Rise of the metaverse

The concept of metaverse first appeared in Neal Stephenson's 1992 science fiction novel Snow Crash. The concept of metaverse characterized a fictional world. As a matter of fact, the concept of metaverse was criticized as an overly exaggerated and speculative future perspective when it was first introduced.

Metaverse promises to create a virtual public space. Virtual currencies of this public sphere are already traded in the cryptocurrency market today. In this respect, the concept is seen as the future of the internet. The first city to enter this artificial universe called the Metaverse is the city of Seoul. At the other end of the spectrum are the pioneers who advocate an open ecosystem of builders owned and managed by the community itself. Blockchain technology provides the perfect backbone for a decentralized and interoperable Metaverse, where individuals can have real ownership of digital assets and value is shared by everyone who contributes to the network. The concept has come to the fore even more, especially when Facebook started to take an interest in the subject. As a matter of fact, Facebook, which has a large data repository, has the metadata of millions of people.

This gave rise to the concern that an artificial world based on artificial intelligence would threaten the individual borders of people. If this technology is sufficiently developed, people will have the opportunity to do many activities such as shopping, going to the movies, spending time in the cafe, without any physical effort, thanks to the virtual reality devices they have acquired. In fact, in 2020, the famous rap artist Travis Scott organized a virtual concert in the metaverse environment within the Fortnite platform. We advocate that the underlying technology behind the 'Metaverse' should be Blockchain. Web3.0 enables digital property ownership on the Internet with nfts, enables people to coordinate with daos at scale, and enables participants to capture value created by incentives such as play to win and create to win. Few decentralized games have inherited the founding values of the blockchain industry namely security, censorship resistance, disallowed access and decentralization. However, alongside governance and transaction management, user experience and a fair monetization model are critical to building a vibrant creator economy.

Emerging Metaverse platforms have an open world nature with their own utility tokens and a wide variety of lucrative collectibles. Blockchain leverages Metaverse capabilities to create sandboxes, transfer ownership of digital assets, and keep immutable records of financial transactions. The result will be an open economy that will promote transparency and deliver a seamless and immersive user experience, offering participants fair compensation for the value they bring to the platform.