Introduction

Just before summer vacation, I was on an investor tour in Western Norway and visited a group of skilled investors from Vestlandet and Bergen. I had presented our perspectives and investment strategies about the decoupling of human hands, feet, and cognitive processes from economic growth. During dinner, we discussed much, broadly, and at length. At one point, we started talking about the Metaverse. I lost them. They drifted away.

I took a running start and said: "Wait! OK, think of the Metaverse in the same way as the Hanseatic economy." For various reasons, I find the Hanseatic economy (1200-1500s) the most exciting period in Norwegian economics, so I've read a lot about that period. I'm by no means an expert in an academic or scholarly sense, but I am and have long been fascinated by this golden age of Norway and Bergen.

We ended up sitting until an exasperated waiter came with the bill along with the words "Sorry, we're closing now." Parts of this conversation are what we call the perspective note "The Hunt for Metaverse."

This is a perspective note meant to explain what the Metaverse is by comparing it to a historical economic system. It contains many limitations for those who don't want to go along with the comparison, but for those who play a little and have the ability to associate and reflect, we think this might be worth a try. If nothing else, to get a good laugh.

The Metaverse Through a Historical Lens

The Metaverse is a constructed digital world (Virtual Reality) that resembles ours, and which is also integrated into our real world (Augmented Reality). The technologies are beginning to scale in the coming years, and we believe we will all become part of this new digital world. The Metaverse is also a nice gateway to discuss cryptocurrencies and how there's a shift with transaction-efficient cryptocurrencies moving closer to your and my wallet (stablecoins).

A consequence of our analyses of technological developments around the Metaverse and its ecosystem is that in 2030 (albeit virtually) we will once again see what life was like during the Hanseatic period in Bergen. The Metaverse disrupts time and distance in a way that makes it possible to experience it as real. In a way, it's reality, time, and distance that are being disrupted. And maybe you'll pay with a HolbergCoin. We're sketching it all out.

Personally, I dream of "experiencing" Norway's golden age and not least fantastic Bergen in a world where it never rains. Maybe we'll all get the chance in a few years?

Why Compare with the Feudal System and Hanseatic Cities?

Finding a historical economic system that can be compared to the metaverse, where AI agents function as a gateway to participation in an economy driven by companies like Apple, Alphabet, Meta, Coinbase, Roblox, Ceva, Xiaomi, and Unity, requires us to identify parallels to a decentralized, technology-driven, virtual ecosystem with gatekeepers.

While no historical economy is a direct equivalent, the medieval feudal system, especially in the context of the Hanseatic period and the economic structure during this period, can provide relevant analogies. The feudal system and Hanseatic city economies share similarities with the metaverse in that they were complex systems with hierarchical structure, controlled access to economic opportunities, and central actors who regulated participation.

In the metaverse, AI agents and technology companies function as gatekeepers, in the same way that merchants and feudal lords controlled access to economic activities in the Middle Ages.

Key Concepts: From Medieval Markets to Digital Worlds

When we look at how the metaverse is emerging, the similarities to the Hanseatic era's economic systems are striking. Back then, feudal lords, the church, and merchant guilds (medieval merchant associations) determined who got access to land, labor, and markets. Today, Apple, Meta, and Roblox fill their shoes: They own the platforms, control the developer tools, and filter traffic through their API keys. On the surface, the economy seems decentralized with countless worlds and projects, but power is still concentrated at the very top of the infrastructure.

Value Forms: From Silver to Crypto

The form of value also has clear historical echoes. Feudal societies alternated between commodities like grain and labor obligations, and silver-based coins in trading cities. In the metaverse, digital money like Robux or other crypto tokens are used, and each platform determines how they can be obtained and used. Tribute hasn't disappeared either - it's just required as transaction fees in the App Store or fees on every NFT sale. The essence is the same: a portion of the value goes to whoever controls the "market" or infrastructure.

Production Patterns

Production follows the same pattern. Where farmers and craftsmen delivered timber, fish, and textiles to the Hansa, today's creators deliver game levels, avatar gear, and virtual concerts. The work happens in real-time, and AI agents ensure both content control and quick settlement.

