‘Metaverse’ broadly refers to shared, immersive digital environments where people can meet, create, socialise, work, buy goods and services and attend events with other people who are not in the same physical space. A true metaverse is meant to perfectly replicate real life, although it is unclear how many more years it will take to develop. The term metaverse was coined in the dystopian novel ‘Snow Crash’ three decades ago. It gained recognition this year after social media giant Facebook renamed itself Meta to reflect its new metaverse focus.
Called the next-version of the internet, the Web 3.0 will be built on the concept of decentralisation, openness, and greater user utility. It will be based on the blockchain record-keeping technology, where users would have ownership stakes in platforms and applications. In retrospect, the current version of the world wide web or Web 2.0 is characterised by social media platforms, which allow greater proliferation of user-generated content.
This is a far cry from Web 1.0, which was all static and non-interactive — an entirely top-down approach towards information dissemination.
Blockchain is essentially a database, but very different from every other database you may have seen. As the name suggests, a blockchain is a chain of blocks, with each block storing some information. Other key features of blockchain are that it is decentralised and by the very nature of that design, it is immutable. While cryptocurrency is the most popular use case of blockchain, governments around the world and in India are moving fast to leverage this technology for purposes of governance and public administration.
NFT is short for non-fungible token. It is a unique digital certificate, registered in a blockchain that is used to record ownership of an asset such as an artwork or a collectible. Most people did not know what an NFT was until this year, when sales boomed, sparked in large part by Twitter ex-CEO Jack Dorsey selling an NFT of his first tweet for $2.9 million. In India, the NFT craze arrived after the Bollywood superstar and actor Amitabh Bachchan auctioned his collection, including an autographed poster of his movies, as NFT.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.