Metaverse and DAOs in Web 3.0
Megatrends will fundamentally change and shape our world. While some changes, like the growth of Web 3.0 and the metaverse, are progressing rapidly, others the continued domination of big tech and the determinant advancement of artificial intelligence, are developing more slowly but steadily. Cerebrum Tech Founder and Chairman of the Board Dr. R. Erdem Erkul indicates that the digital economy ecosystem will shape future competencies and new professions will emerge accordingly. Technological forces are transforming us and our physical world. Even the well-established institutional and economic principles are being transformed by new technologies. This indicates that the world is changing so fast that it outpaces society’s capacity to catch up. Several milestones trigger this change such as metaverse, DAOs, blockchain, NFTs, and Web 3.0. Therefore, many important topics need to be thoroughly examined, like why metaverse is something more than Meta.
Metaverse can be defined as a “digital world” where the real and virtual worlds merge, made possible by AR, VR, MR, and XR-supported products and services. Although metaverse, which was first mentioned in Neal Stephenson’s 1992 book Snow Crash, seems to lag behind the science fiction stories of today, it promises a futuristic technology ecosystem with the potential to generate more and more value. Erkul states that ‘’VR & AR are not about 3D virtual environments, glasses, or fun animations. Rather, it is about projects that benefit each other with digital assets and smart contracts and blockchain technology will make this technically possible.’’ He further adds: ‘’Approaching AR and VR as a field of entertainment is a mistake. It will transform and renovate many fields such as production, education, health, tourism, etc.’’
Blockchains, like Bitcoin or Ethereum, are not companies. They neither have chief executives nor board members. They are not being managed by a central authority or a hierarchy but by consensus. Decentralized Autonomous Organizations (DAOs), work in the same logic. With Decentralized Autonomous Organizations (DAOs), institutions can reach out to more people without time and place restrictions. With the establishment of smart contracts powered by blockchain that form the basis of DAOs, people will be able to trust organizations more. According to Erkul, DAOs are likely to be talked about much more in the coming periods.
With DAOs, the contributors will keep their created value. It will pave the way for a more democratic and transparent environment. Communities will become more powerful, and people will have the capacity to exchange values in a more trusted ecosystem. A more democratized, trusted, and transparent organization can strengthen the idea of creating social responsibility in Web 3.0 and can be named ‘’Philanthropic DAO’’. When integrated with metaverse portals, DAOs will be allowed to work more freely and effectively.
According to research done by BCG: Mordor Intelligence, the global augmented reality (AR), virtual reality (VR), and mixed reality (MR) market is expected to rise from 30.7 billion U.S. dollars in 2021 to 300 billion U.S. dollars by 2024. The development of these technologies can contribute to the potential of metaverse to generate great value. Hence, people and businesses show great interest in these technologies. Integrating these technologies with metaverse and implementing them in DAO projects can create an interactive engagement between the brands, institutions, and customers. People in the DAO networks can digitally get together, discuss and vote on matters necessary for DAOs in metaverse.
Blockchain technology ensures “Code is the Law” while DAO ensures that rules are orderly formulated and enforced. Both are cornerstones of the meta-universe system. On one hand, blockchain technology safeguards that ‘’Code is the Law’’. On the other hand, DAO ensures systematical preparation and implementation of rules. Both of them form the foundation of metaverse system.