The Open Metaverse: Exploring the Future of Virtual Reality

We are currently observing the live embodiment of that statement with the concept of Metaverse that has been around in fiction for quite some time now, from actually being referred to as the Metaverse in Neal Stephenson’s Snow Crash (1992), to the enforced Matrix, from the life-and-death battle of Tron to the animated world of Wreck-it Ralph, it has all been varying versions of the metaverse. The concept closest to achieving one of these fictional metaverses is the Open Metaverse!

What is the Open Metaverse?

The open metaverse is pretty self-explanatory: a metaverse that is open to all. A metaverse, in most simple words, is a virtual shared space accessible through the internet. So, an open metaverse is a virtual world that anyone can join and build upon. Theoretically, the open metaverse is entirely interoperable, and it won’t matter what platform anyone uses; they can all interact. This achieves a limitless virtual world constantly expanding and evolving with active input from users moving towards an actual "virtual world.”

Blockchain Bridge and the Open Metaverse

Giving form to the open metaverse requires moving between various platforms. With most Web3 initiatives based on blockchains, moving from one blockchain to another is essential. This requirement of interoperability is where blockchain bridges enter the discussion. The token bridge, or blockchain bridge, enables the transfer of arbitrary data and tokens from one blockchain to another. This achieves the interoperability of blockchains, allowing them to interact with each other even with varying core principles.

This works with one chain “proving” its ownership of the token(s), and that information is conveyed to all connected blockchains that can then be utilized for actions on another chain. With the blockchain bridge, we can move towards a network of secure, anonymous, and community-driven decentralized chains. Furthermore, the metaverse content will be able to exist across multiple blockchains and utilize their features to enhance their communities' experience, offering decentralized freedom to all users.

Why Enter the Open Metaverse Debate?

Now that we understand the open metaverse and how it might be achievable, let’s discuss why it should be addressed.

The Metaverse Environment

Let’s start with exploring the potential and stakes of the metaverse itself. “By 2024, the worth of the metaverse market is expected to reach $800 billion compared to the $478.7 figure of 2020. According to McKinsey, by 2030, the metaverse can add $5 trillion to the global economy. The metaverse comprises 400 million active users. There have been $120+ billion investments in the metaverse in 2022. Moreover, 79% of the active users claim to have purchased in the Metaverse.

These are just a few facts and predictions about the metaverse from various sources compiled by Luisa Zhou, but they give an idea of the power metaverse currently holds that is only likely to increase. Therefore, it is also necessary to understand the distinctions within the metaverse, one of which we are exploring today, the Open Metaverse.

Benefits of Open Metaverse

Having discussed the concept, let us explore its practical benefits.

Open for all: Anyone can join the open metaverse, use it, or improve it. Moreover, anyone can create their virtual world or add features of their choice to an existing one.

Greater Autonomy: With the metaverse being open-source, a central authority is no longer required, and users can make their own rules. They can also go for complete independence and create their own world.

Easier Modifications: Since open-source platforms tend to be more modular, adding or removing features and functions is likely more accessible.

Greater Inclusion: Since anyone can join, creating a more diverse and inclusive community is likelier.

Lowers Chances of Data Loss: With the chains and platforms allowing the transfer and sharing of data, it is likely to reduce the risk of data loss for brands. It is also harder to shut down an open-source platform.

Coherent Image and Content Distribution: Brands and content creators can more easily create a cohesive and seamless experience for their customers and audiences since they won’t have to design a new experience for every platform.

Risks and Concerns Associated with the Open Metaverse

There is hardly anything in life that is as rosy as customarily portrayed. The open metaverse is also not free of concerns.

Still, a Long Way to Go: First and foremost, considerable development is still required to establish this decentralized network and shift the currently closed metaverses to this open framework. R&D, as well as technological advancements, are both required. To create that large and diverse virtual world open to anyone, you need to have many people willing to try it. While the adoption is growing, it still needs to be more significant to have the developmental impact of being open for all.

Malicious Intent: If the metaverse is open, it is also available to those who may use it for nefarious purposes, including but not limited to illegal acts and deals, harassment, cybercrime, etc.

Data Protection: If there is no central “leader,” who protects your data and privacy? There are concerns about the platform being open to anyone as it will be available to those who intend to misuse it and to marketers and ad companies who might want to engage in excessive data collection and charting.

Vendor Lock-in: As per an article on Tech Target, “Everest Group's Joshi believes that many metaverse platforms are being constructed to lock in customers.” This refers to the fact that despite claiming decentralization, the contracts and terms of specific platforms can keep the owner's assets restricted to the platform and, by extension, bound to compliance with the platform and dependable on its remaining operational.

Economic Goal Alignment: The focus of the open metaverse on decentralization and away from excessive/enforced consumerism reduces the incentive for corporations and companies to join rather than go for a closed metaverse or limited but commercialized experiences for customers.

Lack of Authority: Having no central authority brings challenges like lack of coordination and control over duplication of efforts and issues due to no one assuming the responsibility for main functions like security, etc.

Hence, based on the discussion above, there is still time to establish a true open metaverse, with multiple kinks that must be worked out. But the open metaverse is the essence of Web3 and decentralization, which we should all strive for together.