Metaverses: A New Age of Exploration and conquest
While we were looking for a unique angle to address a topic that is currently proliferating on the internet, we structured a few notes into what could constitute the preface of the “State Of The Block” 2022 Report. Our intention is to put the ongoing digital transformation in perspective with previous industrial revolutions and highlight why the cyberspace endowing itself with Governance and Jurisdictional capabilities is at the core of the undergoing digital revolution.
Empires throughout history have consistently sought to expand their economies in order to maintain power and stability. One of the most significant ways in which empires have accomplished this is through exploratory expeditions. These expeditions have played a critical role in the survival of economies and civilizations, as they have allowed for the discovery and exploitation of new resources, the establishment of trade routes, and the expansion of territorial control.
In the past, empires such as the Roman Empire, the British Empire, and the Chinese Empire relied heavily on exploratory expeditions to expand their economies. The Roman Empire, for example, established a vast network of trade routes that spanned across Europe, Asia, and Africa. This allowed them to gain access to valuable resources such as spices, silk, and precious metals, which they then used to strengthen their economy and military. Similarly, the British Empire relied on its naval power and control of trade routes to gain access to resources such as tea, sugar, and cotton, which were then used to fuel the Industrial Revolution and drive economic growth. The Chinese Empire also relied heavily on its naval expeditions led by Zheng He, which allowed them to establish trade routes with Southeast Asia, India and East Africa and gain access to valuable resources such as spices, precious metals and exotic animals.
Exploratory expeditions were also critical to the survival of economies and civilizations in the past because they allowed for the establishment of colonies, which provided a source of cheap labor and raw materials. The Spanish Empire, for example, established colonies in Central and South America, which allowed them to exploit the resources of these regions and establish a source of cheap labor for their mines and plantations. The Dutch Empire also relied heavily on their colonies in the East Indies for resources such as spices and textiles.
Despite the benefits that exploratory expeditions have provided throughout history, they have also been associated with negative consequences such as the exploitation of native populations and the spread of disease. However, it is important to note that these negative consequences were not an inherent part of exploratory expeditions, but rather the result of the exploitative policies of the empires that conducted them.
An analogy can be drawn between the rise of the World Wide Web in the 1990s and the role that exploratory expeditions played in the past. Just as the exploratory expeditions of past empires allowed for the expansion of territorial control and the discovery of new resources, the rise of the internet has allowed for the expansion of economic control and the discovery of new opportunities.
Following the early 90s recession that affected much of the Western economies and contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incumbent president George H. W. Bush. The dot-com bubble (dot-com boom, that followed the 1990s, was characterized by a period of massive growth supported by the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Composite stock market index rose 400%, only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. During the dot-com crash, many online shopping companies, such as Pets.com, Webvan, and Boo.com, as well as several communication companies, such as Worldcom, NorthPoint Communications, and Global Crossing, failed and shut down. Some companies that survived, such as Amazon, lost large portions of their market capitalization, with Cisco Systems alone losing 80% of its stock value. But despite the common belief, the dot-com boom can be seen as similar to a number of previous technology-induced economic booms including railroads in the 1840s, automobiles in the early 20th century, radio in the 1920s, television in the 1940s, transistor electronics in the 1950s, computer time-sharing in the 1960s, and home computers and biotechnology in the 1980s.
Observed from that perspective, it appears that the internet has saved the world economy from a systemic economic and social collapse by providing a new platform for commerce and communication. It has allowed for the establishment of new business models, such as e-commerce, and has facilitated the growth of new industries, such as digital media and online advertising. The internet has also allowed for the globalization of markets and the democratization of information, which has led to increased competition and innovation.
Born out of the Internet during the last 40 years, the cyberspace is currently undergoing a significant transformation as it enters into its third age in which it is developing its own system of governance and jurisdiction. One of the most notable developments in this phase is the emergence of jurisdictional capabilities in the cyberspace. This refers to the growing ability of entities operating in the digital realm to implement governance mechanisms and regulate their own activities, through the definition and promotion of custom laws and reglementations to policymakers and public institutions.
