A lot of ink has been spilled on Metaverses and WEB3.0.

Just like Bitcoin are there both pessimists and maximalists on both sides of the proverbial coin.
As per usual is reality somewhere located in the middle.

Some of the objections do hold merit and are factual truths.
Some of the optimist and maximalist stances stem from ideological delusion.

In this post we are going to clear a few things out and offer a realistic view on the whole “Metaverse” and “WEB3.0”

Let’s first start with a bit of clarification.
– What is a Metaverse
– What is WEB3.0

What is a Metaverse?

Binance defines Metaverse as thusly:

The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.

Binance

In itself is it a working description of what people will see when entering a Metaverse.
Key-aspects to a metaverse is one of interaction and immersion.

Interaction in the sense that each and every action in the Metaverse will, and can, result in events happening in the real world. For example: buying an NFT (of a pizza) in the Metaverse might result in a real pizza being delivered to your home.

Immersion is about the ability to be drawn in and focused on all interactions within the Metaverse. The relatability of its “players” to the universe of the Metaverse. The more choices and interactions available, the more immersion. Many Metaverses will be sandbox-like in set up.

As can be noticed is the closest proxy to a true definition of a metaverse one of gaming worlds.
To be more precise, it has MUCH alike with MMORPG games like World Of Warcraft, Runescape and many others of such ilk. The major aspect which distinguishes MMORPG from Metaverse is on interaction. The subtle aspect that a TRUE metaverse distinguishes itself from gaming worlds is that actions in a Metaverse CAN and WILL have real-life consequences (see pizza example) whereas actions in games remain limited to story progression within the created Universe.

The line is blurred through the use of NFTs in what is called “Blockchain gaming“.
Blockchain games are frequently, and wrongly, being advertised as “Metaverse”. While they have a few common aspects (use of blockchain technology, immersive worlds like MMORPGs), they are NOT to be considered as a Metaverse. What sets a Metaverse apart from blockchain gaming is that of interaction. Blockchain gaming only allows the trading of in-game goods through dedicated marketplaces (such as potions, swords, gear, armor,…) but WITHOUT any real-life consequences. The token (NFT) you hold in-game has no real-life counter of which you can claim ownership.

This means that a REAL Metaverse is a virtual immersive world whereby all actions inside this metaverse will have real-life consequences. Where ownership of virtual goods result in REAL-LIFE ownership. Think of walking around in a virtual universe whereby you can buy an NFT of a house and TRULY OWN SAID HOUSE. The selling of real estate through the use of blockchain is already established fact. Propy.com is the first real-estate company to have ever done so. It is but a small step to introduce their tokenized homes in a virtual landscape.

Many existing Metaverses ALREADY allow real-life auctions to take place.
The majority of these auctions, currently, involve the selling of CryptoArt as NFTs.
Yet it must be said that by current speed of adoption and evolution it won’t take long that NFTs backed by real-life goods, services and assets will turn mainstream.

In short:

@dimi_crypto What is a #metaverse ?#fyp #crypto #web3 #cryptocurrencies #foryou #foryourpage #swingtok #cryptocurrency #meta ♬ Synth Wave – Cruzer Urameshi

https://www.tiktok.com/embed.js

In one my live streams did I explore one of the pioneering Metaverses.
I talked about the potential and showed live on-screen how it works.
A glimpse into the future which awaits us and are slowly working to.

What is WEB3.0 ?

WEB3.0 is about the next step of the evolution of the internet.
It would be the third iteration on how the internet will work and how our interactions with the World Wide Web will change.

@dimi_crypto #cryptocurrencies #fyp #foryourpage #crypto #web3 #decentralized #bitcoin #foryou ♬ Pieces (Solo Piano Version) – Danilo Stankovic

https://www.tiktok.com/embed.js

To put it in perspective:

• WEB1 was one-sided communication. (BROADCAST INTERNET)
  There was a lack of interaction between server and user. In this iteration was the internet seen as an online library. A global hub for looking up information. One-sided communication.
• WEB2 (currently) was about increased interaction. (INTERACTIVE INTERNET)
  Interaction between users and servers. The rise of social media whereby users can both become content creators as well as mere users. The internet is still used to look up important information but communication expands in a variety of ways: between users as well as between user and server.
• WEB3.0 is about a decentralized internet (ENGAGED INTERNET).
  This means free-flow of communication without censorship. It expands upon everything that has been established in its past 2 iterations. It introduces a decentralized internet by abolishing the use of centralized “servers” which can censor and control communication streams. WEB3.0 will also make use of a digital identity. In contrast to WEB2.0 whereby you had to create multiple accounts and logins to gain access to all advantages to the hosted server will WEB3.0 only require 1 digital identity which the person itself curates. This self-curated identity allows access to the entire internet and all of its aspects.

