First, one of the metaverse terms you Need to Understand is Metaverse. According to developer terms, a metaverse is a shared virtual space that can be accessed through various devices.
It simulates Reality, but it can also be 2D or 3D. A metaverse may be used for gaming, social networking, shopping experiences, etc.
Users can create their virtual environments within the larger world as well.
Metaverse Terminology
- Why do you need to know these Metaverse terms?
- To better understand the metaverse and its subcultures, games, communities, and influencers.
- To let you engage in conversations all around us about how we will live in this new world.
1. Augmented Reality
Augmented Reality is a live, direct, or indirect view of a physical, real-world environment whose elements are augmented (or supplemented) by computer-generated sensory input such as sound, video, graphics, or GPS data.
It differs from Virtual Reality in that the latter typically replaces the real world with a simulated one. Whereas Augmented Reality only adds to it.
Augmented Reality uses various forms of sensory input to create an illusion that synthetic objects or events somehow interact with the natural world.
The term Augmented Reality was first used by Professor Tom Caudell of Boeing and his colleagues, who developed the technology in their research laboratory between 1992 and 1996.
2. Extended Reality
Extended Reality (XR) is a term that describes augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR).
In AR, a computer-generated image is superimposed on a user’s view of the natural world, thus providing an alternative perspective.
For example, imagine if you could see the area around your coffee table as it would appear with all of its contents removed from the table.
You’d be able to remove items from the table in your mind’s eye by simply looking at them through your phone screen.
In VR, users are completely immersed in their world—a wholly digital environment that replaces their everyday surroundings.
Mixed Reality combines elements of both AR and VR; MR headsets are equipped with sensors to detect real-world objects and inputs so users can interact with those objects in virtual environments like video games or augmented realities.
3. Blockchain Gaming
Blockchain gaming is a type of video game that uses blockchain technology. The games can use cryptocurrency or be collectible, playable, and have social experiences.
These games are primarily online, but some are also mobile apps or standalone games on PC.
Many companies are working on developing these kinds of fun right now, including Cryptokitties and Etheremon.
The best way to keep up with new developments in this area is by following industry news sites like Coin Telegraph or Dexerto.
Take a look at gaming news sites like IGN and Gamespot if you’re interested in learning more about what’s going on in the world of video games right now!
4. Internet of Value
The Internet of Value (IOV) is a global payment network that allows for the frictionless transfer of value and data.
It’s also a form of the Internet of Things, in which physical objects are connected to the Internet and can be controlled remotely.
IOV is a term used to describe blockchain and cryptocurrency technology and other types of digital asset-based systems—all technologies that rely on decentralized networks rather than centralized ones.
5. Cryptocurrency
Cryptocurrency is a digital asset that can be spent online and offline. A central bank or government does not issue cryptocurrencies.
Instead, they are created and managed by anyone who buys the currency. In this sense, cryptocurrency differs from fiat money (like dollars).
Cryptocurrency wallets are applications that allow you to send and receive cryptocurrencies, like Bitcoin or Litecoin.
Many types of cryptocurrency wallets are available for mobile devices and computers alike; some allow you to store multiple types of currency in one place, while others focus on privacy by encrypting your transactions on their servers so no one else can see them.
Your wallet will also have an address associated with it where people can send you funds in return for goods or services rendered through the blockchain network.
If you lose your private key, it’s usually impossible to recover those funds since only someone with access to both keys can ever spend any assets stored within them!
6. Mint
Minting is the process of creating a non-fungible token (NFT). Minting an NFT is like printing a unique certificate of authenticity for that particular item.
It’s the first step in the NFT lifecycle, and it’s where you lock down all those details about your character or object: what it looks like, who owns it, and how much they paid for it.
Minting an NFT requires some technical know-how, but once you’ve stamped your first few items, you’ll be well to make them real!
7. Blockchain
Blockchain is a distributed ledger technology that allows digital information to be shared but not copied. It was first used in 2009 and is now the basis for cryptocurrencies such as Bitcoin.
