Virtual worlds have been a popular idea since the advent of the internet. Creating virtual worlds is not new. Metaverses were first used in 1992. The focus on virtual reality has been a hot topic since the Silicon Valley’s recent advancements in metaverse development. Facebook (NASDAQ) was rebranded Meta and Microsoft (NASDAQ) revealed that they are building a metaverse to support virtual office solutions. It’s not hard to remember the gamified metaverses, such as Roblox and Second Life.

It is clear that metaverse is next-generation technology. The metaverse is an amalgamation of many elements of technology such as virtual reality and enhanced reality. This can revolutionize the interface to the internet.

What impact does it have on people’s digital and physical lives? In an exclusive interview with DailyCoin, Sébastien Borget, co-founder and COO at community-driven metaverse The Sandbox, shares how virtual worlds can contribute to the economy.

Metaverse economy

The physical world’s economy can be described as the circulation of goods and services, which hold value. They are the same in virtual reality, which is why blockchain technology allows them both to prosper.

We can create, animated, sell, promote, curate, discover, etc. in the metaverse.

Borget explains that an economy is one where someone will pay you for time they use to perform the service.
Virtual goods are creating thousands of creative jobs through their production and sale. In order to create virtual environments and populate it with people, we need virtual architects, fashion and game designers, realtors, coach players and other brand-new professions.

The jobs they create can earn a living, have some value and contribute to overall space value. Borget says it’s almost as if there is a whole new country.

To be bigger than the world physical

Borget dares to predict that the virtual world of the metaverse economy will outnumber the actual economy we live in. The metaverse is expanding the economic possibilities by removing the limitations of the real world. All virtual goods are immediately available for sale and can also be distributed worldwide. You only need a computer and access to the internet in order to participate in virtual economies.

Imagine buying virtual land. This is a fantastic comparison. Real estate is something that everyone knows. Virtual land can be used to create an experience. Borget says that your imagination is all you have,”
It takes digital economies on metaverses less time than the real world and it’s becoming more efficient. The limitation on the raw material supply is not an issue. While the NFTs have a limited number, the voxels used to generate all of the characters and content are unlimited. The result is that there are unlimited assets available to cater for different audience groups around the world.

The Sandbox adopted an open, and decentralized, metaverse approach. It means that digital goods can be moved through different metaverses to accelerate the economy’s growth even more. The open market allows goods to be traded and bought on multiple marketplaces.

“It almost feels like purchasing Nike The shoes are only sold through Nike stores. You can also only use them in the Nike tennis clubs. So limited.

These are the virtual worlds that can be centralized. Minecraft is the only way to use anything you have created on Minecraft. Transferring it is not possible. Similar to Roblox. Meta is the same. Borget commented that in the metaverse, the boundary is no more a barrier.”
The growth in popularity of metaverses could be felt in the results of The Sandbox – in 2021, the number of landowners quadrupled, and the user base is moving to 1.3 million registered wallets, according to Borget.

What is it that’s required to get widespread adoption of the metaverse?

Borget looks to the future, and the potential expansion of virtual realms. He reveals key components that will allow for mass adoption of metaverses. Technology isn’t the solution.

Borget states that “we need to create a metaverse that is more culturally rich, immersive and features both celebrities archie’s brands you prefer, as well things that are birth in the metaverse, such community or people in blockchain space.”
In metaverses, the social component is vital. The metaverse needs to be fun, have great content, an attractive interface, and engaging game mechanics to catch potential users’ attention, but building a strong community is essential.

Watch the full interview with Sébastien Borget on DailyCoin’s youtube channel:

EMAIL NEWSLETTER

You can also join the crypto-verse

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
It takes just 1 click to unsubscribe.

Continue reading on DailyCoin