Exploring the Intersections between the Metaverse and Web3 Emerging Technologies

Abstract

The advancements of the metaverse has validated a new world of possibilities with Web2 and Web3 technologies that are increasingly immersive, interconnected, spatial and decentralized. One of the key Web3 technologies that is intersecting with the metaverse is blockchain technology, that has now imbued metaverse worlds and platform as what are now identified as Layer-1 and Layer-2 metaverse, and in tandem the intersecting of decentralized Web3 technologies including but not limited to metaverse currencies and cryptocurrencies, non-fungible tokens and tokenization, marketplaces, digital wallets, and blockchain main and side-chain networks. In combination with interoperable and interconnected avatars, the metaverse is evolving beyond phygital experiences and asset architecting into financial experiences and asset trading. This research paper investigates the intersections between the metaverse and Web3 emerging technologies by firstly conducting a systematic literature review of the metaverse and its intersection with emerging technologies which currently has a dearth in academic and research literature despite the developments of the Web3 metaverse and its Layer-1 Layer-2 protocol. The review is followed by pilot-testing the metaverse platforms intersecting with Web3 technologies in real-world, particularly on the use of buy-and-sell, trading and item ownership under decentralized finance and financial technology. Finally, the research assesses the resulting metaverse based on user reviews and experiences on the feasibility of Web3 metaverse. The intersection of Web3 and the metaverse is still an early adoption of IR4.0 emerging technologies, yet the convergence of the metaverse, blockchain technologies and advancements in artificial intelligence is ultimately the precursor to the future Web4.