Metametaverse, a company dedicated to the integration and interoperability of various metaverses, has already received $2 million in funding for this project. This task, according to Joel Dietz, the initiative’s founder and creator of the wildly popular wallet Metamask, could be accomplished by creating a common pool of assets and experiences on a Level 1 blockchain like Ethereum or Bitcoin.
The idea of the Metaverse linked to digital experiences and token economies is relatively new, and just now hundreds of companies are building their own version of the metaverse. Be it a work-related environment, or a gaming-focused world, all of these metaverses have their place as an application of the technology.
Metametaverse, a company founded by Joel Dietz, one of the founding architects of Metamask, wants to provide a tool to make all these metaverses interoperable and available for users to enjoy. For this task, Metametaverse proposes a Layer 1 blockchain in the same fashion as Ethereum or Bitcoin, but with a different purpose, which is to serve as a metadata pool to connect different experiences in the metaverse.
The company already has 25 people working towards this task, and its scope includes a language to create metaverses and communicates with them even while residing in other blockchains, which would make it blockchain agnostic. In an interview with Venturebeat, Dietz explained what this task would be like.
reinventing the internet’s Domain Name System (DNS), which is the addressing system for finding things on the internet. But this would be a coordinate system for complex 3D objects that live in a 3D space.
Resources and the Future
This idea of interconnected metaverses has managed to get traction from investors, that have put funds behind the prospect of Metametaverse. The company raised $2 million from several investors in December, being backed by DAO Maker, Ghaf Capital, Decasonic, Metaverse Group, and others.
Dietz believes the concept of the metaverse will keep growing and surpass cryptocurrency in size and importance in the coming years. Some organizations like Grayscale also seem to point in this direction, estimating that the metaverse will be a trillion-dollar revenue opportunity. Dietz stated that his initiative might have a role in this profiled future.
In 30 years every building in every city will be designed and sold in the metaverse. We are building the protocol that will allow the higher-end assets and clear business use cases to be supported.