The result is an economy where whoever controls the infrastructure also controls the entire value chain. Farmers needed fiefs from their lord; developers need cloud services from Roblox or Meta. The Hanseatic cities' trade networks resemble the metaverse's global marketplaces, only digital and always open. Writing systems and double-entry bookkeeping once facilitated trade over long distances; today it's blockchain and machine learning that provide the foundation for trust, traceability, and automation.

Four Foundational Pillars: Hansa and Metaverse

When we study the Hanseatic period and the metaverse side by side, we see that both build on four foundational pillars: economic organization, administration, social hierarchy, and infrastructure.

Taking a step back and reflecting on all this, the parallel becomes clear. The Hansa's network of cities resembled an early internet of trade routes, while the metaverse is a new merchant guild, just without geography. The gatekeepers are tech companies, and transactions are still carefully recorded, but now in blockchains instead of large paper books. Thus, history gives us a practical way to analyze the future. Because: "History doesn't repeat itself, but it often rhymes" – Mark Twain.

Money Systems in the Hanseatic Era

Silver was the "hard currency" of the time. A Lübeck mark of about a quarter kilo of silver functioned somewhat like the dollar today. It set the standard for value measurement and made trade between cities smoother. Coins of lower value (e.g., pfennig and shilling) circulated in pockets and stalls, while the very largest settlements could require gold coins like florins and ducats. Yet cash was by no means dominant. In outskirts like Bergen, barter lived on. Dried fish was still measured against grain when silver wasn't enough.

Banks as we know them didn't exist, but wealthy merchant families took on the role of the era's fintech companies. They stored others' coins, exchanged currency, provided credit, and issued bills of exchange that let money flow through the trade network without a single coin changing physical hands. The bill of exchange from a merchant in Lübeck that could be redeemed in Bruges reminds us of today's bank transfer or a stablecoin transaction. Same idea of value transfer, just along slower routes and with quill pen.

Transactions were carefully documented. The account books in Hanseatic offices are surprisingly sophisticated seen with today's eyes. Each entry about currency in, currency out, gave merchants the basis to extend credit and to enforce contracts with fines if goods failed to appear. When we look at this with today's digital glasses, the similarities are clear. Silver coins, bills of exchange, and trade books have gotten their digital analogues in stablecoins, bank transfers, and blockchains.

Comparison with Crypto in the Metaverse

The metaverse, with large tech companies like Meta, Roblox, and Unity at the center, is a digital economy where stablecoins and other cryptocurrencies can function as a means of transaction. Below, the Hanseatic system's economy is compared with crypto's role in the metaverse:

Transaction Logic Then and Now

The transaction logic is also recognizable. In Hanseatic times, small purchases went cash, while larger trades were entered into thick account books. In the metaverse, everything goes straight to the blockchain, and smart contracts ensure that the agreement is carried out exactly as the parties have agreed.

When it comes to saving and investing, medieval merchants plowed profits into ships and goods to spread risk. Metaverse users put Bitcoin in the wallet, buy virtual properties, or let an algorithm manage the portfolio. The opportunities are greater, but the rules are unchanged: higher risk provides the opportunity for higher returns, whether it's a ship or a rare game avatar.

Finally, we're left with the gatekeepers. In North German cities, merchant guilds determined who could sell in the square, and they charged for the privilege. In the digital world, platforms like Roblox and Meta fill the same role: they own the infrastructure, set the fees, and filter traffic, while the payment guild itself (cryptocurrency) remains open and decentralized. Thus, the metaverse combines the free currency Hanseatic merchants would have loved with the gate control they themselves practiced.

Trading Goods and Services

We like to think of trading in the metaverse as a modern version of the old barter trade that bound the Hanseatic cities together. Except that silk, salt, and dried fish have been replaced with avatar clothes, NFTs, and virtual property. In practice, this happens when two users exchange digital values without first exchanging them for a common coin. Maybe we trade a rare "skins jacket" in Roblox for a ticket to an exclusive concert area, or exchange an art NFT for a plot in Decentraland.

Digital Assets and Services

When we say digital assets, we mean everything that can be owned in a virtual world: a piece of digital art, a rare cape for your avatar, a sword in an online game, or a plot of land. The value comes, just as in Hanseatic times, from how rare the thing is, how many want it, and whether it can actually be used for something.

