What’s Holding The Metaverse Back From Mass Adoption?
The metaverse is a big and ambitious idea, but there are a few obstacles and limitations that are preventing it from becoming the virtual society that many of us imagine. Today, the metaverse is divided into separate and incompatible worlds, with users stuck in closed and centralized environments. This limits the creator economy, preventing creators from fully exploring their innovations, monetizing their work, or adding utility to their NFTs and Web3 game assets.
Creating a successful metaverse is extremely expensive, and is complicated by unpredictable market demands. The complexity and risks associated with developing the technology necessary for multiplayer and interoperable experiences further adds to the economic challenges, including high costs in time, money, and expertise.
While Web3 seems like a promising solution to this problem, there are still challenges to be addressed, like performance and the lack of an interoperable protocol to standardize how experiences work on-chain.
There are also quality and perception issues as well. The technology to create high quality metaversal events for tens of thousands of people is here, but these are relatively new developments, and not every metaverse is using the most cutting edge tools.
The Vision
The metaverse should be a sprawling borderless virtual society where opportunities for creators are limitless and where collaboration is no harder than having a conversation. Metaverses should be compatible and interoperable, so creators can collaborate without obstacles and users can browse experiences easily. This does not mean that individual platforms need to sacrifice their independence, each community should be free to pursue their own unique goals and aspirations while adhering to the same set of foundational standards. Platforms should be governed by the creators and users that make them great, and the value that grows in the metaverse should accrue to these communities, instead of middlemen and massive corporations.
The Solution
Somnia is an L1 blockchain and set of omni-chain protocols that creators can use to build worlds and enables assets, commerce, and avatars to move effortlessly across different experiences. Somnia is adopting the development and research from industry-leading partners like Improbable who have developed innovative technologies like MSquared. The creation of high-quality metaversal events for tens of thousands of people is now possible with MSquared experience origin.
Somnia’s protocols allow existing NFT collections to be upgraded and rendered as interoperable 3D objects that are compatible with metaverse experiences on the network, enhancing their value. Somnia’s Protocols have the potential to capture a large chunk of the total TVL from the blockchain gaming, metaverse, and NFT sectors, which combined is approaching 100 billion dollars and is expected to grow significantly in the coming years.
