I’ve honed my imagination dream-building for years, just not in the parameters of computer programming, but with pen on paper. So as an investigative journalist turned graphic novelist, I have a specific way of viewing the world. What I’m looking at in Ethereum extends far beyond a new cryptocurrency. It’s a promise of what a new reality could be—a metaverse rooted in genuine digital ownership. Forget Zuck's walled garden. I’m referring, of course, to a decentralized, creator-owned universe, and Ethereum is the underpinning.

Digital Identity Needs A Revolution

We’re giving away our identities, one digital crumb at a time, to companies that profit from the data they sell. It's a digital feudalism. We believe the metaverse has amazing potential to be a place for social connection, creative expression, and new economic opportunities. Without providing a safe, verifiable, digital identity, it quickly becomes a sandbox for exploitation.

  • Do you really "own" your avatars, your digital art, your virtual land in today's metaverses?
  • Or are you just renting them, subject to the whims of a centralized authority?

Past Ethereum’s ability to host NFTs and decentralized identifiers (DIDs), it provides a more radical alternative. Now, picture a world where your digital self really does belong to you. It’s cross-platform portable, cryptography secured, and entirely in your control. That's the promise of an Ethereum-powered metaverse. More than owning JPEGs—own your identity.

Ethereum The New Global Bonds Market?

The prospect of Ethereum hitting a $100 trillion market cap? It sounds insane, I know. A projection of $740,000 per ETH if it hits $90T market cap is even more bonkers. Think about what that represents: a fundamental shift in how we perceive and interact with value.

They refer to Ethereum as “digital oil.” It’s the currency that powers the new decentralized applications (or dApps) and smart contracts that are changing the face of finance. It's also something more: a potential universal collateral. The concluding article shines a bullish light on Ethereum’s chances of fully replacing the global bonds market. Further, it highlights its unique position as non-sovereign universal collateral, given its security, programmability and flexibility.

Global bonds are essentially IOUs issued by governments and corporations. They're promises backed by…well, promises. In contrast, Ethereum itself is only backed by cryptography, code, and a decentralized network of nodes. It's programmable trust.

Might Ethereum lay the foundation of a new financial system, one that is fairer, more open and more efficient? It’s a big vision, but an exciting one to imagine. Just know that every revolution begins with an impossible thought.

The Dark Side Of The Dream

Let’s not get too swept up in ideas of digital utopia. There are indeed potential pitfalls, unintended consequences that we must confront and discuss in good faith.

  • Data privacy: While Ethereum enables self-sovereign identity, it also raises questions about how we manage and protect our data in a decentralized world.
  • Digital inequality: Will an Ethereum-powered metaverse exacerbate existing inequalities, creating a divide between those who can afford to participate and those who can't?
  • Centralization creeps: can centralized entities take over parts of the network?

We will be honest, these are difficult questions, with no straightforward answers. But pretending they don’t exist will not make them disappear. We must engage in deep, ethical conversations about what it means to build a decentralized future.

It can be tempting to ride that wave of enthusiasm and that promise of immense wealth generation. The promise of a new digital shiny object lures us like moths to a flame. I’ve spent more than two decades on this, peeling back the layers. What I do know from my personal experience is that every revolution has its negative aspects.

My Metaverse vision isn't a naive one. It's a call to action. That is no small feat. That is the very endeavor to create a more decentralized and equitable future. It challenges us to innovate, to think differently, to ask hard questions, and to hold ourselves accountable.

Ethereum can be the backbone of a $100 trillion metaverse, but only if we develop it in a responsible manner. Let's not squander this opportunity.