The Key Concepts of Metaverse You Should Know

The essential elements, technologies, devices, digital platforms, or digital assets already exist and have high levels of adoption. Achieving something close to the metaverse is possible.

However, new technological developments and their convergence are still missing, as well as star applications and uses that promote an ecosystem and a market in which many interested actors stand out and have the capacity to carry out disruptive actions. However, knowing the key concepts around the metaverse is essential.

So why not explore the metaverse today – and everything around it – to lead the [real] economy of tomorrow? Why not investigate the new forms of consumption and the universe’s latest immersive experiences? Why not study the possible investments to deploy a strategy based on the metaverse? And above all, why not learn first-hand the potential of the enabling technologies of the metaverse -AI, IoT, 3D, 5G, blockchain, VR, AR…- and their impact on the business model?

6 key concepts behind the metaverse

According to PWC’sPwC’s expertise, the main concepts around the metaverse that every company should know are:

Economy: Cryptocurrencies, non-fungible tokens (NFTs), and other blockchain-based digital currencies will likely move the value exchange in the metaverse.

Interoperability: For the metaverse to become a reality, there must be seamless interoperability between users and platforms based on Web 3.0 and standards yet to be established.

Corporate governance: The metaverse will require rules of engagement for users, guidelines for how the metaverse can change over time, and control mechanisms, including tax collection, data governance, and regulatory compliance.

Identity: In the metaverse, which will be decentralized and interconnected, trusted digital identities will be needed – for people, assets, and companies – that are compatible across platforms.

Experience: In a shared, permanent, and immersive 3D digital world, unique experiences can be offered. These will be based on the beliefs, ideals, and tastes manifested in each user’s preferences.

Continuity: The metaverse must reflect the changes the participants made, who enter and leave in different ways, places, and times.

And 4 conditions for the consolidation of this new dimension

LLYC emphasizes the fact that for the metaverse to exist, several needs must still be met:

Identity persistence: To what extent are you the same recognizable person with the same image, attitude, or history within a virtual world?

Social Capacity: How many people can simultaneously participate in a virtual space, the same social activity, or game?

Interaction and immersion. Do we have the feeling of being really present in a virtual space as in the first person?

Interoperability: Can we transfer personality, objects, properties, and the ability to interact between different immersive universes?