The concept of the metaverse has finally moved out of the shadows and into mainstream consciousness. It has the potential to completely change the way people connect, work, and play. The key to delivering on this promise is building the next generation on a solid foundation.
That’s where blockchain comes in. As a trusted and secure way of storing and exchanging ownership of digital assets, the blockchain can power a self-sustaining metaverse economy and thriving community of players, creators, and earners.
The future metaverse is now
Some question the viability of and the sustainability of the metaverse. “Will people really do in the virtual world what they do in the real world?” is a question we are often asked. The resounding answer is yes. Just look at Gen Z: According to a survey from e-commerce company Afterpay 72% of Gen Z want to start their own businesses, and already use online, peer-to-peer marketplaces to make up to $10,000 per year beyond their regular pay. For them, making money online is normal. As the technology and capabilities improve, the lines between real life and virtual will blur for all of us.
So, how do we get there?
1. Creators will be at the heart of the metaverse
We know the metaverse is only as vibrant and exciting as the creators and providers who invest their time and lives on it. The good news is that our creators tell us they want more involvement in these platforms. They want more ownership of the digital places they choose to spend their time on, and where they demonstrate their creativity and skills.
We believe it is time to adjust business models to include them at earlier stages and more deeply in shaping the future. It is less about giving creators a slice of the pie, and more about baking the pie together.
2. Community will be key
Increased user involvement will perhaps be the most important shift for successful metaverse platforms.
Places and sites must become communities. Users should be able to connect across platforms, across worlds, and build relationships. Instead of seeing users only as customers, we must treat them as members of an interconnected digital community.
Everyone who is interested can join. If we can harness this community, we’ll have not just a strong foundation, but never-ending opportunities to keep evolving.
3. New asset classes unlock the full power of the metaverse
The ever-improving technical capabilities of blockchain and crypto have made the introduction of new digital asset classes in the metaverse not just possible but essential.
These types of assets which will be required to unlock the economy of the metaverse:
- Digital Currency
- Currency that can be used in and across platforms, used as a form of payment on crypto exchanges, and exchanged for fiat. For example, VCOIN, an ERC20 token created by MetaJuice and one of the few assets to receive relief from the staff at the SEC. This type of digital currency is the lifeblood of the metaverse economy.
- Non-Fungible Tokens (NFTs)
- Non-fungible tokens (NFTs) are digital assets that are tracked and traded using blockchain technology. NFTs enable true ownership in, around, and across the metaverse. This ownership unlocks real value for creators and users, and will create sustainable new economies across the metaverse.
- Ownable, tradeable, and listed tokens that enable holders to participate in the metaverse. VCORE, as an example, will enable this next-gen economy, give holders a stronger voice, and enable them to be a part of the future.
Companies that hope to develop and work within the metaverse need to build a new type of economic foundation for this unique space which includes digital currency, ownable/tradable digital assets, and inviting users to the table to build a community, not just an economy.