The metaverse is by no means a clearly defined concept, but rather a complex compilation of various characteristics that have their basis in the science fiction literature. In this context, the metaverse is often understood as a virtual world, as portrayed in films such as The Matrix. We are currently at a point where the metaverse of the future can either be designed and controlled centrally by a few companies, or it can be designed inclusively and openly. An open and inclusive metaverse puts ownership and control of digital assets and experiences in the hands of its creator economy (i.e. stakeholder empowerment) and allows portability (i.e. users are able to port their assets and experiences from one metaverse application to another). The project will explore the phenomena of an open metaverse in order to contribute to the long-term positive development of the metaverse.
We delve into various aspects of the open metaverse, including digital real estate (e.g., LAND), where users can buy, sell, and develop virtual land; avatars, which represent users’ digital personas; and NFTs (non-fungible tokens), which enable the creation, ownership, and trade of unique digital assets. By examining these elements, we aim to better understand the potential opportunities and challenges posed by the metaverse and provide insights into how an open and inclusive metaverse can foster creativity, collaboration, and equitable participation for all stakeholders.