a term coined in the 1992 dystopian sci-fi novel by Neal Stephenson, Snow Crash, used to describe the sum of virtual and augmented realities concentrated on a super-long street people access as avatars and participate in by plugging into terminals. Today, the term is used to describe the convergence of virtually-enhanced physical reality and a persistent virtual space. It is the sum total of all publicly accessible virtual worlds, real-time 3D content and related media that are connected on an open global network, controlled by none and accessible to all.

known as the Semantic Web, Web 3.0 is meant to "automatically" interface with systems, people and home devices. As such, content creation and decision-making processes involve both humans and machines. Known as the Symbiotic Web, Web 4.0 is the idea that once the metadata are organized (in Web 3.0), human and machines can interact in symbiosis, meaning that we would be able to build more powerful interfaces. While Web 4.0 is still an underground idea in progress, the concept of it is discussed in the context of Artificial Intelligence.

a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. It is a shared, trusted, decentralized public ledger of transactions, which everyone can inspect but which no single user controls. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. A blockchain is a distributed database that maintains a continuously growing list of transaction data records secured from tampering and revision.

VR is the use of computer technology to create a simulated environment which can be explored in 360 degrees. Unlike traditional interfaces, VR places the user inside the virtual environment to give an immersive experience. AR is an enhanced version of the real physical world that is achieved through the use of digital visual elements, sound or other sensory stimuli delivered via technology.

AI is intelligence demonstrated by machines, as opposed to natural intelligence displayed by animals, including humans. AI researchers have adapted and integrated a wide range of problem-solving techniques - including search and mathematical optimization, formal logic, artificial neural networks, and methods based on statistics, probability and economics. The Metaverse will be enabled, populated and supported by artificial intelligence.

a non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). NFTs are cryptographic assets with unique identification codes and metadata that distinguish them from each other. NFTs can be used to represent easily-reproducible items such as images, videos, audio and other types of digital files as unique items, using blockchain technology to establish a verified and public proof of ownership. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency.

a virtual world is a computer-simulated environment which may be populated by many users who can create personal avatars, and simultaneously and independently explore the virtual world, participate in its activities, and communicate with others. Many virtual worlds are powered by the same blockchain technology that underpins cryptocurrencies and NFTs, and thus allow users to trade these virtual assets.

in Sanskrit, avatar (अवतार) refers to an incarnation in human form. Merriam-Webster defines an avatar as someone who represents a type of person, an idea or a quality. In computing, an avatar is a graphical representation of a user or the user's character or persona. It may take either a two-dimensional form as an icon in internet forums and other online communities or a three-dimensional form, as in games or virtual worlds.

using digital identities that are not limited to the proprietary networks of a single website, service or blockchain protocol, individuals are now able to live, play, socialize and do business, all while maintaining the same, holistic, Metaverse identity.

digital garments that exist in-game. Unlike NFTs, skins are rarely transferable between metaverses, but encompass anything that a specific avatar is wearing. As the fashion industry increasingly converges with gaming, brands are beginning to design apparel for digital worlds.

the notion of twinning a representation goes back to the Greeks with the Antikythera mechanism that charted the heavens and predicted eclipses and astronomical events. In Metaverse terms, a digital twin is a virtual representation of an object or system in a digital world. It is updated from real-time data and uses simulation, machine learning and reasoning to help decision-making.

NFTs that make up the virtual wardrobe for a virtual life. The same way the advent of digital scarcity is transforming the way creatives monetize their works (e.g., NFT Art and Music), Wearable NFTs are also benefiting from brand exclusivity and scarcity.

a smart contract is a computer program stored on a blockchain that executes when specific conditions are met. Smart contracts can be conceived of as a series of “if-then” logical statements, written in whatever coding language(s) are supported by the blockchain network on which it is stored.

a decentralized autonomous organization is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization’s members and not influenced by a central government or entity.

a decentralized application (DApp, dApp, or Dapp) is an application that can operate autonomously, typically through the use of smart contracts, that runs on a decentralized blockchain system. Like traditional applications, DApps provide some particular function or utility to its users. However, unlike traditional applications, DApps operate without human intervention and are not owned by any one entity.

a fault-tolerant mechanism used in a blockchain to reach an agreement on a single state of the network among distributed nodes. These are protocols that make sure all nodes are synchronized with each other and that verify transactions – once verified via a consensus mechanism, the transaction is added to the blockchain.

a supply chain is a system within organizations involving activities, people, information, and resources for supplying a product or service to a consumer. The ability to track goods on an immutable blockchain through every step in the supply chain could help brand owners enforce their contractual arrangements regarding distribution.

a circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. Circular Economy is really based on three simple principles: designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.