METAVERSE

What is the Metaverse?

The metaverse is a digital reality which it is accessed through an electronic device that seeks to make us feel within that universe. With the latest advances, the entrance to the metaverse is no longer far from reality, and little by little we will see that more people will perform more activities within it.

Common features of metaverses:

– A user who is in the metaverse is able to communicate and interact both with other users/avatars and with the virtual universe itself.

– These virtual or metaverse spaces are characterised by being subject to laws of physics and there is a shortage of resources as it happens in the tangible world as we know it.

– This means that, although we are not using the metaverse, it still works. This gives it the property of being a living organism, in which regardless of whether users are connected to it or not, the dynamics of the world continue to function.

– The metaverse is not owned by a company or a single platform, but by all its users, who can also control their private data.

– As a 3D virtual space, the metaverse removes all kinds of barriers, physical or otherwise. It is an infinite space where there are no limits on how many people can use it at the same time, what types of activities can be performed, what industries can enter, etc.

– Virtual economies Include markets where users can buy, sell and exchange items such as digital assets, avatars, virtual clothing, NFTs or tickets to events.

Where does the term metaverse come from?

The term “metaverse” is an acronym composed of ‘meta’, which comes from the Greek and means “after” or “beyond”, while ‘verse’ refers to “universe”, in this universe users can interact with each other through virtual reality.

What are the possible uses of the metaverse?

Being a technology that seeks to simulate the real world, and improve it, its applications aim to be compatible in every area of life. Gaining greater importance in the social factor is what allows it to be very useful in different sectors such as education, tourism, e-commerce and more…

What is a decentralised, centralised metaverse?

Decentralised metaverses are virtual universes, a parallel reality, you can access it through a device such as a computer or virtual glasses, controlled by users. What are the main decentralised metaverses? The main metaverses with the greatest weight in the market are, Decentraland, Cryptovoxels, Sandbox.game, Somnium Space, Axie Infinity and Webaverse.

The centralised metaverse is controlled by a company, we can take as an example Facebook, whose term called “Meta”, in which its customers can have an immersive experience.

Taxation in the metaverse

The metaverse is a very changing and complex sector, which is why taxation is linked to the legal classification of the contracts and activities that are carried out. The rents of virtual homes will be taxed under the heading of income from other sources or business income. In addition to presenting the accounting books and auditing them. Running an e-commerce will also be taxed. Taxes will be charged in the same way that traditional business income is taxed, for example, selling a virtual land will be taxed at 30% plus surcharge and fee.

Currently, the metaverse is in its early stages, going hand in hand with the great advance in technologies and virtual reality, it presents a lot of potential for innovation while interacting between people very similar to that of the physical world.

 

Sources

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

https://www.polygon.com/22959860/metaverse-explained-video-games

https://economictimes.indiatimes.com/wealth/tax/how-will-income-from-land-in-metaverse-be-taxed/articleshow/91332851.cms

 

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