Services are also moving into the metaverse. Developers build virtual neighborhoods, designers make avatar clothes, and guides hold tours for groups who want to experience a concert or museum in VR. For things to go smoothly, AI agents step in as digital brokers. They find buyer and seller, check that the owner really owns the item via the blockchain, and let a smart contract (a computer program that can pay out "money" and transfer ownership simultaneously) ensure that the agreement is fulfilled.

Decentralized Marketplaces

At the same time, more marketplaces are becoming decentralized. On OpenSea or inside Decentraland, two users can trade directly. Much like when the fisherman in Bergen traded dried fish for grain on the wharf, but now without a boss making all the decisions. The platform does take a small fee, much like merchants did in the Middle Ages, but the rest of the trade is controlled by the code.

Sometimes people use stablecoins or another cryptocurrency, but many go straight to barter to avoid fees or because they don't have the same "digital coin." On the surface, this seems futuristic, but the principle is the same as 600 years ago: you need a place to meet, you need a way to trust each other, and you need a system that says whether the goods are worth each other.

Warehouses in the Hanseatic Economy and Blockchain Wallets

In the Middle Ages, warehouses were the very heart of the Hanseatic network. They were more than just large wooden buildings and barrels filled with dried fish and grain. Here, trade waited until ships were ready, quality checked, contracts written, and debts noted in account books. A place like the German Wharf in Bergen functioned almost as a combined warehouse, exchange, and bank. Merchant guilds could store their goods safely, negotiate new agreements over the evening meal, and get credit for the next voyage.

Digital Storage Systems

When we look at the metaverse, we recognize most of the functions. Instead of timber walls and iron locks, we have blockchain wallets like MetaMask or Phantom. They protect assets through encryption instead of guards, as it was before, and they're available around the clock no matter where you are.

Just as the warehouse provided a buffer against storm or crop failure, a wallet today provides a buffer against market turmoil. You can move values in seconds, lock them in smart contracts, or put them up as collateral for a new project. A modern variant of pledging future cargo to finance the next trading voyage.

Economic Significance

When storms closed the waters or a bad year threatened the grain harvest in the Baltic belt, it was the warehouses that ensured trade continued to circulate. By filling long rows of timber buildings with dried fish, grain, timber, linen, and salt, merchants smoothed out fluctuations in supply. The result was more stable prices, smoother cash flow, and enough surplus to finance new ships, thicker quays, and scale to even larger warehouses.

In Bergen, the effect was most clearly seen at the German Wharf. They were a mixture of dormitories, customs office, accounting department, and negotiating table. Every barrel of dried fish was sorted by quality, registered in the protocols, and stored until the next cog was ready for departure to Lübeck. Within these walls, Hanseatic scribes learned the art of keeping books that both royal power and competitors trusted.

Digital wallets do exactly the same job as the warehouses on the Wharf. Instead of fish and timber, they store cryptocurrencies and NFTs. Blockchain ensures that no one can tamper with the records, as immutable as the merchants' seals prevented cheating in weight and measure. And while guards once patrolled the waterfront, AI agents now stand guard against hacking, plagiarism, and fake token issuances.

What Was Scarce and Popular in the Hanseatic Economy?

In the Hanseatic economy, certain goods were highly popular and often scarce, giving them high economic and symbolic value. Warehouses played a central role in managing these goods, and status and symbols in Hanseatic cities reflected both economic power and social hierarchy.

Popular and Scarce Goods

Warehouses were also an important mechanism for regulating supply and demand, helping to stabilize prices in markets. When supplies failed in one region, surplus from another warehouse could cover needs, giving Hanseatic merchants both power and flexibility. Not least, they actively exploited this scarcity. By controlling both commodity flows and inventory, they could influence price levels and strengthen their position in negotiations - both with local producers and foreign buyers.

Status and Symbols in Hanseatic Cities

In a society built on trade and control over scarce resources, status was not something taken for granted. It was something built, made visible, and defended. In the Hansa's major cities, like Lübeck or Hamburg, economic power was measured in the weight of silver coins, but also in stone and silk, in banners and buildings. The richest cities showed their position through impressive town halls and churches that towered over narrow streets and squares.

