After keeping a low profile for a few years, cryptocurrency pioneer Joel Dietz – the creator of MetaMask and Ethereum — has launched a new company to create an interoperable metaverse.
Brace For The Metametaverse
Metametaverse, a corporation dedicated to the integration and interoperability of numerous metaverses, has already funded $2 million in support of this project. DAO Maker is leading the financing round, which also includes Ghaf Capital, Decasonic and Metaverse Group.
Metametaverse by Dietz is cross-chain native and includes a programming language for building and managing metaverses, running games and simulations within them, and mapping parallel realities.
Connecting Virtual Worlds
Dietz plans to develop a Layer 1 blockchain system, comparable to Ethereum or Bitcoin but more analogous to a metadata protocol, with the objective of merging the metaverse, a realm of linked virtual realities as envisioned in novels like Ready Player One and Snow Crash.
Dietz has reappeared from what he refers to as “crypto retirement,” a years-long absence from the sector following his work as a member of the first development team for the ConsenSys-owned Ethereum wallet.
The Metaverse, as it pertains to digital experiences and token economies, is still in its infancy, and hundreds of firms have just lately begun to construct their own rendition of virtual reality. Each of these metaverses has a place as a technological application, whether it’s in a business context or a game world.
Dietz has returned to the space due to new ambitions and a metaverse notion that reminds him of the early days of Web3 development.
A ‘Coordinate System’ For Three-Dimensional Objects:
Metametaverse has 25 persons working on it now, and its scope includes a language for building metaverses and communicating with them, even if they are housed on different blockchains, making it “blockchain agnostic.”
In an interview with Venturebeat, Dietz summarised his work as follows: “The Domain Name System (DNS), which serves as the internet’s addressing system, is being reimagined. This, on the other hand, would be a coordinate system for complex three-dimensional objects in three-dimensional space.”
The Metaverse To Dominate Cryptocurrency In Terms Of Size:
Dietz believes that in the next years, the metaverse paradigm will continue to develop in size and importance, eventually overtaking bitcoin and other cryptocurrencies.
Some companies, such as Grayscale, appear to agree, predicting that the metaverse will be worth a trillion dollars each year.
“Every building in every city will be designed and sold by the metaverse in 30 years. We’re working on a protocol that will enable the support of high-end assets and obvious commercial use cases,” Dietz said, alluding to his new venture’s role in the future.