I believe that no single firm should have monopoly control over the Metaverse. There should be multiple metaverses, and for this to occur, the Metaverse must be interoperable. Interoperability across metaverses denotes that multiple metaverses can communicate and share data with relative ease. Interoperable metaverses would allow users to move assets between them, such as NFTs and cryptocurrencies. Currently, numerous developers and protocols rely on blockchain technology to link metaverses. Because blockchain technology is decentralized and transparent, this is the case. In particular, it can provide digital proof of ownership, validity, value transfer, and accessibility.
For instance if two play-to-earn games were constructed on the same blockchain and interoperable, users could switch between them and safeguard their virtual items in both games. Users could use their weapons, skins, and other in-game items in both virtual worlds. Blockchain bridges can transmit cryptocurrencies and other digital assets between blockchain networks.
The Metaverse is in its earliest stages of development. No one knows how it will unfold, but it is undeniably a technology industry that attracts the interest of investors and developers. The Metaverse will likely consist of multiple distinct Metaverses. However, technologies such as blockchain and cryptocurrency will undoubtedly play a pivotal role in connecting multiple virtual worlds.
Recently, the Blockchain Center of Excellence revealed that Dr. Mary C. Lacity, Jeffrey K. Mullins, and Le Kuai have authored a new whitepaper. The title of the whitepaper is “What Kind of Metaverse Will We Create?” This white paper genuinely piqued my interest due to its extensive research and the fact that I have followed Dr. Mary Lacity’s wonderful work for many years. I’ve found most of her works to be equally enjoyable. Therefore, if anyone is qualified to produce this white paper, it should be her.
Our primary aims in this white paper are to educate readers on current views of the metaverse, its stage of maturity, identify which businesses are already exploring metaverse, and where it could be headed. We argue that a decentralized metaverse promotes greater privacy, security, equity, and inclusion, but the lack of economic incentives and business models for decentralized applications could result in continued centralization of ownership, control, and value if consumers and organizations don’t choose a different path. The future of the internet is at stake, and everyone—consumers, creators, businesses, governments, and NGOs—should have a voice in shaping that future.
Read the full whitepaper here.