The Metaverse: And How It Will Revolutionize Everything

by Matthew Ball

Some envision smart contracts as the Metaverse-era version of the LLC (limited liability corporation) or 501(c)(3) (nonprofit organization). A smart contract can be written and instantaneously funded, with no need for participants to sign documents, perform credit checks, confirm payments or assign bank account access, hire lawyers, or even know the identities of the other participants. What’s more, the smart contract “trustlessly” manages much of the administrative work for the organization on an ongoing basis, including the assignment of ownership rights, calculation of votes on bylaws, distribution of payments, and so on. These organizations are typically called “Decentralized Autonomous Organizations,” or “DAOs.”