Metaverse Encyclopedia
Important terms explained in simple terms
Augmented Reality (AR)
An example of AR technology is the game Pokemon Go. The user films with his smartphone, for example, the real environment and a digital Pokémon is displayed, which can be captured.
Avatar
In the metaverse, an avatar is a digital figure or character. As a user, you move around the worlds with avatars, see other avatars (i.e. users) and can be seen by others.
In most cases, you can design your avatar yourself. You can choose skin color, body type, hair length, hair color, clothing and accessories. Some of these settings and items are free, while others can be purchased from the metaverse world’s shop.
Blockchain
A blockchain is a distributed database in which information is stored. Through the distributed storage of information, changes can be tracked and immutably logged by other “blockchain participants”. Thus, the blockchain is forgery-proof. The “blockchain participants” share the work, thus ensuring mutual monitoring .
DApp
DApp stands for “decentralized app”. These DApps are similar to the classic apps we know from our smartphones. However, a decentralized app is connected to a blockchain network such as Ethereum. As a result, a copy of all data is stored on the blockchain network. DApps can be both games and social networks just like traditional apps.
Immersion
Immersion describes a person’s immersion and attachment to an experience. In virtual worlds and games, immersion means that the user feels like they are part of the virtual environment. By using technologies such as virtual reality headsets and haptic sensors, successful immersion can be achieved. Immersion is an important factor for a positive user experience in virtual environments.
Real estate in the metaverse
By real estate in the metaverse, we mean undeveloped or developed parcels of land or land in various metaverse worlds whose ownership is recorded by means of NFTs .
The name for the properties or the country varies from world to world. It is often referred to as parcels or land units.
In-game currencies
Categories
There is currently no official categorization. For a better overview, we have divided the individual worlds of the metaverse into different categories. Our metaverse categories are:
Mixed reality technology
How does Mixed Reality work?
Using a special mixed reality headset, you can perceive your real environment and expand it with elements of a virtual environment or world.
For example, you are standing in your home office and see a virtual product of your company on the table in front of you. Together with a work colleague, who also wears a mixed reality headset and is in his home office, you can work on the product in 3D.
Metaverse Worlds
The metaverse consists of many different worlds. These worlds each pursue different goals, but as a whole they form the metaverse. This gives users the opportunity to immerse themselves in a digital world.
The worlds can have a different focus:
– Experience & Discover
– Create
– Play
– Create games
– Work
NFTs
NFT stands for Non-Fungible Token.
This, simply put, is proof of ownership. This proof of ownership is stored on a blockchain. The holder of the token is automatically the owner of a particular item. These items can be both digital and physical.
However, an NFT is not a cryptocurrency. This is because NFTs cannot be split into smaller parts, such as half a Bitcoin.
Open-source
Open source means that the source code of a software is open and freely accessible. If you have programming skills, you can edit the program yourself and adapt it to your needs.
The advantage of open source is that not only individual programmers develop the application, but usually an entire community behind it.
Private Keys
Private keys are secret, alphanumeric keys that are used to access a cryptocurrency account .
They are used to prove ownership of a specific cryptocurrency account and sign transactions from that account. Private keys should be kept well protected, as anyone who comes into possession of a private key has access to the associated cryptocurrency account and may thus be able to carry out unauthorized transactions. Private keys are often stored in crypto wallets to protect them from unauthorized access.
Token
“Token” is basically just another term for cryptocurrencies or crypto assets that run on the blockchain of a cryptocurrency.
Basically, Bitcoin and Ethereum are also tokens, but are usually not referred to as such. This is because tokens are understood to mean exactly all other cryptocurrencies.
Virtual Reality (VR)
VR stands for Virtual Reality.
With VR technology, VR glasses display a digital world that users can perceive and experience more intensively than on a classic screen.
However, this digital world has nothing to do with reality. Users experience a computer-generated and interactive virtual environment in real time.
Web3 Wallet
Web3 wallets are digital wallets. These digital wallets store information about you and your digital assets such as NFT’s .
Via Web3 wallets, you can create an account in different metaverse worlds directly with just a few clicks or log in afterwards. The wallet provides all the necessary information.
In addition, Web3 wallets allow you to access the Web3 space and cryptocurrencies. You can conduct NFT transactions, develop blockchain platforms, and connect with other communities.
There are many different Web3 wallets on the market. Popular wallets include:
- MetaMask
- TrustWallet
- Fortmatic
- Argent
Web 3.0
Web 3.0 is based on blockchain technology and is intended to break up centralized services on the Internet. For example, users should no longer be dependent on tech giants such as Google or Facebook (Meta).
The metaverse is often compared to Web 3.0. Although blockchain technology is also used in the metaverse, users should have intensive digital experiences in the metaverse.
