See You In The Metaverse
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Lately, everywhere I turn, this 1 word has been popping up everywhere: Metaverse
Celebrities are holding parties/concerts within the Metaverse. Universities are teaching courses inside the Metaverse. INTERPOL launched the first global police Metaverse for training purposes.
Facebook even infamously changed their company name to Meta in late 2021.
According to a report by Citibank in 2022, the total addressable market for the Metaverse economy could be between $8-13 trillion by 2030.
But what exactly is the Metaverse, and why will it be the future of human interactions, whether it be social or transactional?
Let’s dive in!
What is the Metaverse?
The Metaverse isn’t exactly a specific type of technology/location/program per se, but a shift in fundamental interaction and communication around the concepts of a digital eco-system in which the values of interoperability, ownership, security, transparency, and inclusion are all emphasized.
Simply put, the metaverse is the next generation of the internet, and a transition from Web 2 to Web 3 where power is shifted from the platforms back to the user.
The biggest difference that the Metaverse will bring is the ability to seamlessly interact and transact among the different virtual worlds. It is likely that most Metaverses and applications will use the same transactional platform (crypto wallets) and cryptocurrencies (bitcoin/ethereum), and allow you to maintain the same profile/data throughout each space.
It would be like the ability to use your Roblox profile on Call of Duty while being able to buy/sell items from either space using a common currency that you can then either cash out or use to purchase tickets to a virtual conference in another Metaverse!
You are the owner of all of your data and any items you win or purchase through each game/space.
If you are unsure what Web 3 is, please check out a recent post I made explaining just that!
Currently there are 3 avenues to interact with the Metaverse:
Virtual reality (through the use of a headset/wearable such as the Oculus)
Augmented reality (through a phone camera as an example)
Computer/phone (websites and other platforms)
Each provides a very different experience and has its own benefits and limitations, which will continue to be improved upon and expanded as technology advances.
Metaverse Use Cases
Now that we have a better understanding of what the Metaverse means, what are some of the current and future use cases for this type of technology?
Below are some of the most intriguing ones in my opinion, and certainly do not capture every single use case as more continue to pop up everyday! The Metaverse is simply a blank canvas that continues to challenge the boundaries of human creativity as technology develops to remove limitations.
Virtual Work and Learning Spaces
COVID-19 created a significant push towards working remotely, and in that desperation, certain technologies emerged such as video conferencing platforms like Zoom, as well as social platforms such as Slack.
As we move forward, the next generation of remote working will consist of meetings within the Metaverse through virtual reality. While Zoom provides the ability to meet on a 2D level, we will transition to a world in which meetings occur virtually in 3D, and as the technology advances over the course of time, it will feel as though you are face to face with the person you are meeting with!
The impact of this difference will be felt largest when it comes to group meetings. In the 2D format through Zoom, it is often difficult to have a back and forth conversation because of the limitations involved in audio technology and reading social cues like facial expressions. These challenges will be minimized in a 3D format through the Metaverse.
Conferences, training sessions, and workshops can also take place online and feel much more immersive and engaging for this reason.
On the learning front, classes, labs, lectures can take place in the Metaverse, and provide an opportunity for an immersive educational experience regardless of location and wealth. Inclusion is also at the discretion of the institution, given the significantly lower costs for an additional student. To include another user within a Metaverse platform is essentially a nominal or zero cost, and there are certainly no fire code restrictions on capacity.
As an example, I am currently enrolled in the first 100% fully “On-Chain'' university course entitled ”Introduction to NFTs and the Metaverse” offered by the University of Nicosia. The classes are all in the OM Metaverse and registering for the course and access is in the form of minting a NFT.
While this is the first course to take on this approach and may not be the most visually appealing platform just yet, it demonstrates the significant potential of this avenue of the Metaverse going forward.
For more information on this course, please visit this link
Both of these use cases will allow for cost savings in terms of travel for both businesses and students, without sacrificing the experience and effectiveness of human interaction and work performed.
Immersive Social Experiences
Web 2 provided us with the ability to connect with others around the world without being in the same physical location through social media platforms like Facebook, Twitter, Instagram, and even through forums such as Reddit.
Web 3 and the Metaverse will allow us to interact and communicate in an even deeper format… shared experiences.
Metaverses like Decentraland and Sandbox are already the host to numerous parties/concerts. Despite the fact that they are on PC platforms that do not encompass VR or AR, the number of people who get together to listen to a DJ/musician and have their avatar dance on a virtual dance floor is astonishing, and will only increase as the Metaverse experiences expand to VR/AR.
Imagine living in a small town, not ever being able to see Adele in concert because the tour will never come near your city, and now being presented the opportunity through a headset/wearable like Oculus.
Not only do you get to attend the virtual Adele concert, but you also get to do it in a private room with all of your closest friends if you want, regardless of where they are on earth, kind of like a box suite at the arena.
Now extrapolate that idea from concerts to sporting events to Halloween and Christmas parties, etc. The list is endless!
Seems like a no brainer to me.
Virtual Business and Marketplaces
With the development of technology, commerce has transitioned from bartering goods/services, to the use of money for exchange, to e-commerce.
As the next era of technology becomes mainstream through Web 3, commerce will transition into the Metaverse.
