Back in 2006, the virtual community Second Life created the world’s first virtual millionaire. She was a virtual real estate tycoon in the community, acquiring Linden Dollars (legally convertible to US Dollars), the currency used in the online “game” Second Life has gone on to create many more real life millionaires who bought and sold virtual products and services in the community. Contrary to popular belief, Second Life is still around. The hype may have faded significantly, but there is still a small (55,000 users logged in at a time) user base. Now the founder of Second Life has launched High Fidelity VR, which is set to maximize the advancements in VR technology. High Fidelity is using the latest blockchain tech as the infrastructure for it’s new VR economy. That infrastructure will include a Digital Asset Registry (DAR) system is intended to also prove the ownership and characteristics of a virtual object.
Online social networks are perfect places to integrate virtual products and currencies.
Facebook founder Mark Zuckerberg announced new Social VR features at the Oculus Connect 3 keynote (such as the ability to create ‘parties’ and ‘rooms’ wherein friends can gather in VR environments), He appointed a head of Social VR and channeled $250 million into VR development.
The release of crypto FB dollars, Microsoft Dollars, Google Dollars, Apple Dollars, or Amazon Dollars could challenge major governments of the world for monetary supremacy.
But as seen in the rise of Bitcoin and other decentralized currencies, the future of money may not be in the hands of central authorities. Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications. It claims to be the first virtual platform owned by its users. I just signed up to be part of their virtual land auction. It closes December 15th, 2017. Yes, that’s just a couple of days from this publication.
At this very moment in human history, we are in the process of a virtual rush. However, the role of the 21st century conquistador is not to conquer. It is to develop something and share it with a virtual community.
Not only do we have virtual economies, we have an emerging virtual government. Its citizens are distributed by a decentralized blockchaintechnology. Bitnation seeks to provide open-source governance, which includes DIY smart contracts mainly on governance, security and law. Subsidiary services include constitutions, secure ID/Reputation systems, dispute resolutions, security, insurance, marriages, notary service, and birth certifications.
In summary, the modern social network is a virtual network. Where there is a network, there is a potential economy. Citizens no longer have to be limited by their jurisdiction’s laws and monetary systems. If you want to have a secure conversation or financial transaction with someone outside of your country, you may just want to put on your VR headset and step into a room on a VR community. And as proven by Bitnation.co, if you want to to be a forefather of a new nation…all you have to do is insert your email address on a contact form.