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Building Blocks, Opportunities, and Challenges of Metaverse in Web 3.0

Book Chapter

Authors: Vijaya Kittu Manda

Book Name: Decentralizing the Online Experience With Web3 Technologies

ISBN: ISBN13: 9798369315323|EISBN13: 9798369315330

Publisher: IGI Global

Publication Date: March 2024

Pages: 168 - 188

Abstract: The Metaverse is an immersive virtual world facilitated by virtual reality (VR) and augmented reality (AR). It is a backbone technology for Web 3 in which users interact using avatars in a digital content environment. Metaverse as a platform enriches Web 3 with its decentralized, interactive, and immersive experiences, allowing newer forms of collaboration, innovation, and entrepreneurship. A quick historical background and its evolution are discussed. Being a content-rich environment, upgraded high-speed connectivity is necessary. Internet 3.0, decentralization, and VR/AR technologies will help build the foundation. Metaverse requires special hardware, software, content, networking, and governance. The Metaverse promises economic models in which cryptocurrencies and Metaverse Coins are traded. Metaverse is still evolving as research is increasing and associations are focusing on standards. Robust governance and regulations are still nascent. Certain negative aspects include privacy and security, addiction, cyberbullying, and disinformation, about which users must be cautious.

Keywords: extended reality, immersive reality, virtual reality, augmented reality, metaverse coin, metaverse standards, metaverse games, metaverse governance, educational metaverse, metaverse evolution

DOI: https://doi.org/10.4018/979-8-3693-1532-3.ch008

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