The metaverse is a combination of various technologies such as virtual reality (VR) and augmented reality (AR) that allow users, known as avatars, to exist, interact, game, and socialize in a virtual world. The term metaverse was first coined by Neal Stephenson in his novel Snow Crash published in 1992.
Various companies in the crypto and Web 3 space have metaverses under development, with the most famous example being Meta, which changed its name from Facebook in October 2021. Non-fungible tokens (NFTs) and blockchain gaming are some of the crypto concepts finding early adoption in the space. Crypto projects such as Decentraland and The Sandbox have metaverse elements included in them.
Major entities outside the crypto world are also taking the metaverse seriously, with companies like Apple, Microsoft, and Nvidia all getting involved in various ways. The concept has even influenced artists, such as the musician Snoop Dogg, who acquired the Death Row Records label with the intent of making it the first major label in the metaverse.