The technology is also being used in supply chain management and has been proposed as an alternative to traditional voting processes.
Many people are familiar with blockchain because of its association with cryptocurrencies like Bitcoin or Ethereum—but there’s more to blockchain than that!
Blockchain technology can be used for many applications beyond these two currencies:
- Medical records: This use case involves using blockchains (which contain permanent records) to track patient health data across hospitals and clinics.
- Supply chain management: One example where companies are currently using blockchain is in their supply chain management systems, which enable them to track goods sold through multiple channels without having any single point of failure because the data is distributed across many “nodes” on this network rather than being kept centralized within one database server instance located within one company headquarters building somewhere around town; instead each node stores its copy so no single person can control access rights over another user’s information reserved thereon–making it both secure against hacking attempts while still allowing easy access when needed.
8. Cloud Gaming
Cloud gaming is an upcoming technology that lets you play games without downloading them. The game’s data is stored in the cloud (the internet) and streamed to your device as needed.
This means you can play high-quality games without downloading them, saving time and space on your device.
The downside of this approach is that it requires an internet connection to use.
Some critics have voiced concerns about latency issues resulting from gameplay data having to travel between the server and your device over the internet before being rendered into something you can see on screen.
This problem may become even more pronounced if current trends toward higher-resolution displays continue (but hopefully won’t).
9. Gas Fees
One of the top-used metaverse terms out there is Gas fees. You’ve probably heard the term before, but do you know it? Gas is the fee paid to miners who process transactions on the Ethereum network.
When you send ETH or ERC-20 tokens to someone else, this transaction is sent to miners for them to confirm it is valid. Then, they add it to the blockchain.
The amount of gas needed for a transaction depends on how complex that transaction is (for example, sending money involves more computation than just signing a message), which means different costs are associated with different types of transactions.
Gas fees can go up or down depending on network congestion: if there are too many transactions happening at once for miners to keep up with, then gas prices will increase as demand increases and supply stays constant; if there aren’t enough transactions happening at once for miners not have time to get through them all quickly enough (or even worse—if there are no transactions at all), then gas prices will decrease accordingly so incentivize miners into mining more frequently, so they don’t lose money every time they turn their computers off.
10. Hashgraph
Hashed Time Lock Contracts (HTLCs) are a cryptographic protocol allowing multiple parties to interact securely over the Internet.
HTLCs help ensure the security of confidential information in a trustless environment, which is becoming increasingly crucial as blockchain technology becomes more widely adopted across industries and sectors.
Hashgraph is a fast, secure, and fair data structure and consensus algorithm. Swirlds Inc. developed it as part of its Hashgraph public distributed ledger platform.
The Hashgraph algorithm was invented by Dr. Leemon Baird in 2016 while working at IBM Research.
The hashgraph consensus mechanism uses three main components: Hashes, Gossip about gossip (GHOST), and Virtual Voting.
11. Internet of Value
The Internet of Value describes the Internet where value, such as money, data, and content, can be shared and exchanged.
Don Tapscott and Alex Tapscott first used the Internet of Value in their book Blockchain Revolution.
The authors describe the Internet of Value as “a new model for social organization that promises to usher in an era of prosperity for individuals worldwide.”
12. Non-Fungible Token
An NFT is a blockchain-based asset with unique attributes that can be transferred from one person to another like a regular token.
Still, unlike a standard token whose value comes from its fungibility and interchangeability (for example, gold coins or silver bars), NFTs derive their value from uniqueness and non-interchangeability.
They are managed on a blockchain using smart contracts, just like tokens.
However, unlike other crypto assets representing something fungible like money or securities (stocks), NFTs represent unique digital assets such as digital artworks or collectibles.
This makes them valuable because they cannot be copied or counterfeited like other types of crypto assets used for financial transactions without such intrinsic value.
