Is an open metaverse a necessity or a want?
Executive Summary - Polybius viewpoint #2
Walled gardens on steroids?
The World Economic Forum has identified three critical components of a functioning metaverse: presence, interoperability, and standardization. As virtual and augmented reality experiences continue to evolve, it is crucial to incorporate interoperability and standardization into the Metaverse's foundation to avoid the creation of silos and walled gardens. The potential for the Metaverse to drive significant economic growth is vast, but we must create an open metaverse to realize this potential fully. A metaverse controlled by a centralized entity would only empower Big Techs further rather than benefit society as a whole. To ensure the Metaverse is open and decentralized, we must prioritize interoperability, decentralization, and self-sovereignty of identity and reputation. Without these characteristics, the Metaverse will solely be a 3D version of today's centralized internet. This is not just a battle for the travel industry but for Web3 versus Web2. To achieve an open metaverse, we must focus on ensuring individuals control their keys and digital assets and make non-technical wallets more accessible.
Not Web2. Not Web3. But Web2.5
Hardware and interoperability are currently significant barriers to mass adoption. Still, with the development of affordable VR headsets and the standardization of technologies, the Metaverse could become a valuable and immersive platform for the travel and hospitality industry. Governance is also a crucial factor in the success of the Metaverse, as it determines the level of transparency and value creation for users. By prioritizing these components, the Metaverse can become a utopic space for the travel and hospitality industry to thrive. To fully realize this potential and ensure that the Metaverse is a safe, open, and inclusive place for all, we need to break down silos and work together to define common standards and practices that will enable seamless interaction and collaboration. To achieve this, we must also ensure that the Metaverse is built on a decentralized and trustless platform, which empowers communities and individuals to control their data and digital assets. This is critical to maintaining integrity and transparency and will ultimately be vital to driving its mass adoption.
VOX POPULI
Moreover, the Metaverse is a term that encompasses various elements, such as avatars, architecture, fashion, music, advertising marketing, and even hardware. It is improbable that one company will be able to provide all these things. Interoperability will naturally emerge in the Metaverse as a result. In the history of computing and technology, there has always been competition between open and closed systems. For example, Microsoft represents an open system in laptops and computers, while Apple represents a closed system. Android represents an open system in mobile phones, and Apple represents a secure system. An open system will likely emerge when it comes to the Metaverse and its use in various industries, given that interoperability and decentralization are intrinsic to the Metaverse. A closed system would have limitations and could undermine the core concept of the Metaverse. The ability to easily use digital assets and different types of software across various metaverse platforms is crucial. The industry is rapidly evolving, and the users will determine which system will dominate.
The interoperability problem
One of the biggest challenges in creating a standard that allows interoperability between multiple platforms from different industries is the high degree of complexity. Without interoperability, there is no difference between a fictional video game character and a metaverse avatar. There should be the capacity to carry your identity and possessions from one platform to another, regardless of the device or platform. Otherwise, consumers will not be incentivized to invest in something that is only accessible on one platform, even if they own it. It is expected that more brands and companies will join groups like the Metaverse Standard Forum, where companies such as Google, Meta, Microsoft, and Nvidia discuss and promote interoperability standards for an open metaverse. The success of a standard and interoperable Metaverse depends on the willingness of companies to collaborate. Tech companies traditionally guard their innovation and development closely to achieve commercial success and foster user loyalty. However, for industries such as travel and hospitality to thrive in the Metaverse, it will be necessary for metaverse companies to adopt a more flexible and open approach to collaboration.
Digital elitism?
In the future, it is expected that the Metaverse will be accessible through simple eyeglasses, allowing for a more immersive experience that feels closer to the physical world than to the digital world. To achieve this, the technology used in the Metaverse must have minimum technical characteristics that allow for seamless travel between metaverses and a shared configuration of avatars, assets, and wallets. The concept of decentralization is vital in this process, as it allows for public ownership and the power of the community to drive the construction of an open metaverse. Web3 technology will significantly change how we interact and experience the digital world. Those who hold onto their intuition and keep building values will be winners in this new era of digital civilization. Using non-fungible tokens (NFTs) and blockchain protocols can help facilitate interoperability between different metaverses. However, achieving interoperability will require multiple companies and organizations working together to define the necessary technical standards. Currently, the Metaverse is not yet fully open and interoperable. Many existing metaverses, such as Decentraland, Somnium, Voxels, The Sandbox, and Spatial, are not open ecosystems. Achieving interoperability may require a shift in the mindset of industry stakeholders, who may be hesitant to undermine their current business models to create an open platform.
This is the way; step inside.
In conclusion, creating an open metaverse is crucial for the future development and success of the "embodied internet." Interoperability and standardization are essential for users to seamlessly move between different metaverses and use their assets and avatars across other platforms. While it may be challenging to achieve, all stakeholders in the Metaverse need to work together to define the necessary standards and protocols to make this a reality, benefiting everyone involved.
