Metaverse has been the talk of the town since Facebook’s decision to rebrand as Meta in October this year. However, the word “metaverse”, a portmanteau of “meta-“ (meaning beyond) and “universe”, existed way before this. The term “Metaverse” is often credited to Author Neal Stephenson’s 1992 dystopic, sci-fi novel Snow Crash, and many see a more recent inspiration in Earnest Cline’s 2011 novel Ready Player One. Unlike what is portrayed in movies and blockbusters, the metaverse I’m talking about is far from the stuff of sci-fi – and we’re not unfamiliar to it.
The concept of metaverse, also known to many as “Web3.0”, clearly means extremely different things to different people. The metaverse is currently split into two categories – a world of gaming and game creations, and a blockchain-based digital world. The former is made up of a series of embryonic digital spaces such as Facebook’s Horizon, Fortnite, and Roblox, while the latter houses Decentraland. These spaces have clear boundaries, different rules and objectives, and differing rates of growth.
The metaverse could fundamentally change the way we interact with the digital world. In the same way, non-fungible tokens (NFT) have brought new opportunities to creators, artists, and gamers, the metaverse could very possibly not just reshape the creator economy, but invent it anew.
MGH DAO organised a Twitter Spaces session inviting metaverse experts and enthusiasts to talk about Metaverses in general.
– How far will the ongoing Metaverse trend go?
– In what context is the Metaverse related to the Dataverse?
– “MetaFi“ and now “DataFi”?
– How is the Dataverse supporting fair pricing within the Metaverse?
The MGH DAO strives to foster the convergence of DeFi, NFTs, the Metaverse, oracles and AI. The goal is to foster an ecosystem that enables access to decentralized NFT Pools and NFT Pool Tokens (synthetic assets tracking the pool value) and thus enhancing the value factor of NFTs without the sacrifice of ownership for NFT holders – they can stake their NFTs but do not have to sell them. Furthermore, MGH DAO will provide a sophisticated AI-based oracle that allows the analysis of the respective NFT’s fair value and seamless, transparent integration into the NFT Pool.
Camilo Echeverri, Co-Founder & Operations mentioned “Seeing all these developments of play-to-earn and metaverses is really motivating because Web3 is going to change everything, especially in the way we interact on the Internet.” When asked what is metaverse to him. His answer was “The metaverse is a place on the Internet where you can watch your favourite movies, play your favourite games, listen to your favourite artist, and do everything you like with your friends and family.
Borget Sebastien, Co-Founder and COO, The Sandbox was also invited as a speaker for this session. “Imagine the metaverse as a digital parallel world where we can experience more social and immersive interactions from wherever we are in the world. We can choose our identity, play, collaborate, enjoy entertainment, and earn revenue. It will be fun and borderless.”
Anndy Lian, Chairman, BigONE Exchange commented too that “The economy is growing in metaverses. Cryptocurrency is playing a very big part in this whole development. A lot of governments do not have a good way to regulate De-Fi products. If we’re going to add DAO or metaverse to the scenario, it will take them a long time to catch up. We have to exercise self-regulation and constantly communicate with regulators to provide updates on the progress in the space, in order to minimise misconceptions of the crypto world.”
What does the future hold for metaverse? With Facebook’s extravagant entrance to the metaverse, and even rebranding themselves as Meta, Zuckerberg announced plans to fund $10 billion this year on the development of the metaverse – an ecosystem of interconnected digital experiences, services, and platforms that seamlessly blend with the real world. We certainly hope to see that Zuckerberg’s ambitions become our new reality.
Tech giants of all shapes and sizes, from Microsoft, Amazon, Tencent, and Alibaba, to Disney, and even Tinder, have announced their plans towards building a metaverse. What does this entail? Similar to Bitcoin, these whales will move and develop the metaverse faster than you can say “Supercalifragilisticexpialidocious”.
While it’s impossible to predict exactly how the metaverse will look like, or when it has reached its peak, the importance of cryptocurrencies for its growth is engraved in stone. As technologies like virtual reality develop, and current industry leaders like Facebook gets involved, advancements in blockchain technology and the world of cryptocurrency will play an equally important role in shaping the metaverse’s future.
The full recording can be found at: