The Metaverse is a concept quickly coming into the reality of a shared virtual world accessible to anyone on the internet. Importantly there is only one Metaverse (hence proper noun), composed of many virtual worlds and digital domains like , , and . What ties all these independent worlds together is a " ". Sandbox Decentraland CryptoVoxels shared open state These are not siloed individual platforms. In the Metaverse you can easily move yourself or your items from one virtual world to another. You can't export all your posts from Facebook onto Twitter. On the other hand you don't even have to "export" your avatar from Decentraland to Sandbox, if your avatar exists in one, it automatically exists in the other, all you need is an interface that can render your avatar and the virtual world you want to visit. A shared open state is what allows this seamless Metaverse experience to be possible. Having a single source of truth for all data and assets that exists outside of any individual platform is what gives the true value and exponential potential to the Metaverse concept. How is this shared open state created and utilized though? The Data Economy. What is the Data Economy? The Data Economy is a digital ecosystem of data-based products and services. This ranges from data storage to compute resources and data marketplaces to autonomous agents for hire. In web2 they are generally represented by FAANG and the NASDAQ, in crypto they are represented by DATA, the leading decentralized ETF for . investing in Data Economy tokens The Data Economy is the backbone of America's biggest companies and the same is true in the crypto market. Chainlink, IPFS, and The Graph are three of the biggest data-based services in the crypto economy that often sit in the top 10-50 tokens by marketcap because they are utilized by nearly every smart contract platform and dapp, including Sandbox. In fact, the crypto Data Economy has a bigger combined marketcap than all of DeFi. https://twitter.com/thomas_hepner/status/1432796767326666755 Why is the Data Economy important for the Metaverse? The meme says it all. Nearly every component of the Metaverse is built upon the Data Economy as a shared open state. These decentralized data protocols allow independent virtual worlds like Sandbox to network into an interconnected shared virtual reality called the Metaverse. Without them, there is a lot less value to web3 tokenized virtual worlds than centralized web2 platforms with existing network effects . Data-centric, chain-agnostic frameworks are what truly create the Metaverse and bring value to its experiences. They provide persistence, utility, and availability for all the dapps, games, and even the very fabric of reality that you interact with . like Facebook Metaverse Reality As Persistent Data We mentioned the concept of 'shared open state" as one of the core principles of creating the Metaverse. This concept is powerful because you aren't tied to Ethereum or Solana or any particular chain. Your assets will always exist in a persistent storage layer even if the smart contract platform that it is tokenized on loses popularity or completely fails. "IPFS is used to store the actual digital asset and ensure the asset cannot be changed without owner permission." - Sandbox whitepaper Yes, the token represents your ownership, but ownership of what? A platform-agnostic content hash on or . What you really own is the underlying data linked in your NFT contract. This means that the Metaverse and all its contents will always exist, creating a pervasive, incorruptible reality. Filecoin Arweave With the surrounding Filecoin and Arweave, when you store content for use in the Metaverse you can guarantee that your content will always be available. You won't suddenly show up to your house and find it suddenly gone making you virtually, but hopefully not literally, homeless. This extends to every aspect of the Metaverse, if we can not securely and permanently store it with complete fault tolerance then we are doomed to see our reality erode like losing beaches to rising sea levels. tokenomics This permanence is important not only for the data itself but how we access it. Cryptographers have worked a long time to ensure that are kept to a minimum. So we know your data is secure across platforms, but what about your identity? Aren’t you annoyed when you can’t get the same username on Github and Twitter and it makes it harder to share your social profile with people? When your avatar jumps from Sandbox to Decentraland, will you still have the same name and identifier or is your reputation and everything you were in the old world lost in translation? provides a potential solution to this with blockchain based DNS and domain names. By having cryptographic ownership of a unique (domain) name at the base internet level, you can securely log in to any platform and maintain your avatar’s identity across virtual worlds, gaming platforms, blockchains, and even web2 apps. hash collisions Handshake Data Oracles In Blockchain Gaming (VRF) by Chainlink oracles is essential to making fun blockchain games and being able to fairly monetize them. VRF can be used for anything you can imagine - for randomly generated virtual environments, probabilistic games such as gambling, and provably rare autogenerated items sold by game devs. All of these are important components of the Sandbox ecosystem, helping make it a dynamic and exciting virtual world that people will want to continually engage in. Game developers can easily make more fun experiences and users can trust that they aren't being cheated by game studios or other players, making more people likely to play. Verifiable randomness Chainlink oracles have an infinite amount of additional functionality that they can bring to the Metaverse and onchain gaming with their . Recently to enable some of these new usecases. Chainlink can now allow smart contracts to send data directly to Filecoin for storage without needing developers or creatives to directly do the work, taking the burden off game developers to run infrastructure. A game developer could use this to automatically post weekly leaderboards for example. You can also automate repetitive tasks (a.k.a daily quests :P) with to level up your character even faster. custom adapters Chainlink partnered with Filecoin Chainlink Keepers Accessing Metaverse Data One big issue with building a massive virtual world is how are you supposed to keep track of all the amazing things going on?!? The more vibrant and exciting the Sandbox ecosystem becomes the harder it is to follow. The crypto Data Economy has the answer yet again with - an indexing service for onchain data that makes it easy to follow every single token transfer, new NFT created, virtual events happening, etc. Most things in the Sandbox universe (excluding individual user movements) can be tracked through The Graph. Being an open source project, you can see exactly what data is available on and even modify it yourself to track custom data for yourself using your own Graph node. The Graph has already been battle-tested for years and is used throughout DeFi, Metaverse, and onchain gaming dapps. The Graph Sandbox's subgraph Handshake domains can also be used to provide semantic URLs to your IPFS hashes (e.g. instead of to get my profile picture) and virtual world locations (e.g. instead of ). https://avatar.myusername/ ipfs://QmPK1s3pNYLi9ERiq3BDxKa4XosgWwFRQUydHUtz4YgpqB https://frontstage.deadmaus/ https://www.sandbox.game/en/map/?currentX=-106&currentY=2574&zoom=3&liteMap=false&partners=13&x=-63&y=162 Making URLs simple and easy to identify, as well as tying them to cryptographic keys to prevent phishing, fraud, and DNS hacks, makes virtual environments a much more friendly and safe place for people to spend their time. Conclusion The Metaverse isn't just built on the Data Economy, . Data-centric, chain-agnostic frameworks are what truly create the Metaverse and bring value to its experiences. The more Metaverse projects and blockchain games utilize these data-services the more exciting, innovative products they will be able to provide to their users. They will also be reducing the amount of technical infrastructure and overhead they will have to maintain  by outsourcing it to decentralized protocols which frees their resources to invest into more R&D making them more competitive in the market and ensuring their success. Sandbox is already an early leader in this respect having already utilized many of the protocols mentioned in this post. By working together Metaverse and Data Economy projects can create a world that we haven’t even imagined yet. the Data Economy is the Metaverse Disclaimer: I am the founder of the , a decentralized ETF product that includes the Chainlink, Filcoin, and The Graph mentioned in this article. We make it easy to get exposure to the entire crypto Data Economy by purchasing a single token, , that is backed by a basket of redeemable tokens for web3 data-based products and services. Data Economy Index $DATA This article is part of The hosted by HackerNoon in partnership with . Gaming Metaverse Writing Contest The Sandbox Submit your story today for your chance to win up to $2000. #gaming-metaverse Also published on: https://blog.titansofdata.org/the-metaverse-is-built-on-the-data-economy

Solana

Chainlink

Filecoin

Decentraland

The Sandbox

The Graph

Chain

Dapp

Facebook

Twitter

CoordiNations: Shaping the Future of Autonomous Societies Beyond Network States

Follow my blog on Self-Actualization, Game Design, and Network States

Nominated for 2022 - HackerNoon Contributor of the Year - Metaverse

Read My Stories

Too Long; Didn't Read

Make resilience your competitive advantage

How The Metaverse Relies on The Data Economy

How The Metaverse Relies on The Data Economy

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

e/acc, Kamikazes, Kawaii Market Crashes, and More - My Japanese Investment Thesis

The Noonification: How Often Do NFTs Pass The Howey Test? (1/13/2023)

03/09/2018: Biggest Stories in the Cryptosphere

The Noonification: Immigrant Teens Are Working Dangerous Night Shifts in Factories (11/21/2022)

The Noonification: How to Implement a Merkle Tree in Solidity (11/12/2023)

e/acc, Kamikazes, Kawaii Market Crashes, and More - My Japanese Investment Thesis

The Noonification: How Often Do NFTs Pass The Howey Test? (1/13/2023)

03/09/2018: Biggest Stories in the Cryptosphere

The Noonification: Immigrant Teens Are Working Dangerous Night Shifts in Factories (11/21/2022)

The Noonification: How to Implement a Merkle Tree in Solidity (11/12/2023)

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps