These Web3 metaverse worlds will integrate all aspects of the crypto cloud economy. While this use case is most directly applicable to gaming, they write that the metaverse opportunity extends to areas including advertising, social commerce, digital events, hardware, and developer/creator monetization. This evolution of the “creator economy” is known as “Play to Earn”.” This new paradigm allows users to own their digital assets as Non-Fungible Tokens (NFTs), trade them with others in the game, and carry them to other digital experiences, creating an entirely new free-market internet-native economy that can be monetized in the physical world. “Web 3.0 open crypto metaverse networks solve this problem by eliminating the capital controls imposed on these virtual worlds by Web 2.0 platforms. Grayscale, a cryptocurrency asset manager, published a metaverse report summarising the opportunity as such: New platforms are being built with interoperability and ownership at their core. This is where the Web3 metaverse comes in. Even as millions of gamers spend a sizable sum of time and money building digital wealth within Web 2.0 closed metaverse worlds, most of the value is accrued by the corporation.
#Deep end of the sandbox movie
Globally, the video game industry is worth almost US$200 billion, making it bigger than the movie and music industries combined. In 2018, players spent over $1 billion on skins alone. If you happen to own a coveted skin, you also can’t sell them on a secondary marketplace for profit. Further, you can’t move your skins off the platform and wear them in a Call of Duty match. You could spend thousands of V-Bucks investing in the latest skins, but Epic could theoretically seize those assets in an instant. This digital asset is non-fungible, but it’s mediated by the game’s creator, Epic, so you don’t truly own it. Web3 startups want to fix today’s gaming landscapeĮven while Fortnite and Roblox are used as analogies for what the metaverse can look like, Web3 aims to solve an essential element these games are missing: proof of ownership of unique and scarce digital assets.įor example, you can buy in-game items like skins on Fortnite, using V-Bucks (Fortnite credits).
Now, if this seems vague, let’s look at one industry where Web3 startups are aiming to disrupt: gaming. Web3 is important because it returns ownership of the internet to builders and users, powered by internet-native tokens. These companies emerged as one of the biggest winners of the Web 2.0 era of the internet, which was built on a foundation of siloed and centralised services.Ĭhris Dixon argues in a widely-shared Twitter thread, “ Why Web3 matters”, that as centralised platforms grow dominant, the “easiest way to continue growing lies in extracting data from users and competing with complements over audiences and profits.” In Part I of this article, we explored what the metaverse is, and why today’s tech giants Meta and Microsoft are competing to be the leaders in the space. This article was submitted by a Guest Contributor.
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