The Metaverse is a massive leap forward, and will give people the opportunity to use augmented reality , and live in a seemingly real digital space. The physical and digital worlds come together in the Metaverse, and businesses are looking at a huge new market.
Almost any business can get in on this opportunity, but there are some things to consider before investing in the Metaverse.
A big sticking point in the early days of the Metaverse is interoperability. Without Metaverse interoperability, there is no way to move past boundaries in the virtual world, and the Metaverse can’t come together as a whole. A lack of interoperability also impacts the value of digital goods.
The more widespread the use of a digital object is, the more valuable it is. As the Metaverse takes its design from reality, Metaverse interoperability should be a chief design protocol. In most cases, we are able to move in the real world freely, so this needs to be the same in the Metaverse.
In the real world, we can move our things around with us, so these same abilities need to be available to anyone in the Metaverse. Design professionals think that in order for the Metaverse to catch on, interoperability is vital.
If the Metaverse wants to attract human avatars, it will need to be a fully interoperable digital space. Let’s take a look at some of the ideas that will make the Metaverse a success, and help to build a totally interconnected global space.
The term Metaverse is being used more all the time, but we aren’t looking at what it means. How many Multiverses are there? One, many? In terms of its present state, the Metaverse is just an idea, we have today what could be called a proto-Metaverse.
Right now, when people talk about the Metaverse, they often describe what it may become. At present, the Metaverse isn’t universally accessible, and most people who use it are technically minded. If the Metaverse is to become a shared digital space for billions of avatars, it will have to grow from here.
Most people are familiar with Bitcoin, but they may not understand how important interoperability is to the success of public blockchains. If a blockchain, or token, wants to grow its user base, it has to have interoperability with other tokens.
Basically, unless a token can be traded for an established token, it won’t have much value. You can think about it like currency – unless you can trade the currency for US Dollars or Euros, it won’t have value outside of the country that produces it. In this example, exchange value shows how important interoperability is, and why the Metaverse needs to be a fully connected system.
Metaverse layers without interoperability won’t have value, or allow people to experience it as an extension of their real lives. Just like the money you use in your daily life, the Metaverse needs to have shared features, data connections, common services, and free spaces. There is no room for siloed experiences, as this makes it impossible to freely experience the Metaverse.
Basically Metaverse designers need to take a lesson from the world of blockchain, and create systems that are fully interoperable. People need to have access to systems that allow the free flow of data, so that projects work seamlessly with one another.
One way to make this goal a reality is to build Metaverse projects with blockchain systems that already put interoperability first. With a fully interoperable blockchain as the base layer, the platform will be connected from its first design layout.
Here is a breakdown of how the Metaverse layers work:
No matter what comes next, the internet is the base layer of the Metaverse.
The infrastructure layer of the Metaverse is the hardware and base software that makes it all work. These tools include servers, the cloud, blockchain, and IoT. Any infrastructure for the Metaverse should put connectivity first.
The content layer is where the rubber meets the road. Content makes the Metaverse seem real, and provides the A/V experience for the user.
Once the first three layers merge, you arrive at what people know as the Metaverse. It is the virtual space that everyone experiences, and treats as a virtual life.
We don’t have an interoperable Metaverse yet, but it looks like designers understand how important interoperability is for the future of the technology. The internet is already putting interoperability first, and has a layered construction to draw from.
Standard, free, web browsers allow us to explore the internet, and websites can link to one another without any kind of internal gating. This level of interoperability is good, and has allowed the internet to grow into what it is at the present moment.
Because the internet allows users to freely roam in its data-rich environment, people feel like the space resembles real life. We can express ourselves in many online spaces, and take our assets into the virtual world.
The Metaverse has the same potential for interoperability, and can be a fully connected digital space. In fact, many Metaverse projects are putting interoperability first, and allowing the use of shared off-platform objects, like NFTs. With this connectedness, opportunities will grow for the development of a unique online culture.
The growing Web3 economy is a vital part of the Metaverse. The ownership culture that Web3 engenders a real-world experience that makes the Metaverse a value driven ecosystem. Cryptos already act as currency, and NFTs can be used to convey just about any kind of unique object, like music or art.
NFTs are already a big part of the Metaverse, and some can be used on multiple platforms. More people are looking at NFTs as an asset class, and a way to make money. In addition, most virtual real estate is owned in the form of an NFT, which makes it an even more legitimate asset class.
While some people don’t want to get involved in a virtual Metaverse life, they see the value in Metaverse assets, and the companies that are developing Metaverse technology. Creators can sell their art and other digital goods globally with NFTs, and valuable digital property can be traded globally with cryptocurrencies.
There is little doubt that the Metaverse will push the online economy into a new growth phase. As it is open to anyone with the internet, a massive global ecosystem will develop. While major brands will have a presence in the Metaverse, smaller creators can also leverage the global digital economy to find new markets. The Metaverse is the next step for the internet, and we will see many new opportunities emerge as a result.
Like the internet, the Metaverse will take its design cues from the real world. It will be open, easy to operate, and deliver data on a whole new scale. It may even replace aspects of the current physical economy, much in the way online shopping replaced malls and other physical shopping spaces.
The Metaverse is coming, and the vision we have of a global digital world is being developed. The world of Web3 is a vital part of the Metaverse, and blockchain will help the new digital ecosystem to grow. The good news is that if you are interested in helping to build the Metaverse, there is still time to get involved!