Blockchain as our Basis for Reality
It will be interesting to see how virtual worlds develop. It wouldn’t surprise me if people start by building closed worlds, especially the large incumbents (ex: Facebook) who have big private databases and entrenched network effects around them to defend. Just like the walled gardens of AOL and CompuServe at the beginning of the internet, that could work well for a few years, but eventually will get steamrolled by open worlds the same way AOL and Compuserve got steamrolled by the open internet. If that’s the case, there’s a huge opportunity to start by building with an open mindset.
When you drill down, blockchains are really a shared version of reality everyone agrees on. So whether it’s a fully immersive VR experience, augmented reality, or even Bitcoin or Ethereum in the physical world as a shared ledger for our “real world”, we’ll increasingly trust blockchains as our basis for reality. The lines between these virtual worlds and the “real world” will blur quickly. If someone builds a peer to peer lending app on top of a blockchain so that people can lend money from the US to Brazil, that exact same app is immediately available in every virtual world because it all runs on the same blockchain.
I suspect a successful business model to create these worlds will be the blockchain-based Token Model.