But status wasn't just tied to the cities as a whole. The social structure within the cities was as hierarchical as the trade network they were part of. At the top stood the rich merchants who combined economic power with political influence. They marked their position with lavish clothes, coats of arms, and hefty donations to church buildings and charity. Their wax seals and trade marks functioned as guarantees of honor, reliability, and creditworthiness.

A bit further down the hierarchy, we found the craftsmen - those who built the ships, forged the tools, or wove the textiles that would be transported across the North Sea. They organized themselves in guilds, and it was precisely membership in a guild that gave them status and a certain degree of security. Their symbols were more down-to-earth (banners, tools, and guild houses) but they had the same function: to show who you were and what you could do.

At the bottom of the social system stood the workers. Carriers, day laborers, and sailors had low formal status, but they were still a necessary part of the machinery. In cities like Bergen, where the local economy was closely tied to the dried fish trade, fishermen and workers could achieve a certain prestige through their connection to the Hanseatic structures, whether through a job at a warehouse or crew on a ship.

Parallels to the Metaverse

The most obvious analogy to the Hansa's dried fish is the NFT, a "non-fungible token," that is, a unique, indivisible proof of ownership of something digital. When a user acquires a rare piece of clothing for their avatar or a virtual plot, it's reminiscent of how merchants competed for the best fish shipments from Northern Norway. The combination of limited edition and high demand drives prices, just as regional access to fish drove values in the Middle Ages.

Digital Scarcity and Value

The cryptocurrencies used for payment function as the metaverse's silver coins. They are immaterial, but the scarcity is the mathematics in the protocol itself. Scarce skills are also goods. When a developer who masters Unity builds a concert arena for Fortnite, it's similar to the role of a craftsman who delivers something few others can produce.

At the top, we find virtual luxury goods like a Gucci bag in Roblox or rare paint on your virtual car. They have a similar role to what pepper and silk had in Hanseatic days: very expensive, not very practical, but a signal of prestige.

Status and Symbols in the Metaverse

In the metaverse, it's user numbers, transaction volume, and virtual architecture that show who's on top. Platforms like Decentraland, The Sandbox, and Roblox function as digital Hanseatic cities. When Meta builds a spectacular building in Horizon Worlds, or Roblox an exchange for avatar trading, they play the same role as Holstentor or the German Wharf. They signal power.

Status is also distributed among the actors themselves. At the top, we find developers, investors, and influencers (our era's merchants). Perhaps they own NFT collections or control large crypto stores in wallets. Their digital luxury goods function exactly like Hanseatic merchants' silk, pepper, and wax seals. Behind them stand the "craftsmen," i.e., the developers who design worlds and display trophies and rankings in the community. And at the bottom, but not insignificant, we have the broad user group who buy a single avatar outfit or take a free ride through a new experience. They're reminiscent of the fishermen and carriers who were still needed for trade to go around.

The storage systems themselves also carry symbolic weight. For the Hansa, it was the guarded warehouses that guaranteed goods arrived safely and gave the city reputation. Today, it's blockchain wallets and marketplaces like OpenSea that fill the role. They defend ownership with cryptography and openly show how large the holdings are. Showing off a fat wallet address can for some be as prestigious as owning a nice house in 1400. Thus we see that both the physical and digital economy build hierarchies of visibility and that control over scarcity provides lasting influence.

Tourists in the Hanseatic Economy?

In the metaverse, many participants are voluntary "tourists" who seek out virtual worlds for entertainment, social interaction, or experiences, without necessarily being economic actors like developers or investors. This can be compared to certain groups in the Hanseatic economy, which attracted visitors, traveling merchants, and seasonal workers who participated in the cities' activities without being central to the trade network.

Voluntary Tourists in the Metaverse

When we move down from the top of the hierarchy in the metaverse with developers and investors, we meet what we call "voluntary tourists." These are users who log on primarily for the experience - not to make money. For them, the metaverse is about going to a concert through AR/VR glasses, wandering in a digital museum without standing in line, or just hanging out with friends in a Roblox lobby on a Friday night.

Even though these tourists don't build games or launch NFT collections, they are economically important. Every time they buy tickets to a virtual festival, upgrade their avatar with a new skin, or sign up for a monthly subscription, revenue trickles down throughout the entire ecosystem. Much like medieval wanderers who left coins at inns, craftsmen, and churches along the route.

