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BullCaster #10 | Metaverse & Metaverse Interoperability
BullCaster #10 | Metaverse & Metaverse Interoperability

In a world where we are increasingly reliant on technology, it’s important that different platforms are able to communicate with each other. This is known as interoperability, and it’s essential for making sure that different systems are able to work together.

 

This is where Metaverse Interoperability comes in, enabling people to have a seamless and enjoyable experience across all interconnected Metaverses. An interoperable Metaverse will benefit creators, investors, and users since their creations, investments, and metaverse assets will be world-agnostic.

 

  • The importance of Metaverse interoperability
  • Why is interoperability critical in the Metaverse?
  • Can Metaverse Interoperability be really achieved?

 

Learn more on the talk show!

 

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Podcast highlights
What's your vision of the current state of the metaverse industry today?
Based on one of the recent reports by McKinsey, 158 billion dollars had been invested into the metaverse in the first half of 2022. Everyone is highly keen on the idea of metaverse and is trying to figure out how to enter it. As far as the majority sees a huge potential in it, people want to invest in metaverse infra and standards. I think the evolution journey of the metaverse has already begun earlier in 2022. As it should be because there’s a bunch of value to pick up in this virtual world. Considering the value that people will be able to generate in the metaverse, it is a smart decision to draw investments. The numbers will keep increasing too. So, I strongly support the concept of metaverse and people will be placing a lot of bets on it.
What is metaverse interoperability and why is it important?
When we’re talking about such a concept as metaverse, we are essentially mapping reality into a virtual world. Think of it as if we have Apple in 3D and now we want to upgrade it to 5D. Now, Apple is definitely going to interact with its consumers and stakeholders about it. When this transition from the physical world to virtual one occurs, you would certainly want to establish those connections with your audience and other people. How do you do that? That’s when the interoperability comes. There are several layers of interoperability and aspects that are responsible for levels and domains of interoperability provision. To run the metaverse economy, you need connections and interoperability. Those two are must have; you can’t bypass it by any means.
What are the most relevant challenges you've faced today with interoperability systems in the GameFi industry?
Number one is technical challenges on every layer. Graphic challenges, semantics, infra. Number two is data privacy and security. Someone will have to take care of cyber threats and security protocols. The final one is adoption, in my opinion. The way this industry has been evolving with all the tech barriers and the ease of use provided for people, the mass adoption numbers will be increasing and overcoming those challenges. It will take time, obviously, but it will certainly happen.
What are some lessons learned from your perspective, and how do you see this situation in the future?
Metaverse is a mixture of AI, blockchain, AR, VR. People are also bringing various domains as gaming, ecommerce, fashion, cryptocurrency, etc. However, what we’re trying to do in Arcade is that we have taken a small step by providing interoperability in the gaming metaverse. I believe the structure remains more or less the same. Some of the challenges we faced initially are the adoption. It was pretty difficult to convince metaverse giants to adopt interoperability. One of those reasons is the loss of their monopoly. Yet, we firmly believe that this is going to be a sustaining ecosystem with codependencies and interdependencies will be introduced; at the same time, we will need a big support from those tech giants as well.
What are your predictions about the metaverse?
With this metaverse standards forum coming off wherein we have all these major participants pulling in, the standardization of the industry has started. I would go with the numbers. By 2025, half of 2D apps are predicted to be in the metaverse. I will definitely place my bets on them. If you are into the metaverse, you are conquering time and space. All companies will need to do is build as straightforward user interface as possible because the idea of metaverse is still new and confusing for the non-crypto world. So, all types of resistances have to be removed.