Joel Dietz, founding architect of MetaMask and co-developer of Ethereum, started a new firm to build an interoperable metaverse. Dietz's company, Metametaverse, which is dedicated to the integration and interoperability of multiple metadata, has already raised $2 million for the effort.
Metametaverse's $2 million investment round was led by DAO Maker with the participation of Ghaf Capital, Decasonic and Metaverse Group. Dietz's Metametaverse contains a programming language for organizing and maintaining metaverses, running games and simulations in them, and plotting parallel universes.
Metametaverse Integrates Virtual Worlds
Dietz aims to create a Layer 1 blockchain protocol, similar to Ethereum or Bitcoin, but more like a metadata protocol, with the aim of integrating the metadata warehouse, a space of interconnected virtual worlds, as depicted in novels such as Ready Player One and Snow.
Dietz is back on the field with the new goals of the field and a metaverse concept that reminds him of the early days of Web3 development.
Metametaverse currently has 25 members working on it, and its scope includes a language for creating and communicating with metaverses even when hosted on other blockchains, making it "blockchain agnostic". Dietz described this work in an interview with Venturebeat:
“Redesigning the Internet's Domain Name System (DNS), which serves as the Internet's addressing system. But this would be a coordinate system for complex three-dimensional things that exist in 3D space.”
Dietz believes that the metaverse paradigm will continue to grow in size and relevance for years to come, eventually surpassing bitcoin and other cryptocurrencies.
Some firms, such as Grayscale, seem to agree, predicting that the metaverse will represent a trillion-dollar annual economic opportunity. Referring to the role of his new effort in this anticipated future, Dietz says:
“Within 30 years, the metaverse will design and sell every building in every city. We are developing the protocol to support high-end assets and support clear business use cases.”