially thanks to tech and social media giants like Meta and Microsoft playing a big role in its evolution. In Meta's case, it has invested billions of dollars and is positioning itself at the center of the "multi-billion dollar eden" while racking up the profits. 

Some of the features that the Metaverse looks to improve upon within cyberspace include user privacy, data protection, trestles transactions, and unchangeable record keeping. That's where blockchain technology comes in. Metaverses operate on the same values that blockchain-based systems run on, such as permissionless access, censorship resistance, security, and decentralization,

"Blockchain and crypto assets are fundamental to creating a safe virtual reality. And NFT technology will also be the foundation for property ownership in the metaverse."

Source: Cointelegraph

Disclaimer: This article and video are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.