Parallels in the Hanseatic Economy

In the Hanseatic economy, there were groups that can be compared to the metaverse's "voluntary tourists." These include traveling merchants, pilgrims, seasonal workers, and visitors who came to Hanseatic cities like Lübeck or Bergen for economic, social, or cultural purposes, without being central actors like merchants or part of merchant guilds.

The Rise and Fall of the Hanseatic Economy vs. Metaverse

The Hanseatic economy went through distinct phases: emergence, golden age, and decline. The metaverse is following a remarkably similar trajectory, just compressed in time and amplified by technology.

Metaverse 1.0 and Early Hanseatic Economy

The early phase of the Hanseatic economy (1200s-1300s) was characterized by merchants establishing trade routes, building trust networks, and creating the first warehouses. Similarly, Metaverse 1.0 (2020-2023) saw the establishment of basic virtual worlds, early NFT markets, and the first experiments with virtual economies. Both periods were marked by high speculation, infrastructure building, and the gradual establishment of rules and norms.

Metaverse 2.0 and the Hanseatic Golden Age

The Hanseatic golden age (1350-1450) saw established trade routes, sophisticated financial instruments, and dominant market positions. We predict Metaverse 2.0 (2025-2030) will similarly see mature platforms, widespread adoption through AR glasses, and integrated virtual-physical economies. This is when the infrastructure pays off and the real economic value emerges.

Bergen as Hansa City Number 1

Bergen held a unique position in the Hanseatic network as the northernmost major trading post and the gateway to Norway's rich fishing grounds. The German Wharf (Tyske Bryggen) in Bergen became one of the four main Kontors (foreign trading posts) of the Hanseatic League, alongside London, Bruges, and Novgorod.

What made Bergen special was its monopoly on the dried fish trade from Northern Norway. This "white gold" was essential for Catholic Europe during fasting periods and could be stored for years. The Hanseatic merchants in Bergen controlled not just the trade but the entire value chain - from financing fishing expeditions to standardizing quality grades.

In the metaverse context, Bergen represents what a dominant platform hub might look like - controlling a scarce resource (dried fish/data), setting standards (quality grades/protocols), and extracting value from every transaction. The parallel to today's platform monopolies is striking: control the infrastructure, control the economy.

The Fundamental Question: What is Money?

At its core, money is three things: a medium of exchange, a store of value, and a unit of account. The Hanseatic economy used silver coins, bills of exchange, and even dried fish as forms of money. The metaverse is experimenting with cryptocurrencies, stablecoins, and platform tokens. The fundamental challenge remains the same: creating something that people trust, that holds value over time, and that can be easily exchanged.

Stablecoins for the Metaverse

Stablecoins represent the metaverse's answer to the volatility problem that plagued early cryptocurrencies. Pegged to fiat currencies or algorithmically stabilized, they provide the benefits of digital money (programmability, instant settlement, global reach) without the wild price swings. They're the digital equivalent of the Hanseatic mark - a stable unit of account that enables commerce.

The HolbergCoin Vision

Imagine a "HolbergCoin" - a Norwegian stablecoin for the metaverse, named after Ludvig Holberg, the famous Bergen-born writer. This hypothetical currency could serve as the bridge between Norway's traditional economy and the digital future, much as Bergen once bridged Northern fisheries with European markets. It would be backed by Norwegian assets, governed by Norwegian regulations, but usable globally in virtual worlds.

The vision extends further: by 2030, you might virtually experience historical Bergen during the Hanseatic golden age, paying for your virtual dried fish with HolbergCoins while learning about trade, economics, and history. The metaverse doesn't just replicate economies - it allows us to experience them across time and space.

Bergen in 2030: When History Meets the Future

Our analysis suggests that by 2030, we'll see fully immersive historical recreations in the metaverse. Imagine putting on your AR glasses and walking through medieval Bergen, complete with authentic architecture, sounds, smells (through haptic feedback), and economic systems. You could trade virtual dried fish for grain, experience a Hanseatic feast, or negotiate with AI-powered medieval merchants.

This isn't just entertainment - it's education, tourism, and economic activity rolled into one. Museums could offer virtual time travel experiences. Schools could teach history through immersion. Tourists could "visit" Bergen's golden age without leaving their homes. And all of this would generate real economic value through ticket sales, virtual goods, and educational licenses.

