The Metaverse: a persistent, live digital universe that affords individuals a sense of agency, social presence, and shared spatial awareness, along with the ability to participate in an extensive virtual economy with profound societal impact.
This piece aims to set out an overview of why crypto is integral to the emergence of an Open Metaverse. I begin this essay with a brief reflection on where we are on our journey as a digital species, as well as the role the games industry is playing in it. From there, we will touch on the origins of the concept of the Metaverse before exploring its more recent incarnation. Despite aspects of it gradually coming into focus, it remains a nebulous idea. As such, we look at some of the core characteristics that the internet of tomorrow is likely to possess whilst recognizing that the evolution of technologies are usually unpredictable. Having established an idea of where things could go, I will explain why I think the tools afforded by crypto are necessary to get there. We’ll look at some of the driving forces behind our current trajectory, and why crypto technologies may be one of the most imperative yet least recognised components of our evolving digital world. From there we explore areas of application, paths to adoption, new business models being unlocked, and how the investable surface area is expanding. I close out with some key areas of focus for various parties that may be interested in the hope it provides someone with something of use.
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