Metaverse -The New World of the Internet?

In March 2018, “Ready Player One” directed by Spielberg was released in mainland China. The topic of the universe has never appeared before. The characters shuttle between the real world and virtual games. Upon wearing the VR, you will then enter a virtual world namely “Oasis” and become the protagonist in the world.

Once the movie was released, it caused a hot discussion. At that time, a word called ” Metaverse ” appeared.

The concept of Metaverse was first proposed by science fiction writer Neal Stephenson in the novel “Snow Crash” published in 1992. In the book, Neil Stephenson described a virtual world which is parallel to the real world and named it as “Metaverse”. It is a state in which three modes of physical reality, augmented reality and virtual reality merge with each other in a shared cyberspace. All people in the real world have a “Avatar” in Metaverse.

In a nutshell, the metaverse is a virtual mapping version of the human real world, an artificial virtual parallel world. In this parallel world, it will be projected one by one with the real world. To become a metaverse, at least eight key characteristics must be met: identity, friends, immersion, wherever, diversity, low latency, economy, and civilization.

At the end of June this year, Facebook founder and CEO Mark Zuckerberg publicly stated that the company’s future plans are far more than social media, but to build a metaverse. In a long interview with technology blog, The Verge, Zuckerberg delved into the future vision of the metaverse and the role that Facebook might play in it. It shows that Facebook will devote itself to the development of the metaverse in the next 5 years and build it into the next Internet.

Interestingly, according to Facebook’s organizational structure, the metaverse department he established is a secondary department under its VR business. Therefore, in the eyes of many insiders, Metaverse is nothing but Zuckerberg’s new packaging for the VR business.

Hence, is VR really the entrance to the metaverse? Not necessarily so.

In order to achieve the realistic experience in the movie of “Ready Player One”, it required at least a mature VR, AR hardware and more stable blockchain technology are needed.

In order to support identity, digital assets and economic systems, Metaverse needs to use blockchain technology. In essence, whether it is VR, artificial intelligence or blockchain technology, they are all used as infrastructures to provide technical solutions for new technologies, information, and the Internet.

The operation in the metaverse required economic activity generation. The generation of activities must have identities, transactions, digital assets and etc. At this point, NFT has become a new value carrier. It capitalizes the virtual goods in the metaverse, thereby realizing the value circulation of data content. By mapping the digital assets, all online equipment, decorations as well as land and property rights have tradable entities.

Of course, in addition to NFT, DeFi’s efficient and reliable financial system can accelerate the construction of the metaverse. Users’ financial operations are not restricted by geography, economic level, and trust. Through smart contracts, it can execute automatically and avoid black box operations.

Therefore, blockchain technology is indispensable in order to reach the world of metaverse. It is an infrastructure of the core data layer, information layer, and transmission layer in the metaverse.

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