Demystifying the business imperatives of the Metaverse
2022.04.30 10:42
Demystifying the business imperatives of the Metaverse
In a previous article, I discussed the evolution of Web3 economies and current volatility, focusing on the participatory nature of Web3, which is the foundational technology enabling the creator economy.
The term “metaverse” — meta and universe — often describes the anticipated future iteration or evolution of the internet powered by Web3 technologies like blockchain and decentralized resource distribution and consumption principles. Although the focus has often been on metaverse modalities such as augmented reality (AR), virtual reality (VR), gaming, Second Life, avatars and so forth, in my view, these modalities represent an interesting evolution or shift from the digital transformation of recent decades to the “transformation of digital.” That is exactly what the Metaverse aims to achieve. It might seem abstract and clunky today, but if we dissect the components that make up the Metaverse, we get a glimpse of a transformed digital future.
Nitin Gaur is the founder and former director of IBM (NYSE:IBM) Digital Asset Labs, where he devises industry standards and use cases, and works toward making blockchain for the enterprise a reality. He previously served as chief technology officer of IBM World Wire and of IBM Mobile Payments and Enterprise Mobile Solutions, and he founded IBM Blockchain Labs, where he led the effort in establishing the blockchain practice for the enterprise. Gaur is also an IBM-distinguished engineer and an IBM master inventor with a rich patent portfolio. Additionally, he serves as research and portfolio manager for Portal Asset Management, a multi-manager fund specializing in digital assets and DeFi investment strategies.
