Escape from the physical world at the end of the day and jump into the online world is nothing new.

Whether it’s TikTok or Call of Duty, the escapism offered by sinful fun online apps and games is unparalleled and a perfect opportunity to ‘switch off’.

While the pandemic has taken our work lives away from the office and digitized them, it has also directly correlated to the amount of time we spend online. 2022 report It turns out that 12.1 trillion hours are spent online worldwide. Therefore, it is inevitable that this number will increase as more immersive experiences are created.

It’s not “one metaverse to rule them all”

If you skim the surface, you’ll find that every online company is desperate to become a Metaverse company, and the most prolific of them all is Facebook’s parent company, Meta. However, while some technologies are in one camp (like Apple) or another (like Android), the lines are even more blurred when it comes to the metaverse.

There is no “metaverse”, just as there is no online game. Online apps are all likely to run their own metaverse, different games can continue to exist, and countless different businesses can be built. The metaverse solves the specific problem you’re trying to solve. In this case, all users who have signed up for multiple metaverses may be provided with incentives for these metaverses to become interoperable.

For example, let’s say you bought an earring, but you only use it for work, and you need another pair every time you go to the store. Similarly, if you created an avatar for work, you’ll want to use the same one on your LinkedIn profile. You’ll probably use the same thing when playing games or going to the movies with your friends. And for all of them, if you buy a hat, you’ll want the same hat in each metaverse you’re in.

Purchasing a digital ID

Much of what we currently have in the physical world will also exist in the Metaverse. Markets have already proven to be great, but they can also be a little weird in some cases.Ann forbes article Someone reported spending $450,000 in the Metaverse to have a “virtual asset” next to Snoop Dogg, but many smart people are confused by the emergence of a $40 billion NFT market. Even more visible, though still digital, is an increase in spending on in-app purchases, with many users spending thousands of dollars on digital t-shirts of in-game characters.

As we spend more and more time in virtual worlds, the amount of money we are willing to spend on digital clothing and jewelry will only increase if online avatars become central to our identities. Brands like Adidas are rolling out products “inside the metaverse,” potentially encouraging the sale of physical clothing and the right to wear it within the metaverse.

It may sound strange, but why would people spend money on digital clothes? You may begin to notice that it is done in consideration of what people can see. And other people will see the digital version of you more than the real you. Looking good will be important in the not too distant future.

Who owns my digital ID?

Remember the first time you bought something online? Did you make sure you got what you paid for? Most online retailers have built trust with their customers over the years . When you buy from a reputable brand, you can be confident that you will receive your product. If not, you will find that you can always request a refund or return.

A similar thing happens when we buy digital goods. Digital app stores such as the Apple app store and Google Play are big businesses that make a lot of money from “in-app purchases” that cover subscriptions to streaming apps and health apps, and people buying new hats for their game characters. is. At least part of this is due to the trust the individual has in his Apple and Google. I know that if I don’t receive the digital item, I will probably get a refund.

But if you want to buy a digital hat that you can wear to your digital office in Microsoft’s metaverse, to online dinner parties in Nando’s metaverse, and to gaming on Roblox, where do you buy that hat? To maximize your investment in hat manufacturing, you should buy directly from the hat manufacturer. But how can I be sure that if I give happy_hatmaker431 money, I’ll get my hat? And why would Microsoft, Roblox, and Nando care if I buy a hat from happy_hatmaker431? What good does that do for them?

The blockchain hat dilemma

When you buy a hat from a hat maker, you create an NFT (a way to prove you own something by storing it on the blockchain). As a result, you will be the only owner of that unique item.

This smart contract allows ownership to be transferred from one person to another without the need for two people to trust each other and without the need for a single trusted party to act as an intermediary.

If I buy a hat using a smart contract, I own the hat and can prove it by pointing it on the blockchain. In this case, the smart contract removes trust because it is guaranteed to do what it is told. Also, once the blockchain confirms that I own the hat, the record of the transfer is immutable (cannot be changed). I can change anytime. Point to the blockchain bit that proves I bought the hat.

There is one remaining problem with this. Why would Microsoft, Roblox, and Nando’s respect my ownership? create incentives to respect their ownership.

Another option is to rent digital items instead of “owning” them. Different smart contracts can be set up between good makers and each of those platforms. This allows some of the digital goods to be sent to the platforms that use them.

The world of trust is yet to be explored

There are many ways in which goods can be passed from person to person in an increasingly online world, but cryptocurrencies, blockchains and smart contracts are strong candidates. That said, there are some trust issues to consider in the metaverse.

Buying and selling goods is just the beginning. You should also consider any privacy considerations that may arise in the future. This includes new cyberattacks, such as physical attacks that are virtually launched against people using wearables, and security blockers in areas where speed and agility are likely to determine the winner. increase.

But while it’s easy to get caught up in the “crypto hype” and deny everything about blockchain, it’s all about building a digital world and making trust a central part of how you buy and sell. , there are great challenges and opportunities. It takes place in the metaverse.

About the author

Dan Llewellyn is the Head of Engineering (Technical Enablement). x design. We specialize in the design and development of bespoke mobile and web apps, providing complete custom digital and mobile app solutions. We strive for the best and are not afraid to push the boundaries so that our clients achieve the best possible results. We are a team of ideaators, designers, developers, and data scientists who work as a cohesive team to add incredible value to your projects. We work with you to understand your company and your customers, and help you deliver the best digital tools for your business. We are focused on increasing your return on investment and innovate with designs and new technologies to stay on the cutting edge.

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