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Will the Metaverse be the future of the Internet?

Updated: Sep 15, 2021

Metaverse is not just a digital conception, it can be the future of the Internet.

What is metaverse?

First time appearing in Snow Crash, Neal Stephenson’s 1992 sci-fi novel, metaverse refers to an online virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space. Nowadays, there are many companies are developing metaverse, like Roblox or Fortnite. Epic Games CEO Tim Sweeny and even Facebook CEO Mark Zuckerberg have been discussing their desire to building a metaverse.

In 2020, an influential essay by the venture capitalist Matthew Ball set out to identify key characteristics of a metaverse:

  • It has to span the physical and virtual worlds

  • Contain a fully-fledged economy

  • Offer “unprecedented interoperability”

  • Operated in a decentralized way

The metaverse can refer to OASIS in the sci-fi movie Ready Player One, but greater. The OASIS was created and managed by just 1 company while no one company will run the metaverse.

How metaverse can affect blockchain technology?

As mention below, a metaverse need contains a fully-fledged economy and offers “unprecedented interoperability” to users. We can see an example: The digital market of Fortnite is worth $ 1 billion, but all the transactions can only make in Fortnite, and what if Epic Games shut down this game? It will vanish!

That’s the reason why the metaverse needs blockchain technology and even NFT system. Stand for non-fungible token, each NFT is a unique digital item, cannot interchangeable, and non-replaceable for other items. This is the main difference between an NFT item and a Fortnite item: the true ownership rights. The owner of NFT doesn’t need to depend on any other party to control their own item.

This leads us to another key point of metaverse: an open environment, not depend on any will of any person or company. That means the metaverse needs not only a broadband internet connection but also an open protocol about coding, multi-media, and especially blockchain technology to become a unique system.

Everything is just beginning, but we believe the metaverse will bring a new dimension to the internet, and it will be the place where creativity and curiosity can flourish like never before.

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