The emergence of social media has allowed humanity to interact in a way that had never been possible before, changing the way we communicate, but likewise who we communicate with. Geographical barriers have been overcome, communities have been created, and we have new ways of expressing ourselves at the touch of a button.
And yet, regardless of the advancements that have allowed for greater communication, almost every major social platform, such as Facebook and Twitter, has faced challenges surrounding the anonymity and protection of online data. Now, the way we network online is set to be replaced by a model intended to be fairer and to belong to everyone, not just a handful of Big Tech companies.
Enter the metaverse.
In the most basic sense, the Metaverse network is simply a transfer of physical objects into the virtual world. Nonetheless, ever-increasing sophistication within virtual reality and technology of Blockchain Tech means that interactions that take place in the Metaverse network will be enhanced via the element of trust that the blockchain tech grant, moving from Web2 to a Web 3.0 model.
When people refer to Web1, Web2, and Web3, they are referring to the stages of evolution of the internet, which has progressed rapidly from its inception as a “read-only” Web1, to the existing version of Web2 which brought the advent of social media in the form of a “participative social web”. Web 3.0 is the latest iteration of the internet that provides distributed ownership and control to users, that is expressed as a “read, write, execute web”.
In the context of the Metaverse network, Web 3.0 essentially refers to the move from a centralised web to a decentralised web model that sits on the blockchain tech and belongs to a global community of creators.
The concept of a Metaverse network in which participants are able to share social presence, and push the boundaries of what it means to be truly networked, represents an enormous leap forward into the digital future- one in which the issues of security, privacy, and user sovereignty can be addressed via a Web 3.0 model. With the emergence of the Metaverse network as a tangible iteration of the internet, new social spaces are set to occupy an ever-growing share of our lives, with increasing participation from global brands such as Dolce & Gabbana, Coca Cola, and Nike driving greater adoption.
While the Metaverse network is still in its infancy, it is indeed proving to be one of the most radical technological developments- pioneered by visionaries who see the potential of new virtual worlds in which almost anything is possible.
We might not see the Metaverse network as it is presented in Spielberg’s Ready Player One, and we certainly wouldn’t want to experience it as the simulation introduced by The Matrix franchise, however Web 3.0 technology is driving us forward to a place in which the word Metaverse network is shaping up to be much greater than a pop-culture reference.
In fact, a recent study by Prosper Insights & Analytics demonstrated that the Metaverse network might be even closer than we imagine. The survey demonstrated that of 8,210 participants, 44 percent of respondents stated they knew what the Metaverse network was, and a further 15 percent were interested in experiencing it.
Though we may be quite some distance away from a virtual place that is indistinguishable from reality, it is reasonable to believe that this future is not far off, particularly with the recent development of blockchain tech infrastructure that has enabled Web 3.0 projects to allow their vision of immersive worlds to take flight within a decentralised, equitable framework.
Despite the fact that there are several ways the Metaverse network business models will overlap with the physical world, from virtual work and learning spaces, to virtual tourism and digital real estate, the combination of VR and Metaverse network technology makes gaming an obvious use case.
Decentralised gaming ecosystems enable users to create, share, and monetize in-game assets such as non-fungible token’s (NFT) through blockchain tech technology. Several of the most high-profile gaming projects that run on the ethereum (ETH) network include Decentraland and The Sandbox, which allow users to enter virtual worlds and monetise their gaming experience.
Nonetheless, several of these gaming experiences solely target crypto-native users, and isolate the Web2 gaming audience- with one of the largest barriers to mainstream adoption of the Metaverse network being the difficulty accessing decentralised platforms.
The Nemesis is a Metaverse network project that recognises the need for more inclusive Web 3.0 environments, and addresses this with their unique hybrid model that seamlessly unites Web2 and Web 3.0. The Nemesis capitalises on the technological foundations of the blockchain tech and develops this further with their selection of virtual worlds in which travel, 3D experiences, and gaming are at the centre. There is no need for downloads and it works on desktop and mobile devices. Users are able to connect a wallet if they like, however this is not required for the initial user experience.
The Nemesis intends to onboard all users by making their platform Web2 accessible, allowing users to visit virtual worlds without purchasing any items and engaging in social interactions through their in-world chat portal. The group behind The Nemesis have carefully crafted a few 3D immersive worlds in which users can take part in fun activities, likewise as reap the bonus of other elements such as property ownership, event management, and even take part in real-world experiences.
Crucially, platforms that reduce barriers to entry are fundamental in catalysing the mass adoption of Web 3.0. And while Web 3.0 will undoubtedly be the foundation for the Metaverse network, it will needs the support of the mainstream, who will need to be shown that the Metaverse network is going to have a profound social impact. Fundamentally, the role of industry participants and developers is to demonstrate that the Metaverse network is indeed here, waiting for them to play, earn, and congregate.
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