Contrary to the portrayal of one virtual world in Ready Player One, there will not be one metaverse and one economy. People will be able to choose their virtual worlds and freely move in and out. According to Michael Wu, Co-Founder and CEO of Amber Group, a leading global crypto finance service provider, this choice will make our collective digital future a more inclusive one.
“I doubt that everyone will ever be forced into one metaverse. Customers like different things and the Web 3.0 customers will be the same. We will be entering a very open environment, that’s the point of a decentralised and open-source Internet: we get to choose,” says Wu.
Wu explains that this self-determination will create diverse economies on the platform that cater to almost any digital lifestyles an individual wants. And, if people are early adopters – they can expect to be rewarded for this over time.
However, one of the biggest barriers to participation is understanding. According to Williams, like any mass adoption, it starts slow. “For consumers, many will be guided by their real-world networks. Trust in those real-world networks will influence adoption of a digital network.”
For corporates, access to talent in the cryptocurrency world is scarce and expensive, which poses a risk for companies that haven’t closed the digital gap to become even further left behind.
“At Amber Group, we have 1000 employees and most of those are engineers. The metaverse and its related industries are evolving and iterating every day and the real value in this world is being up to date,” says Wu.
“That’s why we need to empower game companies, lifestyle companies, consumer brands, sports organisations, social platforms – because all of a sudden – all their customers will now have wallets and have real value digital assets in those wallets that need financial services.”