Web3 & Metaverse: Terms You Need to Know

In our ever-evolving world of new technology, it’s always a good idea to make yourself familiar with new concepts and terms. Recently, the Metaverse, Web3, and cryptocurrency have been a few hot topics and for good reason. This new form of the internet allows users to have control over their content and data, increasing privacy while giving users a brand new experience. Here is a brief glossary of Web3 and metaverse terms you need to know:

• Altcoin: short for alternative coin and sometimes just called alt; any cryptocurrency other than Bitcoin (and Ethereum, for some)
• Artificial Intelligence (AI): refers to the theory and practice of computer systems completing tasks that typically require human intelligence and understanding; used across many industries today including healthcare and financial services
• Augmented Reality (AR): an immersive technology that provides an enhanced version of the world via computer-generated imagery and other sensory stimuli
• Avatar: a virtual icon or person that is used to represent a person in video games, online forums, virtual reality (VR), and other channels
• Blockchain: a shared database or ledger that stores information, records and maintains transactions, and keeps track of assets digitally; uses blocks to that are linked together via cryptography
• Bitcoin: the first decentralized cryptocurrency that can be transferred from person-to-person virtually without going through a central bank; transactions are recorded on a public ledger
• Creator Economy: enable content producers to monetize their products; business class made up of content creators, influencers, community builders, and more
• Cryptocurrency: a virtual currency in which a decentralized computer network maintains records and verifies transactions, rather than going through a central authority 
• Decentralized Finance (DeFi): uses newer financial technology to erase third parties, like brokerages or banks, in financial transactions; integrates a public blockchain 
• Distributed Ledger Technology (DLT): a protocol that allows for a decentralized virtual database to securely keep track of records and transactions across a diverse network of entities; also known as blockchain technology
• Immersive Social: allows users to experience and interact with 3D environments virtually; fosters a more enhanced way of collaborating with others 
• Metaverse: a new and still-evolving idea of a 3D virtual social network; viewed as part of Web3
• Non-Fungible Token (NFT): a cryptographic unit of data on a blockchain that cannot be traded or exchanged, unlike cryptocurrencies; each one has individual identification codes and metadata that differentiates them from one another 
• Virtual Economy: an emerging digital economy where virtual goods can be purchased, exchanged, and sold via virtual currency in online games
• Web3: third generation of the internet that integrates blockchains, NFTs, immersive technologies, and cryptocurrencies to put power and ownership back into the hands of each individual user

Conclusion

This list of terms should provide you with basic knowledge about new technologies like Web3, metaverse, and cryptocurrency. As creatives, we must continue to adapt and evolve with the world to further and enhance collaboration and creation. The future of the internet is unknown, but keeping up with trending technology and innovation helps to reduce stress of the unknown. For professional assistance with adjusting your marketing strategy to keep up with the times, contact us today!

Sources:

Altcoin definition: https://www.investopedia.com/terms/a/altcoin.asp 

AI: https://www.investopedia.com/terms/a/artificial-intelligence-ai.asp 

AR: https://www.investopedia.com/terms/a/augmented-reality.asp

Blockchain: https://www.investopedia.com/terms/b/blockchain.asp 

Bitcoin: https://bitcoin.org/en/ 

Cryptocurrency: https://www.investopedia.com/terms/c/cryptocurrency.asp 

Defi: https://www.investopedia.com/decentralized-finance-defi-5113835 

Dlt: https://www.investopedia.com/terms/d/distributed-ledger-technology-dlt.asp 

Immersive social: https://www.metavert.io/immersive-social 

Metaverse: https://www.vice.com/en/article/93bmyv/what-is-the-metaverse-internet-technology-vr 

Nft: https://www.investopedia.com/non-fungible-tokens-nft-5115211 

Virtual economy: https://atelier.net/virtual-economy/ 

Web3: https://ethereum.org/en/web3/