Understanding the Gradual Transition from Web2 Games to the Web3 Metaverse
Summary:
The evolution from Web2 to Web3, particularly the metaverse, is a gradual process rooted in Web2 video games, which nearly resemble metaverse concepts more than Web3 projects. This slow shift mirrors the natural progression of disruptive technology. Games like Fortnite have paved the way for interoperability between brands and demonstrated the potential of merging various entities in a virtual environment. Further milestones could include a fully functional digital economy, potentially leveraged by Grand Theft Auto 6. The transition is likely to be driven by games such as Fortnite, Roblox, and potentially GTA 6, rather than standalone Web3 platforms.
The evolution of disruptive technologies is a lengthy process, incrementally building upon the existing. The transition from Web2 to Web3, specifically into the metaverse, is no exception to this rule. The metaverse isn't an innovation that randomly popped into existence; it's the result of years of evolution rooted firmly in Web2 video games. These games present environments that approach the idea of the metaverse more closely than any existing Web3 projects.
The pace in which Web3 is developing isn’t lagging; it's simply part of a natural technological progression that relies on two crucial factors – technology advancements and perceived value change. A good comparison is Uber's emergence from the taxi industry. Without the concept of taxi service, Uber wouldn't exist. The cultural shift towards accepting the idea of riding in a stranger's car for a fee paved the way for Uber's success.
Similarly, the formation of the metaverse has a cultural aspect. This virtual reality, in addition to advanced infrastructure, requires cultural assimilation for sustaining and growing.
When Facebook switched its name to Meta in 2021, it led to increased interest in metaverse-related projects. Yet, at this point, most of the developments were still in the rudimentary phase. Today's moment in time is intriguing, standing at the precipice of another evolutionary leap for the metaverse.
Through games like Fortnite, the world now understands the fun possibilities of brand interoperability. But while Fortnite facilitates this through commercial agreements, open metaverse acquires interoperability via blockchain assets.
Fortnite allows its players to interact with characters from numerous other universes, and lately, has even added other games to its platform – executing a prediction made by Epic Games CEO Tim Sweeney. The Fortnite update demonstrated that merging different entities within a single virtual environment is possible and user-appealing.
Beside Fortnite, various platforms like Sandbox, Otherside, Star Atlas, among others, are now laying the groundwork for similar blockchain-based interoperability.
Moving forward, another potential major turning point could be the introduction of a fully operative digital economy in 2025. The buzz is that the highly awaited Grand Theft Auto 6 might incorporate a crypto-based economy, a massive stride towards the validation of Web3 metaverse projects. The idea of a digital economy is still alien to the majority as the common belief restricts it to buying virtual assets, missing the selling part that contributes to the economy.
Discussing digital identity, the appeal of Web2 games is fundamental for the open metaverse concept. Younger generations are already used to featuring their digital personas as status symbols due to Web2 games and applications.
Just like taxis provided the groundwork for Uber, Web2 games will form the scaffold for the open metaverse.
It's improbable that single-handedly Web3 platforms could drive this transition, mostly because people aren't aware of the concepts they are forming. More likely, games like Fortnite, Roblox and possibly GTA 6 might take the lead.
Why is this significant? The gaming industry currently outshines the music and film industries combined. Young people's attention, along with brand resources, are increasingly directed towards these virtual worlds, ultimately converging on the open metaverse.
Those who support this theory, such as project investors or workers, could be greatly rewarded. Brands exploiting the opportunity can also benefit massively. The open metaverse will certainly play an enormous role in future marketing, human interaction, and digital trade.
Lugui Tillier is the CCO of Lumx, a Web3 studio located in Rio de Janeiro. Among its investors is BTG Pactual Bank, Latin America's biggest investment bank. This article is a general information resource and should not be considered as investment or legal advice. The views, thoughts and opinions here are the author's own and do not reflect Cointelegraph's official stance.
Published At
12/27/2023 10:34:14 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.