What is an Ideal Metaverse?
Travis Scott's concert on Fortnite was just a 10 minutes event attended by tens of millions worldwide. Probably the only concert that happened through the lockdown, in which he appeared to be jumping from outer space. Is that a Metaverse experience? What do we mean by Metaverse, and what is an ideal metaverse?
Before handing over the keys to the Tech giants who have the resources to build the Metaverse - our digital life where we are going to spend an increasing amount of our time shortly to rent-seeking value-extracting platforms like Meta and others, let's take a look at what the ideal Metaverse should look like.
We argue that the principal technology behind 'The Metaverse' should be Blockchain. Web3.0 enables digital property ownership on the internet with NFTs, enables humans to coordinate at scale with DAO's and enables participants to capture the value created through various incentives.
A few decentralized games have inherited the founding values of the Blockchain industry, namely, security, censorship resistance, permissionless access, and decentralization. However, apart from governance and transaction management, user experience and a fair monetization model to establish a vibrant creator economy are critical too.
Emerging Metaverse platforms have an open-world nature, with their own utility tokens and a wide variety of lucrative collectibles. Blockchain empowers Metaverse capabilities to keep immutable records of virtual space creation, transfer of ownership of digital assets, and financial transactions.
The result would be an open economy that will uphold transparency and deliver a flawless and immersive user experience and offers fair compensation to participants for the value they bring to the platform.
The optimal balance between high-quality games and player adoption could lead to the network effect needed to make a Metaverse a self-reinforcing virtuous economy.
Last modified 4mo ago