Metametaverse, a company dedicated to the interoperability of numerous metaverses, has already secured more than $2 million in support of its latest project.
DAO Maker is leading the financing round, which also includes Ghaf Capital, Decasonic, and Metaverse Group, among other investors.
After laying low for a few years, cryptocurrency pioneer Joel Dietz - the creator of MetaMask and Ethereum - has launched the new company to create an different kind of metaverse.
Metametaverse by Dietz is cross-chain native and includes a programming language for establishing and operating metaverses, running games and simulations inside them, and mapping parallel realities.
Dietz plans to develop a Layer 1 blockchain system, comparable to Ethereum or Bitcoin but more analogous to a metadata protocol, with the main goal of combining together different aspects of the digital realm, one that is linked to multiple virtual realities as envisioned in novels like Ready Player One and Snow Crash.
Dietz has returned from what he calls a "crypto retirement" -- a years-long absence from the sector following his work as a member of the first development team for the ConsenSys-owned Ethereum wallet.
Dietz has returned to the field because of the space's new ambitions and an idea of the metaverse that reminds him of the early days of Web3 growth.
The Metaverse as it applies to digital experiences and token economies is still in its infancy, and hundreds of firms have only lately begun to construct their own rendition of the virtual reality.
All of these metaverses have a purpose as a technological application, whether it's in a business setting or a game world.
Metametaverse now has 25 contributors and its scope includes a language for creating and connecting among metaverses, even if they are hosted on various blockchains, making it "blockchain agnostic."
Dietz believes that in the coming years, the metaverse paradigm will continue to develop in size and importance, eventually overtaking bitcoin and other cryptocurrencies.
"The metaverse will design and market every building in every city in 30 years. We're working on a protocol that will allow high-end assets and clear business use cases to be supported," Dietz pointed out, in reference to his new venture's role in the future.
In an interview with Venturebeat, Dietz summarized his work as: "The Domain Name System (DNS), which serves as the internet's addressing system, is being reimagined. This, on the other hand, would be a coordinate system for complex three-dimensional objects in three-dimensional space."
