How Metaverses will change the world, and why we’re not there yet

Imagine having a digital identity or avatar in a digital ecosystem, where you can post content, meet people, shop for clothes, order food, or watch movies. Wait, you already can?

You can post content video content, watch live sporting events, or watch movies on sites like Google owned YouTube and Amazon Prime Video.
You can post written content, meet people, market your business, and listen to music on Meta (previously Facebook), Apple Music, or Twitter.
You can shop for clothes and other items at Amazon.com.

Most of the web services we use, from social media, music streaming, video-sharing sites, cloud storage and infrastructure, and even the creators of operating systems for computers and mobile phones are controlled by a handful of “Big Tech” companies like Amazon, Meta, Microsoft, Apple, and Google. From the early 2000s to present, these companies have controlled most of the web applications we utilize daily. This era has been known as Web 2.0, where consumers create and may consume most of the content, but the moderation, selection, and monetization of consumer content is controlled by Big Tech. Although users post millions of articles, videos, or posts that generate billions of revenues through advertising or when Big Tech sells consumer data for profit, content producers have no power of how their content or habits are used and typically can’t share in the profits made.

Web 3.0 is a new concept of a World Wide Web built on blockchain technology where the control and monetization of social media, content, and other interactions are decentralized. The metaverse is a part of the Web 3.0 era, where users control how their personal data is used, can monetize their content on any platform they choose, and can post and consume content without the fear of censorship.

How will Metaverses change the world

Permissionless access — There are many applications, from payment service providers like PayPal to social media platforms like Facebook or Twitter who can restrict or ban content and users based on nationality, ideology, or government mandates. Metaverses eliminate centralized authorities, or “Big Tech” gatekeepers, by using decentralized permissionless blockchains, allowing unfettered access to post or consume content that may currently banned on Web 2.0 platforms.
User monetization of social media — For most social media providers, user-generated content does not generate revenue for the millions of content producers. Instead, the Big Tech companies providing the social media platform monetizes user-generated content. With metaverses, users will be able to generate funds from their social media interactions.
Play-to-Earn (P2E) games and NFTs — P2E games reward users who complete tasks or goals in a video game with crypto tokens that can be exchanged for real world value. video game subscriptions, in-game items, and other utilities can be represented by NFTs, or non-fungible tokens. Users have complete control over their NFTs they own. Not only do some games such as Drunken Dragon or Outlaws Brawl allow gamers to create their own NFTs, but gamers can also resell NFTs they’ve purchased at their discretion.
Elimination of intermediaries for business — For a basketball game, a sports league can sell tickets as NFTs instead of utilizing a ticket sales company which keeps a large percentage of the revenue. A musical artist can sell their songs, albums, or tickets for live performances as NFTs, potentially cutting out music service providers and creating a long-term source of income through royalties. Companies could also use the metaverse to set up a store where people can buy goods or services.
Work in the metaverse — If companies can set up stores for people to shop in the metaverse or watch movies and virtual music concerts, jobs can also be in the metaverse. Businesses in the metaverse will need customer support, marketing, managers, and others to support their digital presence.
Digital identity with virtual or augmented reality — Users can travel with their personal digital identity around the world and experience different virtual or augmented reality experiences with VR/AR headsets.
A global workforce and economy — Metaverses can break down the barriers to global employment. A company can hire another individual who may physically reside in another country, but meetings and work could happen in the metaverse. Salaries can be paid in decentralized cryptocurrencies like ADA or Bitcoin. With the metaverse, Business-to-Business (B2B) and Business-to-Customer (B2C) interactions can become easier. There can be specialized metaverses that bring together groups with a common interest for easier interaction.

Why is the world not ready for Metaverses yet?

Regulation and crime — How do you regulate the metaverse? With open-source technology and a decentralized blockchain, how do you stop criminality? Scams, harassment, and other crime could become almost impossible to stop with pseudonymous avatars. With no KYC or centralized gatekeeper, a person who is found out to be a scammer or impostor could just recreate a new avatar and continue the illicit activity.
Sensitive information and privacy — There isn’t currently a trusted and secure way to interact with institutions who have personal information about consumers. If a bank or government institution creates a metaverse location and an avatar asks for sensitive information about a real-world individual, how does the bank or government institution prove they are speaking with the correct individual and not with an illicit actor who has stolen their identity? For the transfer of sensitive information or funds to take place on the metaverse with institutions such as banks, hospitals, or government agencies, there must be a tamper-proof digital identity and mechanism for verification that is recognized and trusted. A creation of a trusted digital identity solution for consumers would likely require a partnership between metaverse companies and centralized institutions such as governments or hospitals.
Fight over Physical Infrastructure — What happens if a country buys land or sets up an entity nearby the digital property or land of a hostile country? In the modern world, borders between countries are more definable than in the metaverse. Control of critical physical infrastructure in the metaverse could potentially lead to global conflicts.

Projects, that bring the world closer to utilizing the metaverse

Reach Metaverse is an example of the Cardano-based blockchain project building the infrastructure and first hosting service for meta spaces. The Reach Metaverse is platform capable of shared spaces, stores, commerce, games, social interaction, digital real estate, and land ownership. Using a digital avatar, users will be able to travel and explore Reach’s four continents, having unique experiences in different cities. Users will be able to access the Reach Metaverse from their PC, VR headset, mobile, and web browser.

The hosting service platform will be Reach Cloud, which will allow the creation of “meta spaces.” Meta spaces are essentially mini metaverses designed by users using the popular Unity SDK. Creators will be able to upload their worlds straight from the Unity Engine instead of going through the process of creating their own metaverse, which takes significant time and resources. Reach Cloud will provide entities or businesses with the infrastructure so they can create customized meta spaces for topics such as travel or provide business services in exchange for a monthly fee. Reach Cloud is currently hosting meta spaces for the healthcare, marketing, research, and education industries.

Accelerating Web3 startups that are changing the world

Reach Metaverse, along with a dozen other companies, are a part of the Genius X accelerator program, which fosters innovation on the Cardano network while empowering Web3 startups to build impactful and scalable blockchain-based companies that will have a massive impact across the globe. We accelerate and scale incredible projects on Cardano and Web3 through our advisory, mentorship, and growth experiences.

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