The Future of the Metaverse – Blockchain 101
Hello, everyone, I’m Mr.Sakias Moro
Welcome back to Blockchain class. In the previous two lessons, we explained in detail the concept and history of the metaverse, and today we will continue to talk about the future developments of the metaverse.
1. Metaverse initial trial
The emergence of a new concept is certainly accompanied by the support and following of a group of pioneers.
In April 2020, Epic Games’ shooting game “Fortnite” held an in-game online virtual concert for American hip-hop singer Travis Scott, attracting more than 12 million players to attend online and shocked the entire Internet.
In 2021, the meta-universe concept really started to spark, and on March 10th, gaming company Roblox went public on the New York Stock Exchange, with its stock price rising 54.4% on its first day and its market capitalization exceeding $40 billion.
Roblox was the first company in the world to include the metaverse concept in its IPO prospectus, and was known as the “first metaverse stock”.
Shortly after, at the end of March, the gaming platform Rec Room closed a new round of funding for a total of $100 million. Then, in April, Epic Games received a $1 billion investment to build a metaverse.
2. Where is the opportunity for Metaverse?
When it comes to the metaverse, we have to mention Roblox, the “first stock of the metaverse” again.
Roblox has defined eight attributes of the metaverse based on the characteristics of its platform.
- Identity
- Friend
- Immersion (Immersive)
- Low Friction (Low Barrier)
- Diversity (Variety)
- Anywhere, anytime
- Economic system (Economy)
- Civilization (Civility)
On closer observation, we can see that the eight attributes defined by Roblox for the metaverse are in fact very general, vague, and even a bit patchy, which, of course, is not to blame Roblox, but rather reflects the awkward situation of the metaverse at the moment – no one has yet been able to define the metaverse accurately in its chaotic stage, even if Roblox has already Roblox, which has gained a clear advantage.
So this is where GameFi comes into play, and we can at least use it as a slightly more tangible way to further demystify the metaverse.
Combined with what Axie Infinity has achieved, we can distill a few key attributes based on the eight given by Roblox.
For example, the metaverse must be immersive, which is a key part of attracting people in the real world to experience and accept the metaverse, which we hope to achieve with advances in VR/AR at the technical level.
Secondly, the metaverse must be open, not only to users, so that users from all over the world can enter and exit freely at any time and anywhere, but also to different fields in all aspects of openness and inclusion.
Then the metaverse needs to have strong social attributes, which is well understood, human beings are social animals, social needs are indispensable for every individual in the real environment and they are also essential in the metaverse.
Finally, the metaverse must be large and have strong sustainability and scalability. Judging from the expansion rate of Axie Infinity’s user base in the past six months, once the metaverse reaches the stage of accessibility, there will be a large influx of users and various demands will be created, and the metaverse must be large enough to be able to take in a large number of users and demands and keep running stably whether the users are online or not.
From this dimension, GameFi is a worthy window to the metaverse, and as GameFi continues to grow, our knowledge of the metaverse will continue to improve.
Well, that’s it for today’s lesson.
I’m Sakias Moro
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