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The term "metaverse" is suddenly everywhere. But what, exactly, is the metaverse? As pioneering theorist and venture capitalist Matthew Ball explains, it is the successor to the mobile internet that has defined the last two decades. The metaverse is a persistent, 3D, virtual world far beyond mere virtual reality. And it is poised to revolutionise every industry and function, from finance and healthcare to payments, consumer products and even sex work. Highly topical.