'See, the world is full of things more powerful than us. But if you know how to catch a ride, you can go places.' Neal Stephenson, Snow Crash.
Can you dream in the metaverse? Are you the dreamer, or the star of your own digital illusion? And how do you get there? How does Web3 fit into all this? The metaverse is a complex, nuanced, neon-lit ecosystem. A new dimension of entertainment, a gateway to a global marketplace, a tabula rasa of freedom and exploration. The metaverse is all those things, and much more. And all you need to get there, to become part of this Web3 metaverse, is a digital Web3 wallet.
Web3 wallet as the gateway to the metaverse
Web3, Web3 wallet, metaverse. A trinity of concepts working together to create a new online experience. It is worth delving into these abstractions to understand their potential.
What is Web3?
Once referred to as the printing press of the technology era, the web has undergone three more or less well-defined evolutionary stages: Web1, Web2, and currently, Web3.
Web1 was characterized by static, hyperlinked pages, simple Hypertext Markup Language (HTML) forms, and crude, garish animated graphics. Tim Berners-Lee, credited with inventing the web as we know it, deemed this early iteration the 'read-only web.'
The web truly exploded with Web2, which some refer to as the 'read-write web.' Moving on from the static nature of the previous iteration, Web2 became a far more refined, usable, and interactive playing field thanks to social media platforms, streaming services, and a myriad other apps.
Web3 is, arguably, happening now. The web's latest iteration is built on decentralization and relatively new technologies, such as blockchain. Web3 is far more user-centric than Web2 ever was, empowering users to own, shape, and manage their web experience through a digital wallet.
What is a Web3 wallet?
In Web3, the wallet allows the user to store and manage their tokens, and also enables interaction with decentralized applications (DApps) on one or more blockchains. The Web3 wallet is central to the Web3 experience, and the gateway to the Web3 metaverse.
What is the Web3 metaverse?
The term metaverse was first coined in Neal Stephenson's 1992 sci-fi novel 'Snow crash'. It is hard to describe exactly what the metaverse is, since it can be argued that the metaverse does not yet exist beyond a conceptual idea. An approximate definition for Web3 metaverse is that of a virtual, digital world, built on blockchain technology, where users interact with each other and the metaverse itself through avatars.
Some refer to the metaverse as the 'successor' of the web, but it can be argued that the metaverse is an expansion of the web we know and use today. The existence of a metaverse does not necessarily mean that the 'normal' web will cease to exist. Rather, Web3 platforms, technologies, and hardware will become the pillars upon which the Web3 metaverse stands.
This is the space where the Web3 and metaverse lines converge, where technologies combine to create an innovative, exciting, and decentralized digital ecosystem.
What can you do in the metaverse?
There's a common adage that goes 'the sky is the limit', and that definitely rings true here. Only perhaps 'the metaverse is the limit' would be more apt.
The metaverse is intended as a replica of the 'real' world that we live in every day. As such, any possible action or interaction in the real world can theoretically be replicated in the metaverse. Shopping, gaming, socializing, educational and entertainment events, research, or working a regular job or two, could be part of the experience. A leading medical team even performed reconstructive surgery through a metaverse-like environment!
An example: visiting an art gallery showcasing NFT collections
There are many art galleries around the world, displaying pieces of art from artists, alive or long dead. The paintings, sculptures, installations, or whatever other art forms are physically there. People walk around the gallery, often in pairs, looking, discussing, and nodding solemnly. These visits to the local gallery are perfect pastimes for rainy Saturday afternoons.
But what if you could visit any art gallery, anywhere in the world, at any time, and from the comfort of your own home, or the local metaverse explorer-friendly coffee house?
Metaverse art galleries are the perfect spaces to showcase all forms of art in NFT form. Paintings, drawings, product replicas, almost anything can become art. As you navigate through the space, the NFTs come alive and display information about the author, the collection name, its provenance, and of course, its value. You can acquire this piece of art and add it to your own collection, which your wallet stores and displays. You might even be able to trade some of your own NFTs, even auction them off in specialized metaverse events.
Another exciting example comes courtesy of Lace's partner company Virtua, whose Virtua Seasons project will offer rewards and benefits to those engaging in Virtua activities. These benefits will include access to exclusive areas and ownership rewards in the upcoming Founder Seasons.
The metaverse is the limit.
What are the challenges of a Web3 metaverse?
Again, because the metaverse is still a concept in development, it is hard to discuss the challenges that might arise. But here are a few potential issues that may hinder metaverse adoption.
Interoperability and portability
The central idea behind a metaverse is that of a single, virtual, global space that anyone can access at any time. The reality though is that multiple metaverses may come into existence, which immediately raises issues like portability and interoperability. In this scenario, would items acquired in metaverse A be usable on metaverse B, and vice versa? Would a single wallet enable the user to be digitally identified across different metaverses? Otherwise, this multitude of metaverses would simply replicate the inefficiencies of the current world, where people need myriad forms of ID to get identified across different agencies and entities. And, if an economic system exists on one metaverse, will this be recognized elsewhere?
These are fundamental questions for which there are no answers yet.
Costs
Creating a metaverse carries significant costs. Development, maintenance, hardware requirements, etc. This poses the question – will the metaverse be free, or require a 'subscription' fee? If the latter, many people may not be able to afford it, and hence, will metaverse access be considered a luxury, or a privilege? At face value, this seems to go against any principles of accessibility.
What are the potential benefits of a Web3 metaverse?
Immersive, personalized entertainment. New business opportunities. Expanded revenue streams. Enhanced learning and educational opportunities. Novel ways of working. Removal of geographical barriers to social or family interactions.
The metaverse presents many potential benefits, most yet undiscovered and unexplored.
Conclusion
The metaverse is meant as a persistent, infinite, and self-sustaining digital environment that people can experience in real time. The creation of such an ecosystem will come with challenges, but will also present virtually endless possibilities once established. A Web3 wallet becomes the key to unlock this world of immense opportunities.
As Neal Stephenson said, the world is full of things more powerful than us, and you need a ride to get places. Lace exists to open the metaverse's gates. Catch a ride with Lace and cross the threshold.
The metaverse is the limit.
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