Metaverse
Open vs Closed Virtual Worlds – Crypto News
We often use the term “Metaverse” (singulare) as if it refers to a single entity. In reality, there is no such thing, at least not yet. Whether or not we can ever accurately say there is a single metaverse is the difference between an open metaverse and a closed one.
Author Neal Stephenson coined the term “metaverse” in his 1992 novel “Snow Crash.” In his sci-fi tome, he described an entirely virtual world that functioned as a parallel society. Since its inception, a wide range of groups including technologists, Mark Zuckerberg, the crypto community, game developers, and many more have adopted the term “metaverse.”
Earlier this month, Tim Sweeney, CEO of Epic Games, the creators of Fortnite and Unreal Engine, laid out his grand vision during the company’s “Year In Review 2022” livestream, He told viewers that the gaming giant planned to pull together its various strands, including game development and its film and TV work with Unreal Engine, “into something that comes closer and closer to the metaverse from science fiction.”
“Not the dystopian version… but the really positive versions where you and your friends get together into a real-time 3D social experience and can explore the whole world.”
There is still no exact definition of what a metaverse even is, but it has developed and narrowed over time. Most users of the word accept that it will be some form of a virtual world – or worlds. In the Web3 community, many believe it will involve digital assets like NFTs and cryptocurrencies, and will employ smart contracts to create a trustless, decentralized online space not controlled by any one company. However, not everyone is on the same page.
Zuckerberg’s Meta and Horizon Worlds and Epic Game’s Fortnite are two examples of “metaverses” that fundamentally limit the use of digital assets to within their own ecosystems. These “metaverses” function as virtual silos, controlled by a single organization and prevent the use of digital assets outside of their boundaries.
On the other hand, an “open metaverse” would be interconnected and interoperable. Much like how multiple websites and services can exist independently on an interconnected web. If the options are between open and closed, then the choice is obvious, says Lucaz Leem, CEO and founder of Affyn. “Closed ecosystems are the constructs of Web2, and we aren’t trying to replicate the tech monopolies that dominate today’s experience. Instead, our approach needs to revolve around interoperability and openness, granting the ultimate ease of movement through the Metaverse.”
If a so-called metaverse is closed and proprietor-run, what makes them different from the multiplayer online worlds that came before them? Habbo Hotel – a digital version of Hilbert’s paradox of the Grand Hotel come to life – launched its beta version in January 2001. Runescape, the fantasy MMORPG that dominated the mid-Noughties, launched that same month. Mazewar, a crude forerunner to today’s games, was around as early as 1974 on ARPANET, a precursor to today’s internet.
Any metaverse that fails to add to that decades-old model is simply using marketing language to appear cutting-edge. Aside from decentralization, a key part of any future metaverse will be user-generated content. Not unlike today’s internet. “Players in most existing MMORPGs don’t interact directly with developers or creators,” continues Leem. “These barriers disappear with open metaverses, where everyone can be simultaneously a user, creator, and developer. Effectively, an open metaverse encourages every participant to become a stakeholder. Not just a user that consumes without receiving rewards and benefits in return.
The Cross-Chain Future Of The Virtual World
However, those chasing the dream of a closed metaverse aren’t always bad actors. According to some, the fact that closed metaverses are currently the norm is simply the result of our technological limitations. “I believe the larger Web3 The community is working toward an open metaverse as this idea truly reflects what the Web3 ethos is all about: being permissionless, trustless, and open to all,” says Dr Sangmin Seo, Representative Director at Klaytn Foundation.
To achieve this vision, there are multiple fixes that can allow a blockchain-based virtual world to interact with other platforms. The recently developed solutions that enable blockchains to talk to each other can be used to make a larger, more interconnected online world. Fixes like “bridges, oraclesand solutions that enable cross-chain applications [can] bring us one step closer” to that vision, says Dr Seo.
Also, just because a virtual world is “closed” does not mean it is not a metaverse. Projects like Overeality, which implements infrastructures for Web3 interoperability, prefer to think of them as a different conception of the same thing. “The metaverse should be another dimension of the world,” says its CMO and co-founder, Shukyee Ma. “The Metaverse should be a collection of all the sub-metaverses where each sub-metaverse is just like a city or a country in the real world. All the sub-metaverses, together with full interoperability between each other, are considered the ultimate form of Metaverse by our definition.”
One organization that is trying to pave the way is The Metaverse Standards Forum. Its goal is to create a common interoperability standard by bringing together as many stakeholders as possible. Founded in June 2022, the group already includes Google, Huawei, Adobe, Intel, Verizon, and accounting giant PwC. Even closed Metaverse pioneers Meta are taking part.
The group will focus on a number of areas, including developing consistent terminology and guidelines across the tech sector. In time, the forum hopes to provide hackathons, prototyping, plugfests, and open-source tooling. Its foundation alone is a heartening sign. There is hope that any future metaverse will be as open as the internet that preceded it. Fingers crossed, the end result will be one unified Metaverse (singular, not plural).
disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
-
Technology1 week agoBig iPhone price drop on Flipkart with cashback and buyback offers – Crypto News
-
others5 days ago
Japan Foreign Investment in Japan Stocks up to ¥528.3B in December 12 from previous ¥96.8B – Crypto News
-
Technology1 week agoApple iPhone 16 Pro price slashed by up to ₹40,000 on Flipkart? Here’s how to grab the deal – Crypto News
-
Technology5 days agoOnePlus 15R vs Pixel 9a: Which phone is the best buy under ₹50,000? Display, camera, processor and more compared – Crypto News
-
Technology1 week agoAirbnb Deploys AI to Prevent Disruptive Parties at Rented Homes – Crypto News
-
Business1 week ago
$12T Vanguard Still Skeptical of Bitcoin Despite Offering BTC ETFs, Calls It a ‘Digital Labubu’ Toy – Crypto News
-
Blockchain3 days agoThis Week in Stablecoins: Winning the Back Office – Crypto News
-
Business1 week ago
What’s Next for Crypto Market as $4.5B in Bitcoin, Ethereum Options Expire Today? – Crypto News
-
others1 week ago
Ripple Attracts $300M Institutional Bet as VivoPower Launches Korean Investment Vehicle – Crypto News
-
Blockchain1 week agoJPMorgan Prepares to Launch First Tokenized Money Market Fund – Crypto News
-
Business1 week ago
This Top CNBC Trader Says He’ll “Never” Invest in XRP Despite Wall Street Adoption – Crypto News
-
Technology1 week agoHow to create your own Chibi-style 3D selfie diorama in minutes. Here’s the prompt for Nano Banana Pro – Crypto News
-
Technology1 week ago
Is Solana Price Poised for a +50% Bullish Rally? Here’s What to Expect – Crypto News
-
Metaverse1 week agoAce your certification exams faster. – Crypto News
-
Business1 week ago
Michael Saylor’s Strategy Secures Nasdaq 100 Spot as MSCI Inclusion Debate Heats Up – Crypto News
-
Technology1 week ago
XRP Price Target $3 as Spot ETFs Continue to See Inflows – Crypto News
-
others1 week agoDow Jones retreats from record highs but poised for weekly gain – Crypto News
-
Technology1 week ago
Crypto Traders Increase Bets on Kevin Warsh After Trump Names Top Two Fed Chair Candidates – Crypto News
-
Blockchain1 week agoStrategy Keeps Nasdaq 100 Spot Despite Concerns Over Its Bitcoin Holdings – Crypto News
-
others4 days agoAustralian Dollar loses as US Dollar advances before Michigan Sentiment Index – Crypto News
-
Business1 week ago
HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next? – Crypto News
-
Blockchain1 week ago‘I Buy XRP From Now On,’ Says World’s Highest-IQ Claimant – Crypto News
-
others1 week ago
Coinstore Unveils 5-Year Roadmap as Exchange Marks Fifth Anniversary – Crypto News
-
others1 week ago
Coinstore Unveils 5-Year Roadmap as Exchange Marks Fifth Anniversary – Crypto News
-
others1 week ago
6 Proven Crypto Perpetual Futures Trading Strategies – Complete Guide – Crypto News
-
Technology1 week agoTop 10 soundbars for Christmas parties with prices dipping just in time for the year end binge watchers; up to 85% off – Crypto News
-
others1 week agoFalls after all-time high, retracement ahead – Crypto News
-
others1 week ago
Crypto Eyes Entry into Traditional Sports as Tether Bids $1B for Juventus FC – Crypto News
-
Blockchain1 week agoItaú Asset Recommends 1–3% Bitcoin Allocation for 2026 – Crypto News
-
Cryptocurrency1 week agoUSDT moves $156B in small transfers as Tether eyes $500B valuation – Crypto News
-
Technology1 week agoHow Gmail’s Manage Subscriptions feature helps you unsubscribe faster: All you need to know about it – Crypto News
-
others1 week agoAUD/USD steadies as focus shifts to PMIs, US Nonfarm Payrolls and CPI – Crypto News
-
others1 week agoGBP/USD drops as UK GDP shrinks for second straight month – Crypto News
-
Blockchain1 week agoWhy Twenty One’s First-Day Slide Shows Waning Appetite for BTC Firms – Crypto News
-
Technology1 week agoMicrosoft AI boss Suleyman calls Elon Musk a ‘bulldozer’, labels Sam Altman ‘courageous’ – Crypto News
-
Blockchain1 week agoAave DAO Community Clashes With Aave Labs Over CoW Swap Fees – Crypto News
-
Technology1 week agoElon Musk’s X rolls out home and lock screen widgets for iPhone and iPad users – Crypto News
-
Technology1 week agoElon Musk’s X rolls out home and lock screen widgets for iPhone and iPad users – Crypto News
-
Cryptocurrency1 week agoBlockworks launches investor relations platform with Solana – Crypto News
-
Blockchain6 days agoCiti Says Identity Is the New Gatekeeper for Financial Blockchains – Crypto News
-
Business2 days ago
XRP Holders Eye ‘Institutional Grade Yield’ as Ripple Engineer Details Upcoming XRPL Lending Protocol – Crypto News
-
Technology1 week agoGTP 5.2 vs Gemini 3: How both AI platforms stack against each other – Crypto News
-
Cryptocurrency1 week agoFriday charts: The many, many architects of AI – Crypto News
-
others1 week agoTrump eyes Warsh, Hassett for Fed leadership in 2026 – Crypto News
-
Cryptocurrency1 week agoVanguard Exec Calls Bitcoin a ‘Digital Labubu’, Even as Firm Offers Crypto ETF Trading – Crypto News
-
Blockchain1 week agoCrypto Exchange Binance To Assist Pakistan In Tokenizing $2 Billion In Government Bonds – Crypto News
-
Metaverse1 week agoWhat is agentic AI and why banks are betting on it for frontline sales – Crypto News
-
others1 week agoGold remains bid amid Fed uncertainty and stalled peace talks – Crypto News
-
Blockchain1 week agoIf This Ethereum Bear Flag Pattern Holds, ETH Price Could Be On Its Way To $2,400 – Crypto News
-
Blockchain1 week agoBitcoin Macro Retracement Meets Mid-Range Battle – Crypto News