This is largely correct, but there is also a fundamental but slightly more cryptic side to the metaverse that will set it apart from today’s Internet: the blockchain.
Blockchain? Decentralized? Crypto-assets? As researchers who study social media and media technology, we can explain the technology that will make the metaverse possible.Blockchain is a technology that permanently records transactions, typically in a decentralized and public database called a ledger. Bitcoin is the most well-known blockchain-based cryptocurrency.
Items like artwork and music on a blockchain are nonfungible tokens . Nonfungible means they are unique and not replaceable, the opposite of fungible items like currency—any dollar is worth the same as, and can be swapped with, any other dollar. In addition, the metaverse isn’t being built by any one group or company. Different groups will build different virtual worlds, and in the future these worlds will be interoperable—forming the metaverse. As people move between virtual worlds—say from Decentraland’s virtual environments to Microsoft’s—they’ll want to bring their stuff with them. If two virtual worlds are interoperable, the blockchain will authenticate proof of ownership of your digital goods in both virtual worlds.
Your crypto wallet could also be linked to your contacts list, which would allow you to bring your social network information from one virtual world to another. “Join me for a pool party in FILL IN THE BLANK-world!” For example, when you buy that coveted name-brand outfit to wear to the real-world dance club, you might also become the owner of the crypto version of the outfit that your avatar can wear to the virtual Ariana Grande concert. And just as you could sell the physical outfit secondhand, you could also sell the NFT version for someone else’s avatar to wear.
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