13. Rug Pull
A rug pull is a scam where the project’s founders abandon their project not to deliver. They then take the money they have collected in exchange for tokens and run.
This is one of the most common scams and terms in the crypto and metaverse space because it’s so easy to do.
All someone needs to do is stop communicating with their users, fail to deliver on their roadmap, sell everything off for cash, and disappear!
14. Security Tokens
Security tokens are a hot topic in the metaverse. They’re a type of asset that can be used to share value and ownership with others.
A security token is any financial instrument giving investors the right to profit from or influence the issuer.
These can include shares, bonds, and derivatives—but more novel instruments like prepaid coupons or loyalty points.
The term ‘security token’ was first proposed by William Hinman, director of the US Securities & Exchange Commission (SEC) Office of Corporate Finance—and we think it’s important to understand what he meant by it: “Tokens are often distributed through initial coin offerings (ICOs), which use blockchain technology to facilitate transactions between crypto-users.”
15. Smart Contract
Smart contracts are an essential part of the metaverse. Intelligent contracts are legal agreements that you can write and execute in a programming language.
These smart contracts can buy and sell virtual land and perform other tasks that lawyers or judges traditionally do.
They’re a new way to do business without having any government involvement. One of the Important terms in the metaverse is if you want to be a virtual landowner.
16. Meatspace
Meatspace is an abbreviation of the term “the physical world.” It’s used in contrast to cyberspace, an imaginary internet-like environment that exists within the minds of computers.
It’s also used in VR and AR (virtual reality, augmented reality) contexts, which refer to the physical world outside your headset.
William Gibson coined the term for his 1984 novel Neuromancer: “Cyberspace,” she said again. “Some people call it ‘the matrix.’
When you’re there, you can have other people be with you in person; they can look like anybody else you might want them to look like.”
She smiled at some private joke. “Or they can be any sex or age or look like animals, trees, walls, or clouds.”
17. Web 3.0
Web 3.0 is decentralized. In short, it’s a new type of web and a vision for the future of the internet.
Web 3.0 means that information should be open and decentralized. And it should also be secure in trusting as much as you trust your brain or body.
It’s built on top of Web 2.0 technologies like HTML5 and HTTP/2. But reworks them to work without centralized servers or companies (like Facebook). It’s pretty innovative; you should read more on these metaverse terms.
18. Staking/Yield Farming
Staking and yield farming are two terms in the metaverse, especially if you’re looking to participate in the economy.
Staking is when a user puts up their coins as collateral, similar to how we would stake something like a rental car or condo on Airbnb.
If you decide to bet your coins, they will remain locked until they reach maturity, which means they can’t be used while staked.
The upside of staking is that it provides an interest rate (the rate varies by currency), which increases over time as the value of your cryptocurrency increases or decreases.
The advantage of yield farming is similar: users deposit their crypto into a wallet, where it sits until it reaches maturity, and then receive interest payments from its owner at regular intervals (usually daily).
Disadvantages include higher risks and fees associated with lending platforms; however, these risks can be minimized by choosing reputable lenders within your community who have positive reviews online.”
19. EULA (end-user license agreement) & ToS (terms of service)
The EULA and the ToS are separate agreements governing how you use a virtual world.
For Metaverse, Both agreements can be found in any game or software product’s “Terms of Service” section.
The EULA covers all aspects of using the content on offer. At the same time, the ToS is usually limited to how users interact with a company’s products or services. e.g., you download an app for your phone that lets you buy things from inside its interface; there will probably be a separate ToS regarding payments within apps.
Conclusion
As you can see, the blockchain world is constantly changing and evolving.
The future of the metaverse is wide open to those who are willing to explore it, and that’s why you need to understand the metaverse terms.
I hope that this article has helped you get your feet wet in this new and exciting world.
If there’s anything else about the metaverse terminology we covered above that you’re wondering about, feel free to contact us below in the comments section! We’re always happy to hear from readers like you!
