In a previous article, I discussed the evolution of Web3 economies and current volatility, focusing on the participatory nature of Web3, which is the foundational technology enabling the creator economy.
The term “metaverse” — meta and universe — often describes the anticipated future iteration or evolution of the internet powered by Web3 technologies like blockchain and decentralized resource distribution and consumption principles. Although the focus has often been on metaverse modalities such as augmented reality (AR), virtual reality (VR), gaming, Second Life, avatars and so forth, in my view, these modalities represent an interesting evolution or shift from the digital transformation of recent decades to the “transformation of digital.” That is exactly what the Metaverse aims to achieve. It might seem abstract and clunky today, but if we dissect the components that make up the Metaverse, we get a glimpse of a transformed digital future.
Our identity can persist with our avatars and AR/VR representations and be certain, deterministic and applied with non-repudiation. The things we value are represented in the form of tokenized assets with valuation vehicles that not only prevent double-spending but also leverage blockchain as a transaction system, which brings the fundamental tenets of blockchain (trade, trust and ownership) to the Metaverse. The avatars that represent us can interact with various universes and their value systems, and we reserve the right and ability to monetize our data, effort, talent and all the value they generate. And, as our representation traverses various modalities — such as our avatars via VR to in-game representations — we can use things we value and apply that to an economic and value system of our choosing.
Related: Basic and weird: What the Metaverse is like right now
The vision and foundation of metaverse success relies upon seamless interoperability and the transfer of value (tokenized or other semantic web constructs) across universes supported by layer-1…