The metaverse has been defined as the convergence of our physical and digital lives to create a virtual community where everyone can work, play, transact, and socialise. The Metaversality Index 2022 (MVI 2022) is a scalable framework that measures the strength of a metaverse ecosystem, providing a scalable, scoreable map of how we are beginning to make sense of the various components of the metaverse and all the various products that form it.
From platforms and people to payments and purchases – the MVI 2022 provides a guide that takes a snapshot of how metaverse-compatible they are, underlining the aspects they excel in and identifying inherent limitations and areas where further improvements can be made.
The MVI 2022 has been designed as a conceptual framework for discussion. We would be delighted to hear your thoughts on how to add different dimensions that can deepen the discourse on what the metaverse entails, how we understand it, and how it will evolve.
The metaverse is characterised by seven attributes: 1) Entering and Presence; 2) Identity, Representation, and Avatars; 3) Home, Travel, and Discovery; 4) Interoperability and Standards; 5) Data Protection, Privacy, and Safety; 6) Virtual Media/Artefacts, Markets, and Transactions; and 7) Interactivity and Interfaces.
The MVI methodology provides specific questions which break down these attributes further and provide a scoring mechanism based on how well the product being examined can fulfil the full potential of that attribute. An example to illustrate this is cryptocurrency. It may score low on “Entering and Presence”, as there is no way to ‘enter’ into this cryptocurrency ‘universe’, but it would score very highly on “Interoperability and Standards”, as you can transact with it in any digital world. It would also score well on “Virtual Media/Artefacts, Markets, and Transactions”, as it would be a primary mode of payments and transactions.
With the lack of a universal definition, metaverse development is still in its infancy. There continue to be questions around how the metaverse will grow, interconnect, and be regulated – all of which add to the research that the Fair Tech Institute is working on.
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