Thread by @nansen_intern

1/ Metaverse or Virtual World?

The word "Metaverse" can get thrown around very loosely in this space so, by using @a16z's blog on the "7 Essential ingredients of a Metaverse" as reference, I thought I would go through the differences.

I'll link to the full blog at the end 👇 🧵

@a16z 2/ The term "Metaverse", though often used prior, really came into prominence in 2021, accelerated by Facebook's rename to Meta.

However, the idea of entering a world built by technology comes very close to what we already experience in modern games with Virtual Worlds.

@a16z 3/ So what is the difference?

@a16z summarises it as open v closed.

Metaverses should have a decentralised, transparent structure, that maintains the benefits of #Web3, where users accrue value and can have a say in the direction of how it should evolve and be run.

@a16z 4/ Contrastingly, Open World games like GTA or Sims are corporate run, with little say in direction, low transparency and value goes to the centralised authorities behind them instead of being distributed to its users.

@a16z 5/ @a16z also mention the difference in property rights.

Consumers have grown accustomed to "renting" their property in games and Virtual Worlds, they spend thousands on skins and add-ons but have no ownership of them in the real sense, they cannot trade/sell them on.

@a16z 6/ #NFTs offer a solution to this and so have become a key element of the developing Metaverses.

However, consumers are having a hard time understanding these benefits, as @Ubisoft has found with their Ubisoft Quartz which has seemingly had a tough time so far.

@a16z @Ubisoft 7/ Another interesting point that a16z makes is that a #Metaverse does not need to exist in VR/AR as mainstream media pushes, claiming it is just a way to sell hardware.

Instead, the focus is on creating immersive experiences with web3 foundations.

@a16z @Ubisoft 8/ In the space, we currently see a tonne of variation in the specific "Metaverses" that people are building.

@decentraland and @TheSandboxGame are maybe the two that first come to mind.

However, with the growth of NFTs, we are now seeing more graphic-heavy worlds being built.

@a16z @Ubisoft @decentraland @TheSandboxGame 9/ I'm sure that the one that most people will be eager to see is the #BAYC @OthersideMeta

From this demo, it does look really exciting.

@a16z @Ubisoft @decentraland @TheSandboxGame @OthersideMeta 10/ If you appreciated this thread, sign up to Nansen Lite for FREE to check out our amazing free features or sign up for one of our paid plans to take your Crypto/NFT analysis to the next level - nsn.ai/Lite-MV-Intern

To read the full @a16z blog post - future.a16z.com/7-essential-in…