Metaverse News: What is the Metaverse? The only article on Metaverse you will ever need to read
Metaverse is a network of 3D virtual worlds focused on social connection.
Now in order to understand what a Metaverse is we must understand what Web 3.0 is since Metaverse is a subset of Web 3.0 and in order to understand what web 3.0 is we must understand what Web 1.0 and Web 2.0 are.
Web 1.0 is the original text based web in its basic version was a merely green screens with code running on it and in the most advanced version there is a live example which is Warren Buffett’s Berkshire Hathaway’s Website.
Now, essentially what Web 3.0 is when websites will be 3 Dimensional initially non-immersive but in its most advanced version a super immersive experience where your avatar will be walking about and entering the 3D Amazon or Etsy store. It’ll be similar to playing GTA but in real life, with the real thing, and in 3D, and in its most advanced version be very immersive.
We don’t even have the basic versions in 2022 – it’s being built as we go.
Great, so now that we know what Web 1.0, Web 2.0, and Web 3.0 are let us discuss what is Metaverse Land and why does one need it?
Essentially, how web 1.0 and web 2.0 is built on Website domain name URLs like www.facebook.com or www.google.com or even our own www.MetaverseStreetJournal.com The Metaverse 3D world will be built on virtual parcels of land. These are called Metaverse Land.
What Domain Name URLs are to Web 1.0 and Web 2.0, Metaverse Land is to Web 3.0
With this understanding, it raises a very important question
Buy Metaverse Land in some Metaverse or make my own Metaverse Land
If I had a dollar for every time I was asked this question.
The answer is obvious, the former
But here’s the catch, and life always has one – No one knows which Metaverse will survive let alone thrive and which will not. However, the chances of this turning into a Winner take all – is extremely high.
So, what are the different metaverses which exist?
Before, I answer that we must understand the difference between an Open Metaverse vs a closed Metaverse
This can be a centralised (more often) or a decentralised Metaverse but is not open to the community and the creator. This Metaverse will most likely never sell you the land i.e. you will never have true ownership, you may be allowed to provide a product or service on top of the metaverse but you will never see the true potential of being a co-owner of this metaverse along with the creators. Example: Metaverses created mostly by big tech companies
This can be a centralised or decentralised (more often) metaverse and it is open to the community and the creator. More often this is built on a blockchain and sometimes even has a native token or a listed cryptocurrency associated with it. In such metaverses, you the individual have true ownership, for example, when you buy land, which is essentially an NFT, you are the true owner of that Metaverse Land. As the Metaverse and Ecosystem grow and the pie gets larger you as a co-owner along with the creators will receive a proportional return. For example, if you bought the metaverse land when the floor price was $5 and now the floor across the metaverse has gone to $50, You receive the same percentage ROI as everyone else. The more land you owned and the cheaper you bought the land. the better off is your Metaverse Real Estate portfolio. Examples: Upland, Sandbox, Decentraland, Axie Infinity, Star Atlas, Gala, and many more.
So, now that we know this to answer the Question.
Which Metaverse will not only survive but even thrive?
Well, your guess is as good as mine since there is no guarantee, but here are a few underlying factors to consider.
- Does the Metaverse have only Crypto on-ramp and off-ramp and do they ignore traditional banking channels like Credit Cards, Debit Cards, PayPal, Apple Pay, Google Pay etc – because doing so may alienate tech enthusiasts who are not crypto enthusiasts or early adopters and may prove to be a major point of friction.
- Is the amount of land finite or limited and how can you be sure that it will always be limited – building on Bitcoin’s premise of limited supply? For example, is it mapped to an existing blueprint or are we creating land in imaginary virtual worlds?
- If the point is to get the majority of the world online, as such is the case with most tech platforms, does the Land cost a reasonable amount like $10-$100 or does it cost an arm and a leg – Because if it does it then renders it unaffordable for the vast majority of the world population in the middle classes in atleast Asia, Africa and South America?
- Will a new player that enters be able to afford at least one piece of land for themselves, or will they be a subservient being that serves only the ones that own exorbitantly expensive land? – If they cannot, they may end up leaving for a different Metaverse.
Essentially, the holy grail for qualifying a Metaverse is this – Is it a Metaverse for the Middle Class with true ownership, and by this we include the middle class of Asia, Africa, and South America and not only the middle class of North America or Europe and is it an open metaverse? If it is, extremely high chances are that most of the world’s population will be on said Metaverse.
There are many Metaverses around but somehow at The Metaverse Street Journal we DO NOT see the average middle-class person forking out $13,000+ for 1 piece of metaverse land at Axie Infinity cheapest amongst the open decentralised metaverse and it doesn’t even comply with most of the above reason. Which, to our understanding only leaves us with Upland Metaverse.
Who will be the winner take all?
No, one knows – all we can do it have a rational guess based on a structured thought pattern while mapping out different variables.
In the span of writing this article and our truth to reach to the bottom on the truth we came accross one of the most prominent thought leaders in the Metaverse – Professor Tommaso Di Bartolo who works at the University of California, Berkeley in the Faculty of Build a Blockchain startup – dApp Development & Entrepreneurship. To his numerous achievements, we can also add serving as Metaverse Strategic Alliance & Partnerships at Uplandme, Inc and Metaverse Business Counselor at The Forbes Business Council.
It was very evident one minute into talking to Professor Bartolo, whom we were just consulting that his opinion would play a pivotal role in this article and open even our minds at The Metaverse Street Journal on how to think about The Metaverse.
Professor Tommaso Di Bartolo is also a co-author of The Book “Navigating the Metaverse: A Guide to Limitless Possibilities in a Web 3.0 World” and has co-authored it with Cathy Hackl, Dirk Lueth, Edited by John Arkontaky and Foreword by Yat Siu, Chairman of Animoca Brands.
Here is what Professor Tommaso Di Bartolo added “As long as we’re treating the metaverse as a place where we need to log in to participate—we’re looking at it from the wrong perspective. I envision a fully-functioning metaverse platform where people, places, and products (the 3P of the metaverse) are intertwined and augmented with a data layer we can interact with. And this whole system is circling around a reward mechanism working as a perpetual motivator.”
You be the arbiter of the truth – our readers of The Metaverse Street Journal!