We are constantly fed innumerable articles on how the metaverse, an interconnected collection of immersive, three-dimensional virtual worlds, will fundamentally change how we live our lives and spend our time. It’s up to creators, brands and publishers to gear up for it by quickly purchasing land to build up their presence, in an “if you build it, they will come” ethos.
The truth is that these open worlds still garner very few users, and the closed systems that show user growth (e.g. Roblox, Minecraft) are built around games, which may limit their potential as spaces where people would want to “hang out.” Furthermore, the objectively terrible aesthetics of these worlds will disengage any respectable creators from actively participating.
A common misconception is that Web3’s main innovation lies in these 3D immersive worlds, but this questionable improvement to the internet’s user interface is only a small part of what Web3 promises. Web3 has ushered in a fundamental concept, digital ownership and validation, which has the potential to profoundly impact the way people interact online.