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Speakers of the calibre of David Knoff, the expedition leader stranded with his team in Antarctic during COVID, can regularly be heard at this global institution that places a premium on knowledge, not qualifications.
Confused about the Metaverse? Cointree explains it all.
Confused about the Metaverse? Well, you’re not the only one. There’s been a lot of talk about the “Metaverse” after Mark Zuckerberg rebranded Facebook and named it Meta Platforms. It all started a few years ago when Zuckerberg bought a virtual reality (VR) company called Oculus, which manufactured VR headsets. With Oculus, you could put on your headset and walk through any setting of your choice. With the metaverse, the boundaries between physical and virtual interactions are blurred. In other words, your morning Zoom meetings can be done in the virtual world where you can see your colleagues in a caricature form. Yes, weird.
The Inside Investor spoke to the CEO of cryptocurrency exchange Cointree, Shane Stevenson, to gain his insight into this new world. Stevenson has no doubts that the metaverse was inevitable. “It builds-on and extends the current version of our internet, bringing a 3D immersive experience that feels more like the real world. It’s no surprise that the global research firm Gartner predicts that 25% of people will spend at least one hour per day in the metaverse by 2026,” he says.
The metaverse has been hailed as such a revolutionary concept, that it will change the way we work and live. “The metaverse will change the way we work and live. With better immersive environments, it will become easier to collaborate, network, and work remotely. It will also allow us to lead more fulfilling social lives online, connecting with friends and family overseas or making new friends,” says Stevenson.
Stevenson points out that the most notable advancement is Decentralised Autonomous Organisations (DAOs). These can create and run metaverses. He says, “DAOs allow a diverse group of individuals to build and run projects together. Many of the most popular metaverses are run by DAOs, including Decentraland and The Sandbox. This is revolutionary, as large-scale projects have always been run by small and centralised groups. Now, DAOs let creators and users become owners and share control of their metaverse.”
DAOs in the metaverse isn’t possible without blockchain technology; meanwhile, the internet and virtual reality aren’t enough by themselves to deliver the true potential of the metaverse.
So what can people build in the metaverse that we can’t build on the Internet, or in virtual reality today?
Stevenson says, “DAOs are community-owned entities that empower everyone to own a piece of the metaverse rather than a single centralised company owning everything. DAO tokens, such as MANA for the Decentraland metaverse, are issued on a blockchain and are used by individuals around the world to shape the direction of the project through governance proposals.
“When these DAOs are built on permissionless blockchains like Ethereum, it also means users can bring their Ethereum-based non-fungible tokens (NFTs) to the metaverse or swap them in NFT marketplaces for other cryptocurrencies. Ultimately, a digital economy is emerging in the metaverse.”
To give you an example of just what might be possible consider this: In the metaverse, you’ll be able to teleport your avatar to virtual worlds. A primary school teacher can transport her students to ancient Egypt, you can impress your date with a visit to a digital art museum, and you could even visit a DJ Marshmello concert with your friends.
Thanks to the blockchain and DAOs, a decentralised metaverse like The Sandbox or Decentraland frees us from having to rely on any centralised institution. Instead of trusting third parties with our data, we can take control with cryptographically secure ownership verified on the blockchain.
Moreover, the metaverse adds another dimension to our online lives, as our online experience becomes 3D.
Stevenson says, “The most popular metaverses like Decentraland and The Sandbox are built on the Ethereum blockchain. The blockchain is what makes the metaverse decentralised, meaning no single centralised entity controls what happens in the metaverse.”
He says, “Centralised corporations like Facebook could build a ‘metaverse’ that they own and control completely, and this wouldn’t need to use a blockchain. Ultimately, it’s up to individuals to decide whether they want to put their data and digital identity in the hands of a global corporation or own their own digital assets in a decentralised metaverse”.
To conclude, Stevenson comments, “Building a decentralised metaverse requires blockchain technology. The blockchain is the foundational building block to create a metaverse where you can own your own digital assets and access the ecosystem without needing permission from a corporation.”
