What is the metaverse?
From Zuckerberg to Roblox and cryptocurrencies: is the metaverse the future or just a rebranding of the internet?
September 7th, 2021
In one of the rare interviews given by Mark Zuckerberg to The Verge, the CEO of Facebook announced that the future of his company will not be limited to social networks or the construction of hardware, but will be aimed at building a hybrid ecosystem - digital and physical. - and interconnected, known as the metaverse. It is probably not the first time you have heard this word that has gone viral in recent months: from Bitcoin to the Game-Stop case, through the Travis Scott concert on Fortnite to the Gucci bags on Roblox, to get to the controversy on smartworking and virtual offices. The metaverse has a vaguely sinister aura of the future, alluding to virtual space and the newly explored potential of a parallel or rather interconnected reality to the real one. The term quickly became one of those buzzwords used and abused by futurologists, CEOs, and digital dystopia enthusiasts. Although it is clear that the lockdown and the related online shift have influenced the hype on the subject, today many - including Zuck - think that the metaverse is the natural evolution of the current internet, therefore the future of the world.
Despite escaping a precise definition, the metaverse should be the virtual universe that includes the internet in all its forms and interactions with reality, a fluid space where users can move and live without the boundaries of operating systems, software or national laws. A utopian concept that underlines many distortions and clashes with the - fairly dramatic - reality of the contemporary internet, in which few companies that do not enjoy popular favor have the power. Since today there is also one of the tyrants of the web talking about it, many believe that the metaverse will be emptied of its revolutionary meaning only to rebrand the virtual world.
Roblox, Fortnite and Earth2: the metaverse evidence
A key feature of these universes is that they have developed a real economy in which goods - virtual items, skins, characters, houses and land as in Decentralized or Earth2 - are produced and sold through BlockChain technology (the same as in cryptocurrencies). Perhaps the most sensational case was the drop of virtual Gucci bags on Roblox, whose price within the game's secondary market exceeded that of the real bag ($ 4115 versus 3400), creating a short circuit with reality. Economies are often based on "local" cryptocurrencies (on Roblox there is Robux, on Fortnite the V-Bucks) which today are starting to have a real value in dollars, Bitcoin and euros. The NFT system has completed an important missing piece, guaranteeing the originality of digital products.
Will we look at our smartphone as those old floppies?
The presence of a developed economy falls within the definition given by venture capitalist Matthew Bell: a metaverse must traverse the real and virtual world, must contain a fully developed economy and offer complete interoperability. This definition highlights the distance between the current situation and the idea of metaverse on two points.
The re-foundation of the principles of the web
In addition to the technological factor, what today appears more complex at a systemic level is the principle of interoperability. Although Roblox today has the appearance of a metaverse, if a user passes on Fortnite he will have to change the platform, avatar, resources, tools and knowledge. In practice, he will have to rebuild an identity from scratch. If the metaverse therefore has the ambition of being a fluid virtual space where a user can virtually teleport wherever he wants without platform limitations, the current reality is dramatically different: not only are there isolated pieces of the Internet - see China - but all of it ecosystem looks more like an archipelago of islands, where users do and see more and more the same things. It is a distortion born of the wrong digital product culture that looks at the use of an app or a site in a way that is disconnected from a user's digital diet. In practice, accepting the idea of metaverse means completely rewriting the principles - both ethical and legal - that today govern virtual space, it is necessary to understand who has the right or the power to do so.