Improbable, a gaming technology firm, is creating the infrastructure for Bored Ape Yacht Club creator Yuga Labs’ Metaverse platform Otherside.
Improbable CEO Herman Narula appears to have been swayed by Web3’s rhetoric, claiming that despite being “very suspicious” about crypto and digital assets in the past, he now sees them as “the sole vehicle to monetize and share value in a Metaverse efficiently.”
“A Metaverse is a network of related experiences, many of which could not live alone,” Narula remarked at Web Summit. Instead, they “need the prospect of different experiences being in the area, and exchanging value between those experiences is quite challenging.”
He claims that Web3 “presents the only credible near-term answer to managing the Metaverse’s economy.” Finally, he believes that understanding how to allow divergent organizations to collaborate to create value is the “final, important piece of the jigsaw in constructing a practical Metaverse.”
“We’re used to an old, broken way of establishing web-scale enterprises,” he explained. “That tyrannical model in which a single firm owns the user dominates the space and dictates what happens within a Metaverse or any digital platform.”
That’s not just immoral, he claims; it’s also terrible for business. “If you are the most successful content producer on a closed platform, such as Roblox, Fortnite, or YouTube, you will never develop an IPO-worthy firm,” Narula added.
“The platform risk of your firm being dependent on the whims of another business reduces the long-term value that you can create in your equity,” no matter how much money that entrepreneur makes. He claims this is a “fundamental stumbling block” to building a metaverse occupied by a diverse range of firms.