So what is the METAVERSE?Think of it like building blocks of a new form of communication.
Now in the vague sense, you could replace metaverse with cyberspace. And for you less technology versed people, think of it like "online" or "digital" a lot of the time the term will be referring to an array of various technologies.
Like most things in life there are pro's and cons to this - whilst playing games with your friends or taking zoom meetings for work could be done face to face but not face to face using holographic technology, other elements of the metarverse will include things like NFT's, AI, AR and OBVIOUSLY Crypto along with other elements such as digital land.
Think of it like a fake world - where you can social distance till your hearts content.
As we transition into the METAVERSE;
AI, AR as well as limiting and restricting our own travel. Monitoring each and every interaction let alone every transaction.
So to over simplify the metaverse - think of it like the way we interact with technology rather than a specific technology. Evolution, a few years back a business partner bought me an Amazon Echo device for Christmas, I said to him what will I do with that?! I ended up with electricity going down for two days and realised how much I used it, I now have 11 Alexa's at home, lights, heaters, TV controls, surround sound, even heated beds. All controlled by Alexa. So much so, I can connect through the app of one of the cars and Alexa will tell me where the car is or how much fuel is left.
So this all started long ago - imagine the game sims;
You will soon be able to visit virtual galleries, play board games or online games with your friends like being in the same room. Go shopping and pay in crypto.
Hang a digital Mona Lisa on the pretend wall that you can view when you stick your fighter jet helmet on.
As we have seen with NFT's it has the potential for a big play overall, it's just a question of finding the correct problem to wrap such a solution. Whilst NFT's give a clear advantage to content creators by paying royalties throughout the process - with such high gas fees, the advantage is somewhat limited. At the moment we are going through the teething process in a very infant market. What can it become? I don't know.
I wrote a post a few weeks ago on NFT's - be good to get your opinions on this topic too. click the link to follow through to the post.
It al translates to a digital economy in essence. where people can create, buy, and sell goods. And, in the more idealistic visions of the metaverse, it's interoperable, allowing you to take virtual items like clothes or cars from one platform to another.
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Pro's n con's of the MetaVerse;
Ok as a pro - it's pretty cool technology and as I mentioned about my Alexa consumption, I am sure there will be practical applications for it. There of course will be completely pointless use cases also. This is where my first fear comes in; the definition of a market bubble.
Then you read news like this...
Tokens.com Corp, a Canadian investment firm focused on crypto assets, announced it had closed on the “largest metaverse land acquisition in history” through its subsidiary Metaverse Group, whose real estate portfolio spans several different virtual worlds and is reportedly worth “in excess of seven figures.”
So the trick is clearly going to be how companies monetize their purchases and who's left carrying the bags?
I can say it's going to be an interesting discussion with my grandmother "nan I bought a virtual painting for $2m to hang on a virtual wall inside my virtual mansion I paid another $5m for. Put your headset on and I'll teleport you over. OH hang on, I've been hacked or maybe the server just needs resetting" here response - "WTF you been talking about for the last 10 minutes?"
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So I guess to wrap it up - it's now going to be a race to create a viable business model to package up the hype.
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