Blockchain

What is the Metaverse?

Whatever it is – it seems to be where Telos and XAYA are headed!


At Goldsmith Money, we talk blockchain based virtual gaming worlds and economies ad nauseam.

Yes – virtual reality platforms are the future of economic marketplaces!
Yes – these platforms will be built on trustless and decentralised blockchains!
Yes – these new virtual worlds will open up NEW and COUNTLESS opportunities for all!

It seems that we are not the only ones saying it.

Today we came across a terrific essay today by Piers Kicks, titled ‘Into the Void: Where Crypto Meets The Metaverse‘.

Piers introduces what is a new concept to us called ‘The Metaverse’.

The Metaverse: a persistent, live digital universe that affords individuals a sense of agency, social presence, and shared spatial awareness, along with the ability to participate in an extensive virtual economy with profound societal impact.

The essay had actually been tweeted out by Tim Sweeny, CEO of Epic Games (think Fortnite). Seeing the BIG game developers were taking it seriously – so should we.

In keeping the concept simple for us – we think of The Metaverse as the ‘OASIS’ in Earnest Cline’s, Ready Player One. However, we accept that there are a myriad of forms a non-fictional Metaverse might take; and, a good deal of time and development to get there.

According to Piers, FIVE converging verticals would drive the emergence of The Metaverse

  • Culture
  • Content
  • Mediums
  • Standards and Protocols
  • Infrastructure.


The foundation for the fusion of the FIVE verticals however would be blockchain – or more specifically, cryptocurrency and non-fungible tokens (NFTs). Piers writes:

I believe that within NFTs and crypto lie the most elegant solutions to the problems of digital scarcity and uniqueness, digital property rights, large-scale coordination across virtual environments, and robust privacy-focused systems that cannot be exploited for the enrichment of few at the expense of many. Without the assumption of a robust economic membrane, the entire concept of the Metaverse quickly collapses. 


Many of you reading this blog post will already have an understanding of cryptocurrency and NFTs. More than likely you are already part of the Telos or XAYA communities, which we work closely with.

For the XAYA team, The Metaverse is their vision. A universal gaming hub, all built upon a traditional Bitcoin, proof of work, blockchain architecture.

XAYA has the infrastructure in place to ensure secure game asset ownership and facilitate safe trade and provably fair gaming. It is also scalable enough to build MASSIVE MULTIPLAYER VIRTUAL REALITIES.

In the case of Telos – fast, oh so fast. Scalable, smart contract functionality – this blockchain can do anything. From facilitating commercial, administrative and governance functions, it provides for a plethora of virtual currencies, NFTs, games and much, much more.

Both blockchains are already making ground in the FIVE verticals and both have stable and talented teams behind them. Either (or both) of these ‘hidden gems’ could easily be a catalyst in the creation of the inevitable Metaverse.

For you budding Entrepreneurs looking to build your fortunes in this new world, you should take a close look at these two blockchain technologies – along with others. According to Piers, you should familiarise yourself with:

  • Bitcoin and Ethereum; Cryptoeconomics.
  • DAOs, DeFi, Non-fungible Tokens, Social Tokens, Cryptomedia.
  • New business models being unlocked by decentralized networks.
  • New governance models being unlocked by decentralized networks.
  • Intersections of crypto with emerging trends such as direct-to-avatar.

In conclusion Piers writes:

The increased financialization of virtual worlds is upon as the technologies to connect thousands of isolated virtual economies are unleashed.

Find the link to the full essay here.

Enjoy the week ahead! Of course if you are a silver stacker – we are sure you will.

GOLDSMITH.

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