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The possibilities of the metaverse are continuing to expand faster than we can keep up. Just a few months ago, the metaverse was beginning to enter into the broader public consciousness as a gimmick that could create remote meetings in a virtual world, a concept popularized by Mark Zuckerberg during Facebook’s rebranding to Meta. Now, however, hundreds of industries are seriously considering how the metaverse might disrupt the status quo for the better — from healthcare and real estate, to gaming and e-commerce.
Within this conversation, another term has been popularized in recent months: Decentralized Autonomous Organization, or DAO. As Fortune describes, a DAO is, “a group of people who have entered into a contract with one another to reach a coordinated goal.” One industry where this could have massive potential, but is currently mostly uncharted territory, is racing.
The Future of Racing
One possible outcome of racing in the metaverse wouldn’t look too dissimilar to driving simulators which are used for training purposes. While games and virtual reality can offer the experience of racing on a particular track, it doesn’t create the same realism — where your body feels the strenuous workout that professional Formula One (F1) drivers experience.
Within the metaverse, the entire experience can be replicated to something that is very close to the real thing. One racing enthusiast recreated a simulation that was so high-tech, he was able to experience the track he was going to drive on before he even got there — including the muscle aches and pains that the demanding circuit would inflict on his body.
How a DAO Reimagines Things
A DAO is simply the virtual destination of the user once they enter the portal, and they can decide where to go. With a DAO, it gives users a say in how the wider metaverse might be built. As is already happening within healthcare, which I have seen firsthand, DAOs can undergo an exploration phase in a community-led process, where features and designs can be considered.
Within the racing community, enthusiasts from across the world can contribute votes on key aspects of design, functionality, and direction, which would one day allow them to access world-class training for high-performance driving and racing. On the blockchain, members could also receive governing benefits and specific privileges. This idea connects closely to the principles behind the newest iteration of the online world — Web 3.0 — which refers to a more decentralized model of the internet. But Web 3.0 and the metaverse are evolving in a way that means both will compliment each other, namely that consumers will have a say in how new digital projects are built.
What are the Possibilities?
The purpose of a community-led initiative is that there is a blank canvas to create something new and better than what we already have. A DAO within the racing industry means that there is potential to develop an advanced simulator for electric vehicles. This would allow drivers to try different cars, tracks, and the whole sensory experience that comes with it.
There’s also the possibility of a racing metaverse, complete with competitions and the thrill of real life-racing. Horse racing games within the metaverse are already being explored, because they offer a gambling and competitive experience. The concept of NFT car buying and trading is also already in motion.
One of the greatest benefits would be the ability to create a carbon-neutral race track. There’s great pressure for F1 to become more environmentally sustainable, considering it has already committed to net carbon zero by 2030. One report also found that F1 produced 256,000 tons of CO2 emissions each season. A DAO is something that might be of interest not just to racing enthusiasts, but environmental activists, automotive experts, as well as consumers.
A Decentralized Future
Ultimately, a DAO can reimagine the racing world because it allows interested parties of all industries and backgrounds to have a tangible contribution in what the future of this space might look like. In a decentralized network, it enables fair, equal contribution to create something that has the interest and investment of numerous parties. It also means that no single company has control over a service or the user experience. A DAO is a space for like-minded people to connect and throw their support behind something new without overhead or interference — something society is seeing the appeal in now more than ever.
Author Bio
OG Arabian Prince is CEO of MdDAO and Drivyn Performance
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