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As in the real world, people’s identities must be able to persist throughout the metaverse without complete reliance on a small set of centralized identity providers. Often these powerful intermediaries engage in user rights abuses and de-platforming, and they host captive economies with aggressive take-rates. Decentralized systems, on the other hand, exhibit more equitable ownership among stakeholders, reduced censorship, and greater diversity. There has been a lot of buzz about "the metaverse" since its coinage in what is a metaverse? the ‘90s, but especially during the pandemic , and even more so after Facebook changed its name to Meta. In addition to its metaverse spending, Meta is investing heavily in the development of artificial intelligence, which can bolster advertising — the source of around 97% of revenue — and the company's existing applications, Zuckerberg said.

For example, Epic has acquired a number of companies that help create or distribute digital assets, in part to bolster its powerful Unreal Engine 5 platform. And while Unreal may be a video game platform, it's also being used in the film industry and could make it easier for anyone to create virtual experiences. There are tangible and exciting developments in the realm of building digital worlds.

It powers Ultra-HD Metascanning Technology and has a powerful crypto token that goes by the name of $HERO. What started as a concept in the gaming industry has transitioned to an entirely different universe of 3D known as Metaverse. And every enterprise in the technology or entertainment sector wants a piece of it. Defining the metaverse is no easy task, with a mix of academics, journalists and tech experts weighing in differently on what it is or will become. In some countries with high inflation rates, local businesses will even accept these in-game cryptocurrencies instead of legal tender. It's possible to imagine emerging markets where the only way to sell would be by using the cryptocurrency used by the local population.

In October 2021, Meta announced plans to create 10,000 new high-skilled jobs in the European Union to help shape the metaverse. The key themes these experts voiced in their written responses are outlined in the three following tables. The first table outlines further details tied to the two broad themes mentioned above. The second describes the five most-mentioned reasons that the metaverse is likely to be much more advanced and more broadly adopted by 2040.

This started out as a mobile game, which in 2018 was ported by its creators to the Ethereum blockchain, becoming one of the first truly decentralized metaverse platforms. It includes its own object creation tools that allow anyone to build 3D items, characters, vehicles, or anything else they can think of, which are then minted as NFTs, and can be imported into other Sandbox worlds. These NFTs can also be traded and sold via the platform’s built-in marketplace. Assets and land are created as NFTs, and like Decentraland, transactions are carried out in the platform’s own currency, known as SAND. Sandbox is another platform that has proven popular with brands wanting to establish their metaverse presence – landowners include HSBC, Warner Music, PwC, and Paris Hilton. When Facebook founder Mark Zuckerberg renamed his company to Meta, it was a sign of how important he felt the metaverse concept would be to the future of digital communications, socializing, and living.