SummaryWe contend that the open metaverse will eventually be loosely defined as any interactive, digital recreation or commerce that resembles either real–world or fantastical experiences, and is interoperable with bitcoin, stablecoins, or other digital assets.Interoperability would permit endless opportunities for end–users that previously were unattainable.We foresee blockchain games playing a pivotal role in onboarding the first billion users onto blockchain technology.The top open world metaverses by land sales are Otherside (APE), Decentraland (MANA) and The Sandbox (SAND).When analyzing the best way to position our investments to capitalize on the evolution of the metaverse, we are chiefly concerned with understanding which layer 1 tokens and infrastructure providers have asymmetric upside, given widespread metaverse adoption.By Matthew Sigel & Rylan WoodHere’s a look at how we identify investment opportunities to capitalize on the evolution of the metaverse and the future of gaming. “Did you win your sword fight?" "Of course I won the sword fight," Hiro says. "I'm the greatest sword fighter in the world." "And you wrote the software." "Yeah. That, too," Hiro says.” ― Neal Stephenson, Snow Crash Even if you can’t yet provide a clear definition for the metaverse and its varying characteristics, you (or your kids) have more than likely interacted with it in some shape or form in the last decade. Today, the metaverse ...