What joining the metaverse really means

More and more brands and creators want to take over the metaverse to develop there. But the metaverse is not just a virtual reality world. It is indeed a virtual world superimposed on a real world…in which all virtual objects have a value and a unique identity. Truly joining the metaverse is therefore not such an obvious path. And above all, even if it is obvious: no metaverse, without blockchain!

Photo: Adobe Stock

A very specific process

Joining the metaverse involves buying a space there in order to deploy there. On Sandbox, for example, everything starts with buying your sand. This digital land is acquired very simply through the purchase of its title deed which takes the form of an NFT.

And there everything gets complicated: for the moment, most companies are not equipped to store NFTs (you must have at least a wallet; at best a digital safe if the value of the NFT is important) . They are also not equipped to buy the NFT, the transaction often having to be done in cryptocurrencies.

Open a wallet, buy cryptocurrencies there and then thanks to them the NFT which can be stored there: the procedure to follow is not the most obvious for the moment. Especially from a tax, accounting and even legal point of view. This explains why the precursors have often offloaded the process to trusted third parties. A height to access a world that aims precisely to do without it. And a way of doing things that is naturally not sustainable.

A new world that needs managers

This procedure is however the only one that really opens the door to the metaverse. But because this process is still very complex, the metaverse is still elitist. That said, simplifying processes is only a matter of time. Two essential elements remain to really reassure the general public: adequate regulation and a simplified access route.

Why ? Because the metaverse will not democratize until it becomes easy to access. Whether there is ultimately one or more metaverses (which would be the most coherent), the metaverse will only unfold when it is easy to tame via “common” tools. This is the bet of Facebook and its digital wallet Novi which should soon be accessible on Messenger and allow the storage of NFTs, tokens and cryptocurrencies that can no doubt be used to buy digital goods that can be used via oculus.

Beyond that, Emmanuel Macron foresaw it when he spoke of a “European metaverse”: the metaverse will never unfold without a largely transnational legal framework to provide a framework for 100% digital creations. The next five years will necessarily be that of the regulation of the token economy, NFTs and the metaverse. At cross-scales: national and European. Finally, ideally with a real ethical charter for these new technologies, like the environmental charter associated with our constitution yesterday.

The metaverse is the new frontier of art and business

Already today, brands can no longer ignore Web3 and the promises of the metaverse, NFTs and the token economy. The applications are emerging because this is still uncleared ground. But the market shares of tomorrow are disputed today: if education is far from over, the war for talents has begun to develop the first applications. Similarly, the war of standards is looming even if it is still only in its infancy.

The questions raised by the development of the metaverse are those of sovereignty: sovereignty of States, companies, creators. With through those of property, identity and the renewal of value. But the metaverse is no longer science fiction: it’s just a new frontier that brands must seize to avoid being disrupted.

This text is signed by Fabien AufrechterHead of Havas Sovereign Technologies.

This article belongs to the “Opinions” section. The words of the author do not necessarily reflect the views of the editorial staff of Cryptonews.

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