The term "Metaverse" was first coined by Neal Stephenson in his influential cyberpunk book Snow Crash. Now almost three decades later, it has become essential to have a conversation about what we collectively envision as Metaverse; and to establish a set of core requirements where if you remove even one of them it ceases to be Metaverse but becomes something else.

These requirements help us understand: How far away are we in realizing a true Metaverse? What benefits and drawbacks should we anticipate? Which projects or companies to invest in?

With that, let's dive into the fundmental requirements of Metaverse:

1. There is only one Metaverse

Just like the Internet, there is only one Metaverse. No single company can build or control the Metaverse.

2. Open 

No or low barrier to entry and exit. Easy to build and consume "walled gardens" that become part of the Metaverse.

3. Interoperable

Uses interoperable standards for identity, payment, ownership, assets, logic, and hardware requirements.

4. Persistent shared reality

Provides a persistent shared reality between users. Otherwise, we lean toward a Multiverse where a user or a group can have their own reality.

5. Embodiment

Offers immersive extended reality (AR/VR) to bring the highest sense of presence and embodiment.

6. Hardware-independent

Gracefully degrades to the best experience supported by the given hardware.

7. Abundant

There is no artificial scarcity in the Metaverse. I add this requirement as I distastefully look at "rare" virtual plots of land.

In short, it's the next generation of the Internet :)