Web3 – the Heartbeat of the Open Metaverse

Abstract

The term “Metaverse” itself is derived from the fusion of “meta” (signifying “beyond”) and “verse” (an abbreviation of “universe”), suggesting a realm transcending physical reality. It foreshadows a networked constellation of virtual worlds wherein individuals can engage in various activities, including work, recreation, and social interactions. Web3, in conjunction with AI, will be integrated into Metaverses, where people can interact, learn, exchange, and have new immersive experiences. A profoundly transformational aspect of Web3 Metaverses will be the creation of community-owned economies, known as decentralised autonomous organisations (DAOs). With blockchain and smart contracts, community rules can be encoded, and digital assets allow members to exchange value within a token economy. The chapter describes a future world of greater decentralisation, a new data economy, and a world where the open Metaverse, powered by Web3, will provide social utility across multiple sectors.