Everyone is pumped for the metaverse and all it has to offer. To help you engage and enjoy this new virtual world as best as possible, we’ve come up with a list of metaverse terms that every user should know. Utilizing this glossary can give you a better perspective on the metaverse, its subcultures, communities, and activities.
Keep up with the times with our metaverse glossary!
Our Glossary of Metaverse Terms
Metaverse
The metaverse is a deposit of shared 3D virtual environments where users can participate in day-to-day activities like working, mingling, and exploring as they would in the real world.
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Avatar
An avatar is a digital representation of a user. These avatars can either be static or animated.
AR
AR, or Augmented Reality, overlays digitally generated images onto the real world. Users can utilize their mobile phone or tablet to overlay sounds and graphics onto their real-life environments. An example of AR would be the popular Pokémon Go app that lets users catch their favorite Pokémon through their phones with superimposed images.
VR
Known as Virtual Reality, VR is a mesmerizing experience that drops users into a virtual world they can move and interact with. Car racing games are a popular example of virtual reality experiences where users are given the sensation of driving.
Blockchain
A blockchain is a distributed digital ledger that stores all kinds of data.
Cryptocurrency
Cryptocurrency, often referred to as “crypto,” is a form of decentralized digital currency. It may be exchanged in the metaverse. Popular instances of crypto include bitcoin, dogecoin, ether, chainlink, and many others.
Decentralized
In blockchain, decentralization refers to the shift of control and decision-making from a centralized entity, such as an organization, individual, or group, to a distributed network. An example of this would be DAOs, or decentralized autonomous organizations, that are community-led and run on blockchain technology.
NFT
An NFT is a digital asset that represents real-world objects such as music, art, in-game items, and videos.
MR
MR, or Mixed Reality, is a view of the physical world with an overlay of programmed principles where both physical and digital elements can interact. A famous example of this is Snapchat filters.
XR
Known as Extended Reality, XR is an umbrella term that covers technologies like AR, MR, and VR. Instances of XR are virtual try-ons in e-commerce as well as virtual tours and property viewings in real estate.
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Web 3.0
The Web 3.0 embodies the evolution of the current Web 2.0 and builds upon concepts like decentralization, data protection, openness, and great user utility.
Oculus
Oculus is a video gaming system built perfectly for virtual reality. It allows users to play almost anywhere using a VR headset and controllers.
How Marketers Can Prepare for the Metaverse
Marketing mavens can essentially “suit up” for the metaverse not only by utilizing this glossary, but also by creating a sound marketing strategy around the digital space—best maximizing its potential.
At Kraus Marketing, we’ve already done the research for you and can help apply a winning metaverse strategy for your company! Contact us today to learn more on how we can help you smoothly and smartly transition you into the metaverse.