Metaverse, Non-Fungible Tokens (NFTs), Cryptocurrency, Blockchain, and related topics such as Artificial Intelligence (AI) and Service Robots represent a rapidly expanding field with an ever-increasing number of terms and community-specific jargon for many years.   

A new term is not always accompanied by something truly novel. In addition to verbal "pseudo-innuendos" and "crypto slang" introduced to attract attention quickly, several significant new developments exist. Examples include new technologies or authorities, laws, and regulations affecting the Metaverse, NFT, Cryptocurrency, AI, Service Robots, and Blockchain sectors. 

This development illustrates the fascinating diversity of the Metaverse, NFT, Cryptocurrency, and Blockchain landscape. Platforms, online encyclopedias, and glossaries such as Bueno, Moonpay, Social-Lady, Coinmarketcap, Binance, Wikipedia, finder, etc., already exist and might help.  

Challenges  

But, the issue with this development is that the risk of "Babylonian language confusion" is growing exponentially. However, our analysis revealed that neither is even close to completion. In addition, we frequently encountered imprecise language and contradictory definitions and explanations among the various sources. 

This article was contributed by our expert Nikolas Beutin

Frequently Asked Questions Answered by Nikolas Beutin

Q1. What is the current state of the cryptocurrency market?

After being in a “crypto winter” in 2022, the crypto market has been picking up speed again. Nevertheless, there are still scams and so-called shit coins in the market, so one has to be always on the lookout and be careful.  

Q2. How are Non-Fungible Tokens (NFTs) changing the art world? 

NFTs are an excellent way to prove ownership and act as an independent, transparent, and public proof of authenticity. As such, the new use cases are almost limitless, ranging from cars to real estate to art, fashion, and luxury goods. 

Q3. What is the Metaverse, and how will it impact society? 

In simple terms, the metaverse is the internet in 3D. As such, the impact on society will be massive as portrayed, e.g., in the movie “Ready Player One.” But even more so in shopping. You can visit 3D stores and try clothes on with your avatar. 

Q4. What is the difference between a cryptocurrency and a digital asset? 

In short, a cryptocurrency is a currency with denominations – like the dollar or Euro – typically depicted in coins.  

In contrast, a digital asset can be an NFT or even a semi-fungible token which, at the end of the day, is ownership of an intangible good, aka a file, picture, program, movie, or something other.