Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.

What's going on, guys? It is Sunday, September 5th, and that means it's time for Long Reads Sunday.

Now, this week is a holiday weekend. It's Labor Day, the official end of summer, the beginning of fall.

And all around us is a crypto market that is going

absolutely bananas. Whether you think all of this NFT metaverse stuff is absolute madness,

or whether you are totally bought in, it is an unignorable market forced, at least in this

weird little corner of the world, and at least for now.

It's that word metaverse that serves as the central point, the central crux,

of the piece that I'm going to read for LRS today.

This is from David Hoffman, one of the co-founders at Bankless, and is called The Metaverse

emerges.

As the NFT media grows in energy, so has the conversation around the Metaverse. We all talk about the Metaverse, but no one has

meaningfully attempted to define it. This article offers an actionable proposition about what

the Metaverse actually is. The Metaverse will be an orchestration of many different layers

and technologies, but it will ultimately collapse upon a single shared source of truth that

all components of the metaverse will abide by. The metaverse will be made up of objects,

and all those objects must know that all other objects exist. From this foundation, we can

create a ledger of all objects in the known metaverse, as well as their shared history of interactions and stories. Understanding the Metaverse requires

stripping it into its component parts and then recomposing it into a single narrative of what

it is. Let's dive in. Building the Metaverse bottom up. The Metaverse is a new organizing

...