The beautiful irony is that we'd use 21st-century technology to understand 14th-century economics, and in doing so, better understand both. The metaverse allows us to collapse time and space, making the past present and the distant near. Perhaps most remarkably, it might rain less in virtual medieval Bergen than in the real one today.

Disruptive Investment Strategies in a Crypto Universe

Understanding the metaverse through the lens of the Hanseatic economy provides unique investment insights. Just as smart merchants in the 1300s invested in ships, warehouses, and trade routes, today's investors should focus on the infrastructure that enables virtual worlds.

Infrastructure Players: The New Warehouse Owners

Companies building the foundational technology for the metaverse are like the warehouse owners of Bergen. They provide essential services regardless of which goods (or digital assets) flow through the system:

• Unity and Unreal Engine: The shipbuilders of the metaverse, providing tools to construct virtual worlds
• NVIDIA and AMD: The suppliers of raw materials (computing power) needed for virtual experiences
• Cloudflare and AWS: The ports and trade routes, ensuring data flows smoothly
• Coinbase and Binance: The money changers, facilitating currency exchange between worlds

Platform Monopolies: The Digital Hanseatic League

Just as the Hanseatic League controlled trade through collective power, today's tech giants are forming the digital equivalent:

Stablecoins: The Path to Our Wallets

The adoption of stablecoins represents a massive investment opportunity. As transaction-efficient cryptocurrencies move closer to everyday use, several players stand to benefit:

• Payment processors that integrate stablecoins (PayPal, Square)
• Banks that issue their own stablecoins (JP Morgan's JPM Coin)
• Exchanges that facilitate stablecoin trading (Coinbase, Kraken)
• DeFi protocols that use stablecoins as base currency (Aave, Compound)

How Amazon Could Benefit from Stablecoins

Amazon, like a modern Hanseatic merchant house, could revolutionize commerce through stablecoins. Imagine Amazon issuing "PrimeCoin" - a stablecoin that offers instant settlement, lower transaction fees, and seamless integration with virtual worlds. They could:

• Eliminate credit card fees (saving 2-3% on every transaction)
• Enable instant international payments
• Create a closed-loop economy within their ecosystem
• Seamlessly integrate physical and virtual commerce

The Introduction of Stablecoins: Who Disrupts and Who Gets Disrupted?

Winners in the Stablecoin Revolution

Losers in the Transition

A Summary of "The Hunt for Metaverse" with Stocks

For investors seeking exposure to the metaverse transformation, we identify several categories of opportunities, ranked by their position in the value chain:

Conclusion: History Rhymes in Digital

The hunt for the metaverse is not a search for a single destination but a journey toward a new economic paradigm. By viewing it through the lens of the Hanseatic economy, we see patterns that have repeated throughout history: the emergence of trade networks, the concentration of power in key nodes, the importance of trust systems, and the eventual disruption by new technologies.

The Hanseatic League lasted over 400 years, shaping Northern European commerce and culture. The metaverse might compress similar transformation into just 40 years, but the fundamental dynamics remain unchanged. Those who control infrastructure extract value. Those who build trust earn loyalty. Those who create scarcity capture profits.

For investors, the lesson is clear: look for the digital equivalents of warehouses, ships, and trade routes. Invest in the companies building persistent infrastructure rather than chasing ephemeral trends. Understand that today's NFT speculation is just the beginning, like the early Hanseatic merchants testing trade routes that would eventually reshape Europe.

The metaverse isn't coming - it's here, just unevenly distributed. Like Bergen's merchants who saw opportunity in connecting Northern fisheries to Southern markets, today's investors must see opportunity in connecting physical and digital economies. The tools are different - blockchain instead of bills of exchange, NFTs instead of dried fish - but the game remains the same: identify scarcity, build trust, control distribution.

Perhaps most poetically, the metaverse will allow us to experience the Hanseatic economy firsthand, walking through medieval Bergen, trading virtual goods, and understanding our economic history through immersion rather than imagination. In 2030, when you put on your AR glasses and pay with a HolbergCoin to experience the golden age of Norwegian trade, remember: you're not just witnessing history - you're participating in its digital rhyme.