Despite the growing mainstream interest, it’s still unclear what form the metaverse will take. With tech giants like Meta taking the lead, there is a risk that the metaverse will face the same issues as Web2 platforms.
But there is a growing push to ensure the metaverse is not another “walled garden”. The recent launch of the Open Metaverse Alliance (OMA3) has brought together a range of metaverse platforms and Web3 mainstays – including Cudos’ partner Animoca Brands – to ensure the metaverse evolves in an open, inclusive and decentralised way.
Why it matters: The metaverse is already big business – but we’re still very much in the early days. According to Bloomberg, the metaverse will offer an $800bn market opportunity by 2030.
There is much at stake in how the metaverse develops. A centralised metaverse poses several risks for users:
- Privacy. Companies like Meta have a long history of taking liberties with user data, and the metaverse will potentially expose vast amounts of private information.
- Ownership. Creators will have a vastly expanded role in the metaverse. But existing platforms have tended to impose restrictive monetisation policies and limit creators’ control over their work.
- Siloing. Most existing social and gaming platforms are “walled gardens”, preventing users from moving quickly and easily between different virtual spaces and keeping assets locked.
To avoid this, the metaverse must be fully interoperable and founded on a collective, collaborative approach.
Go deeper: Interoperability allows different systems, platforms and applications to interact. Without interoperability, the metaverse will inevitably become a series of separate, mutually exclusive spaces.
By prioritising interoperability in the metaverse, we can ensure that users have the greatest degree of freedom. We can enable them to exert complete control over their digital assets and allow them to build a frictionless and flexible virtual identity.
As Sebastien Borget, COO of The Sandbox, puts it: “We want to push for a vision of the metaverse as a place where you can really be yourself, carrying all your progression, your history, and your reputation all over different places.”
Cudos is supporting this vision by putting interoperability at the very core of its network:
- As part of the Cosmos ecosystem, the Cudos network offers maximal interconnectivity with other Cosmos chains.
- The Cudos Bridge allows for easy asset transfer between Cudos and Ethereum, with other bridges coming soon.
- Through its partnerships, Cudos works with leading organisations within the Web3 space, putting collaboration at the forefront and supporting developers to build immersive metaverse experiences on its network.
OMA3 highlights that we must build openness and inclusivity into the very foundations of the metaverse. Cudos is further supporting this aim through its innovative distributed cloud platform, Cudo Compute.
Cudo Compute will enable us to fulfil the enormous computing demands of the metaverse without relying on centralised providers. And with Ethereum currently heavily reliant on the centralised cloud, it’s clear that this is an urgent necessity.
If you’d like to support our efforts to build a truly open and democratic foundation for the metaverse, there are various ways you can get involved:
- Join the Cudos’ Discord server
- Join the Cudos’ Telegram community
- Buy CUDOS tokens
- Become a Cudos ambassador
Cudos is powering the metaverse bringing together DeFi, NFTs, and gaming experiences to realise the vision of a decentralised Web3, enabling all users to benefit from the growth of the network. We’re an interoperable, open platform launchpad that will provide the infrastructure required to meet the 1000x higher computing needs for the creation of fully immersive, gamified digital realities. Cudos is a Layer 1 blockchain and Layer 2 community-governed compute network, designed to ensure decentralised, permissionless access to high-performance computing at scale. Our native utility token CUDOS is the lifeblood of our network and offers an attractive annual yield and liquidity for stakers and holders.