Brace yourselves for another “metaverse” — the Metametaverse…
After keeping a low profile for a couple of years, cryptocurrency innovator Joel Dietz — a founding architect of MetaMask and developer of Ethereum — has founded a new firm to build an interoperable metaverse.
Metametaverse, a company devoted to the integration and interoperability of multiple metaverses, has already raised $2 million for this endeavor.
The investment round is being backed by DAO Maker, with participation from Ghaf Capital, Decasonic, and Metaverse Group.
Dietz’s Metametaverse is natively cross-chain and features a programming language for organizing and maintaining metaverses, executing games and simulations within them, and charting parallel universes.
Metametaverse Integrates Virtual Worlds
Dietz intends to create a Layer 1 blockchain protocol — similar to Ethereum or Bitcoin, but more akin to a metadata protocol — with the goal of integrating the metaverse, the realm of interconnected virtual worlds, as depicted in novels such as Ready Player One and Snow Crash.
Dietz has emerged from what he refers to as “crypto retirement,” a years-long hiatus during which he moved away from the field following his work on the ConsenSys-owned Ethereum wallet as a member of its original development team.
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The concept of the Metaverse as it relates to digital experiences and token economies is relatively nascent, and only recently have hundreds of businesses begun to develop their own iteration of the virtual realm.
Whether it’s a work setting or a game world, each of these metaverses has a place as a technology application.
Dietz has been enticed back by the space’s fresh goals and a concept of the metaverse that reminds him of the early days of Web3 development.
Crypto total market cap at $1.830 trillion on the weekend chart | Source: TradingView.com
A ‘Coordinate System’ For Things 3D
Metametaverse currently has 25 members working on it, and its scope includes a language for constructing metaverses and communicating with them even if they are hosted on other blockchains, making it “blockchain agnostic.”
Dietz described this work in an interview with Venturebeat as follows:
“Reimagining the internet’s Domain Name System (DNS), which serves as the internet’s addressing system. However, this would be a coordinate system for complicated three-dimensional things that exist in 3D space.”
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Metaverse Seen To Outpace Crypto In Size
Dietz believes the metaverse paradigm will continue to grow in size and relevance in the future years, eventually surpassing bitcoin and other cryptocurrencies.
Some firms, such as Grayscale, appear to concur, projecting that the metaverse will represent a trillion-dollar annual economic opportunity.
“In 30 years, the metaverse will design and sell every building in every city. We are developing the protocol that will enable the support of high-end assets and clear business use cases,” Dietz stated, referring to the role of his new endeavor in this envisaged future.
Featured image from Penn Today-University of Pennsylvania, chart from TradingView.com