This development is particularly important for the protection of individual rights and the establishment of a stable and predictable business environment. As the cyberspace becomes more integrated into our daily lives, it is crucial that there are clear and enforceable rules in place to safeguard the rights of users and to provide a predictable environment for businesses to operate in.
Another key development in the cyberspace is the rise of digital nations. These are virtual entities that exist solely within the digital realm and have their own constitutions, laws, and monetary systems. These digital nations have the potential to disrupt traditional models of politics, diplomacy, and international law. They could challenge traditional notions of sovereignty and territoriality, and could even lead to the creation of entirely new forms of governance.
The Metaverse is a network of virtual environments that leverage Virtual Reality and Augmented Reality technologies to provide immersive and interactive experiences for its users. Unlike a traditional virtual world, the Metaverse is not meant to become a single, unified entity but rather a collection of interconnected virtual spaces. This network of virtual environments is expected to be the next stage of internet development and will allow us to continue expanding our economies by generating infinite business opportunities.
The Metaverse will serve as a new platform for economic and human interaction, creating opportunities for new industries to emerge, such as virtual reality gaming, virtual real estate, and virtual events. As users can participate in the development of virtual worlds or create their own, it will also open up new possibilities for entrepreneurs and companies to reach consumers. Moreover, the Metaverse will provide new opportunities for the development of digital nations, as it provides the infrastructure for creating and governing virtual entities.
“The Metaverse also has the potential to transform the way we interact with one another and to create new forms of social and economic organization.”
The Metaverse will provide a new platform for commerce and communication redefining the notions like property and ownership and providing a new source of revenue for entrepreneurs and explorers who invest in the building and development of new paradigms like the Web 3.0.
It is important to note, however, that the expansion of territories and economies in cyberspace has seen the emergence of new forms of conflicts, such as cyber warfare and psychological warfare. In the cyberspace, individuals’ attention and creativity are the ultimate prizes, as empire survival depends on their ability to accumulate these precious resources. This has led to the development of new technologies and techniques for manipulating and controlling individuals’ behavior and decision-making, which pose a significant threat to the security and integrity of cyberspace.
To mitigate these risks and ensure the success of the Metaverse, it is essential to establish a robust and effective regulatory framework that addresses these new forms of conflict. This framework should include measures for protecting individual rights and privacy, promoting transparency and accountability, and fostering innovation and competition.
In conclusion, empires throughout history have relied on exploratory expeditions to expand their economies and maintain power and stability. These expeditions have played a critical role in the survival of economies and civilizations by allowing for the discovery and exploitation of new resources, the establishment of trade routes, and the expansion of territorial control. The rise of the World Wide Web in the 1990s and the emergence of the Metaverse in the near future provide new opportunities for the expansion of economies and the generation of infinite business opportunities. However, it is important to address the new forms of conflicts that have emerged in the cyberspace and to establish a robust regulatory framework to ensure the success and stability of the Metaverse.
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Pursue the conversation by joining us in November 2023 for SOTB 2023. State Of The Block is an invitation-only global event Dedicated to the future of Web 3.0, the blockchain and digital assets adoption. The counter-conference is hosted by DIC in Dubai Knowledge Park.
Born out of Braincities Lab, Datachain Foundation focuses on the development of a Decentralized Data Management Infrastructure (DDMI) for IoT, Smart cities, and Predictive Maintenance. The Research and Development phase started 4 years prior to the incorporation of the company in January 2022. Over a short period of time, the company has rapidly grown in terms of both technology maturity, revenue and profit margin, and has been building partnerships with public and private organizations in Europe, the Middle East and the US to sustain its ability to grow. The technological paradigm underlying Datachain Foundation Decentralized Data Management Infrastructure is predicted to become a key player in the Web 3.0 ongoing revolution.
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