3 must-haves for building the future of the metaverse

Brought to you by Together Labs

The Metaverse concept has finally emerged from the shadows and into mainstream consciousness. It has the potential to completely change the way people connect, work and play. The key to delivering on that promise is building the next generation on solid foundations.

This is where the blockchain comes into play. As a reliable and secure way to store and exchange ownership of digital assets, blockchain can power a self-sustaining metaverse economy and a thriving community of gamers, developers, and workers.

Some question the viability and sustainability of the metaverse. “Are people really going to do in the virtual world what they do in the real world? is a question we are often asked. The clear answer is yes. Look at Gen Z: according to a survey by e-commerce company Afterpay, 72% of Gen Z want to start their own business and are already using online peer-to-peer marketplaces to sell up to 10,000 US dollars per year earning salary. It is normal for them to make money online. As technology and skills improve, the lines between real and virtual life will blur for all of us.

How do you get there?

We know the Metaverse is as dynamic and exciting as the creators and contributors who invest their time and lives in it. The good news is that our creators tell us they want to delve deeper into these platforms. They want more ownership of the digital places where they spend their time and where they showcase their creativity and skills.

We believe it is time to adapt business models to include them at earlier stages and deeper into shaping the future. It’s less about giving the creators a piece of the pie and more about baking the pie together.

Perhaps the biggest shift for successful Metaverse platforms will be increased user retention.

Places and sites must become communities. Users need to be able to connect and build relationships across multiple platforms and different worlds. Instead of viewing users as just customers, we need to treat them as members of a connected digital community.

Anyone interested can register. If we can take advantage of this community, not only will we have a solid foundation, but also endless opportunities for advancement.

The ever-improving technical capabilities of blockchain and crypto have made the introduction of new digital asset classes into the metaverse not only possible, but imperative.

These types of assets needed to unlock the Metaverse economy:

  • digital currency
    • Currency that can be used within and between platforms, used as a means of payment on crypto exchanges, and exchanged for fiat. For example VCOIN, an ERC20 token created by MetaJuice and one of the few assets to be de-staffed by the SEC. This type of digital currency is the cornerstone of the metaverse economy.
  • Non-Fungible Tokens (NFT)
    • Non-fungible tokens (NFTs) are digital assets that are tracked and traded using blockchain technology. NFTs enable real ownership in, around, and across the Metaverse. This trait unlocks real value for creators and users, and will create new, sustainable economies in the metaverse.
  • MetaToken
    • Proprietary, tradable and listed tokens that allow holders to participate in the Metaverse. VCORE, for example, will enable this next-generation economy, giving owners a stronger voice and enabling them to be part of the future.

Businesses wishing to grow and operate within the Metaverse must create a new type of economic foundation for this unique space that encompasses digital currencies, owned/tradable digital assets, and inviting users around the table to create a community and not just one build economy.

John Burris is Chief Strategy and Blockchain Officer of labs togetherand President of MetaJuice.

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