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Dear country without banks
Ethereum Metaverse Sector?
It’s down, but it’s not out.
And despite the immediate challenges, the potential for an open, interconnected metaverse powered by Ethereum and NFTs remains as promising as ever.
So, in today’s post, let’s recap why the Metaverse is still Ethereum’s next great frontier.
-WMP
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As for the metaverse, my thesis went like this Ethereum and related on-chain infrastructure (DeFi, NFT, L2, etc.) Open metaverse.
What does open metaverse mean? Well, there is no mature metaverse yet, so there is no open metaverse either. “Open” here refers to a specific vision and set of values, and the corresponding technology: building the Metaverse software published in open source form for the benefit of all.
This open style contrasts with the siled style of traditional companies that are ultimately set up for the benefit of shareholders and typically seek rent wherever possible.
therefore, open metaverse should be built by some kind of rebel Based on various pillars such as freedom of trade, freedom of expression and open standards. And to these ends, Ethereum + L2 will act as a neutral and effective cultural-economic railing for connecting virtual worlds. Towards a true metaverse over time.
But Ethereum and its likes aren’t the only ones poised to play a key role in the rise of the Metaverse. Of course the internet exists. Consider the potential for nearly 3 billion more people to come online in the next decade. Or consider ongoing advances in augmented and virtual reality (AR and VR) technologies, artificial intelligence (AI), zero-knowledge (ZK) proofs, and more.
All these threads are not a single virtual world, but rather a surfable (in the Internet sense) culmination of many virtual experiences, a whole new virtual side of our lives, “mature”. We are converging towards the general concept of the metaverse. Through various sources.
That said, the potential for the Metaverse, and for Ethereum and NFTs to help make it a reality, is as huge as ever. However, it is no secret that the Metaverse project in the crypto economy has recently fallen into a difficult situation. Reasons for this include:
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These virtual worlds of The crypto economy is currently in a bear market and activity has dried up lately, so most stats for most projects are down overall.
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Most of these projects are still fairly rudimentary in many ways, so they haven’t yet gained many active users.
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Some of these projects have even spawned their own metaverse land crises. previously detailedby making their land function too much like physical land, which in turn causes overspeculation, high prices, hoarding, etc., thereby killing community growth.
Some of these issues are local and not new.For example, the game Ultima Onlinewas founded in 1997 and experienced its first virtual land crisis more than 25 years ago due to huge demand for scarce housing. For us today free land experiments are here to help and metaverse land taxes and citizen dividends are here to help but we need to understand the past to know why these instruments are worth pursuing .
So, in my opinion, the key to current and future metaverse projects on Ethereum is to take inventory of past problems and take inventory of current successes (e.g. mainstream growth of Ethereum). VRChat) and consider where the future is heading and try to adapt as best as possible accordingly.
Of course, you can’t wave a magic wand here. The Metaverse isn’t built in one day or just one field, so there will be a lot of work and coordination going forward. And especially with web3 there are a lot of “big picture” things to consider. 3 transitions Ethereum creator Vitalik Buterin has just outlined it on his blog.
Zoom in here to see the migration currently in progress. 1) Ethereum Layer 2 (L2) Scaling Solution, 2) a smart contract wallet, and 3) Enable better privacy solutions. As Buterin points out, these transitions come with many challenges, and the Metaverse project is not immune to it, and like any other project, it must continue to evolve.
The good news is that there is a way forward. For example, Decentraland and The Sandbox have already adopted Polygon. Porygon 2.0 They are well prepared for the increasing migration to advanced L2.In addition, rising standards such as ERC-6551 and ERC-4337 Help NFT users and projects increasingly adopt smart contract wallets.
Combine these advances on the Web3 side with advances in areas such as hardware (e.g. New Apple Vision Pro) and AI agents (e.g. Dungeon Master AI in Parallels Colony), and the Ethereum-centric Metaverse experience will be even more impressive.
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And despite the shortcomings and challenges they face, many Ethereum metaverse projects have been pioneers and continue to innovate and move forward. The dream of a fully realized metaverse may still be many years away, but it is on the shoulders of these and many others in various fields that we can finally get there. It’s taking
That’s the gist of this post, we intention get there. And Ethereum and related technologies such as NFTs are poised to play a major role in this arrival in the years to come. We can imagine that by 2030, more aspects of life will be metaversely experienced, or virtually enhanced. and Facilitated on-chain.
William M. Peester is the creator of metaversal — Bankless newsletter focused on the emergence of NFTs in the crypto economy. He is also a senior writer for Bankless’ flagship newsletter.
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