The concept remains very similar to what we see today, except for some small changes from 2D to 3D.
Instead of ads on Instagram directing you to an ecommerce webpage, you’ll be able to go inside a 3D virtual reality store as you stroll down the streets of a Metaverse, and even talk to a salesperson or try on a piece of clothing to see how it visually looks on you before purchase.
Businesses will have to be more creative and interactive, as there will be significantly more opportunities to engage with potential customers in a way that doesn’t feel like an advertisement.
If businesses are looking to sell products, the opportunities will be endless as users look to customize their on-chain avatars, and will be looking for a number of different ways to flex their wealth/identity from clothing to accessories to appearance inside and outside of their Metaverse home to joining elite Metaverse clubs, etc.
The test thesis for transactional business of digital goods is currently being played out in collectable and utility NFTs. Consumers and celebrities have already shown that they are willing to spend hundreds of thousands of dollars to purchase Bored Apes or Cryptopunks that are limited in quantity and make them their social media profile pictures to flex their wealth.
As we move towards a world where our self identities become more digital than physical, where the number of Instagram followers matters more from a social perspective than the school you graduated from, there is a larger and larger appetite for digital goods, and businesses who pivot first will reap the biggest rewards.
Some clothing companies such as Nike and Adidas have already begun selling NFTs and branded clothing for avatars within the Metaverse!
In addition, the opportunities for brand building will be unfathomable, as virtual conventions, tradeshows, exhibitions will be nominal in cost to set up, and attendees will no longer be limited to physical capacity, cost, or location.
The Metaverse becomes the ultimate equalizer in business, similar to social media and the internet currently but on a much grander scale. No longer does it matter the size of your company, number of physical locations or marketing budget, the best company with the most creative storytelling strategy to engage attention will win.
The nominal cost to create digital goods in comparison to physical products will also be an interesting equalizer to track, and will likely create numerous “unconventional” stories of how start-ups are able to self-fund their growth and transition into the physical world.
Gaming
This one should be easy to envision given the percentage of people who have played the Sims, Roller Coaster Tycoon, SimCity, or any game similar to that at some point during their childhood.
In addition, the number of people who currently play video games online is in the hundreds of millions, and the Metaverse along with VR/AR will only add another immersive layer to the gaming experience.
Envision the following upgrades:
Being an actual player on the court/field/ice along with your friends. Instead of pressing the X button to make a pass, you actually make the motion through VR. It’d be like being Lebron James!
Holding a rifle and teaming up with your friends to fight zombies in a virtual world
Card games such as Pokemon and Yugioh exactly like the cartoon show, where the monsters appear and fight when you play the card
3D interactive poker that feels like you are sitting right at the table and being able to talk and see the other players’ facial expressions to see if they’re bluffing
Needless to say, this is one of the more exciting spaces that will significantly upgrade with the development of the Metaverse/VR/AR.
Travel and Tourism
Similar to immersive social experiences above, travel and tourism have much to gain from the Metaverse.
The wonders of travel and different cultural experiences are no longer limited by one’s wealth, time, or opportunities.
Simply strap on a headset (or put on a pair of glasses/contact lens in 10-15 years), and go anywhere you want on earth with anyone you choose.
Human interaction built into the Metaverse means that you are able to travel with a knowledgeable local tour guide and pay/tip that person for their services in a universally accepted cryptocurrency such as bitcoin or ethereum.
Being in a virtual reality also stretches the limits of what's possible, including the ability to build out historical eras so that we are able to go back in time and tour ancient Rome or visit Egyptian Kings or even pet a dinosaur!
Healthcare
During COVID-19, many doctor’s visits were limited to video conferencing platforms such as Zoom. While this limited the ability for a doctor to make a proper diagnosis by only seeing a 2D image on screen, it also opened up the possibility of obtaining medical care without physically seeing a doctor.
Many people in need of medical attention struggle to travel distances in order to see specialists or obtain the help they need. Through the Metaverse, doctors of all specializations are able to help any individual regardless of location, and produce more accurate diagnosis/treatments in a 3D world.
However, the part of healthcare that I think will be positively impacted the most through the development of the Metaverse is counseling/therapy/psychiatry.
While there are group therapy sessions and treatments for conditions such as alcoholism, depression, etc, just the act of having to travel to a physical location that isn’t the comfort of their own home can deter a lot of people from attending on a regular basis to get the help they need. Some individuals may also live in a physical location where there aren’t many people, and even less who have the same diagnosis.
All of these services can now happen in the Metaverse through virtual reality. Personally, with a father above the age of 60 who has had Parkinson’s for almost 20 years, Metaverse technology would significantly have helped his treatment, providing him with access to support groups, voice/speech therapy, exercise classes, and more while connecting him with many others experiencing the same symptoms from the comfort of home.
Your quality of care should not depend on your wealth or location, and the Metaverse will help many in need.
As you can see from the above, the possibilities of human advancement and quality of life are limitless in the Metaverse.
Regardless of the sector or aspect of life, it is inevitably going to transition into the Metaverse. Instead of ignoring the technology, those who dive head first and embrace the technology transition will be greatly rewarded, similar to the invention of the internet.
The future is digital. It’s not a matter of “if”, but “when”.
Plan accordingly!