What have WEB3.0 and Metaverse have to do with each other?

Both are interlinked as a Metaverse is all about interaction and immersion.
The more interactions which are possible the bigger and more important the metaverse becomes.

WEB3.0 plays a MAJOR role in it as your digital identity will be tied to the immersion into the metaverse. Your digital identity is a representation to who you really are. The metaverse is your link to reality.

The recent pandemic has reminded us that we are still social animals. The internet was the main means to stay into contact with friends, relatives and family. It provided the means to continue working our jobs in a variety of instances. It has shown how important it has become and what central position it takes in many lives and the functioning of society as a whole.

In the last decade have we also seen the rising importance of e-commerce. Of products (think of smart tv’s, refrigerators, telephones, heating and ventilation equipment,…) being linked to the internet to make our lives more comfortable. Many reading this will have made online purchases at one point or another (or regularly do so).

Metaverse and WEB3.0 is the next step. It brings together all of it and makes it more aesthetically pleasing.

Naturally, moral dilemmas are rising.
Living in a digital world is a dream for many but comes with consequences.

• What about an inconvenient past?
  Even in the current WEB2 do we see “sins of the past” being dragged-up in order to slander people. Words and opinions shared in the past and we have stepped away from as we matured being used by “haters” to discredit and curb success. Numerous examples of Celebs and other public figures being dragged through the mud exist. Self-curation of the digital footprint is a must… but to what extend can and must censorship go?
• Real-life interactions?
  We are social animals. Communication in the form of speech is but one of the many ways we communicate with others. Equally important are the forms of communication through our senses. That of touch being the most important. Avatars may hug and perform various actions in the virtual world… but it will never, and can never, replace real genuine intimacy.
• EVERYTHING is programmable.
  Meaning it will become harder and harder to distinguish genuine intent from opportunistic thinking. Right now on social media are many people being duped through the use of filters and “set-ups”. Filters to make one look more “beautiful” than they really are. Photo shoots and edited video footage to show a made-up lifestyle. On the daily am I even being approached by bots and scammers trying to shill products and services. On the daily do I see bots “liking” and “sharing” various content to boost numbers and offering a skewed view of reality. Within a Metaverse, and the current developments in AI and digital imaging, this can lead to a synthetic TOXIC environment which harms more. Fake news can be more easily spread and doctored as real-life verification is being overruled by a few algorithms which create impressions and can isolate people.

While I do see the advances of blockchaintechnology as something to celebrate, as new markets are being created and new opportunities reach limelight, it becomes more and more important to self-curate information. To be authentic and human. To not be put away as an NPC into a digital universe which gets more and more interwoven in the real universe.

Luckily are we still in a transitory state.
There is still centralized “big tech” on one side and the emergent decentralized and community-driven tech on the other. The latter will surely win but won’t entirely block the monopolist ideas of the first. The markets are rive with opportunity. All is still in infant shoes.

Everything is evolving, Big Tech tries to emulate a WEB3.0 by interlinking their centralized servers.
Community-driven tech is busy with developing “bridges” across multiple distributed platforms.
A tremendous amount of cash is flowing on all sides. Enormous investments are being made as can be evidenced with JPMorgan entering the Metaverse and making their presence and interest known. Calling NFTs and Metaverse a multi-trillion opportunity.

At this point in time is it best to keep eyes and ears peeled at upcoming projects which move beyond mere blockchain-based gaming. On projects which offer something unique and new and introduce relatively unknown applications onto the blockchain.

• Tokenized music
• Tokenized streaming and video(editing)
• Tokenized real estate
• Full-blown immersive Metaverses
• …