We often use the term “Metaverse” (singulare) as if referring to a single entity. Actually, there is no such thing., at least not yet. Whether or not we can accurately say that there is only one metaverse is the difference between an open metaverse and a closed one.

Author Neal Stephenson coined the term “metaverse” in his 1992 novel “Snow Crash.” In his science fiction take, he described a completely virtual world that functioned as a parallel society. Since its inception, a wide range of groups, including technologists, Mark Zuckerberg, the crypto community, game developers, and many more, have embraced the term “metaverse.”

Earlier this month, Tim Sweeney, CEO of Epic Games, the makers of Fortnite and Unreal Engine, laid out his grand vision during the “Year in…