(In November 2021, Republic Realm, a firm that develops real estate in the metaverse, said it paid $4.3 million for the Sandbox land, scoring the biggest virtual real-estate purchase publicized to date).īy virtue of community-based governance, where users can propose and vote on changes to the platform, blockchain platforms like the Sandbox or Decentraland MANA, another category leader, promise a starkly different metaverse, free of dependence on corporate decision-making and data ownership hegemony. “Our goal is to build an open metaverse that can stand against what we call competition that is the Web 2.0 metaverses,” says Sebastien Borget, chief operating officer of the Sandbox, an Ethereum-based platform where players can build and monetize in-game assets and even land. The “Open” MetaverseĬritics say “the metaverse is just a sexy, aspirational name for some kind of virtual or augmented-reality play” of tech magnates, but in the blockchain world, the discussion revolves around bringing down the old guard of the internet-the so-called Walled Gardens of Big Tech, where companies like Google and Facebook own and profit from vast amounts of user data. If the world’s biggest companies are pouring billions into building technologies and experiences that promise us an entirely new way of interaction and new wave of innovation, pay attention.
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