WHAT IS THE METAVERSE? (First published MARCH 2022)
DON'T LIKE TO READ?
What is the Metaverse?
This is an article that will likely require updates in the years ahead because the concept of the ‘Metaverse’ is still evolving.
While there are existing hardware and software components that can be considered part of it today, these elements may undergo significant changes or may no longer exist in the same form in the future. For instance, VR headsets, often associated with the Metaverse, are currently in their nascent stages.
To Wait or not?
Should we wait until the Metaverse is fully realized before envisioning its future? The answer is no. Just like preparing for the arrival of a baby, certain arrangements need to be made beforehand, and these preparations can be quite substantial.
What Will This Environment Be Like?
I envision the Metaverse as a digital realm larger than Google itself. Google will likely be a component of the Metaverse. The same applies to Facebook and even the local shopping mall near your residence. The Metaverse will encapsulate the digital counterparts of real-life human experiences within the technological capabilities of that era. It will encompass all aspects of life! The Metaverse will not be singularly invented but will emerge as a synthesis of various technologies and aspirations into a digital creation. So, why should you or your business contemplate this now?
Perspective.
When opening a new shop in a different country, you tailor your products and services to meet the preferences of the locals, right? It is essential to determine who your future clients will be and where they will predominantly engage. These are critical questions that need answering to effectively reach and customize your offerings for them. This is the challenge currently facing businesses. How does one sell something in the Metaverse? Will there even be a demand for your products or services in the Metaverse? Just as automation is poised to render several business sectors less relevant or outdated, the Metaverse will wield a similar influence but on a much grander scale, as it encompasses the diverse interests and needs of individuals, families, clients, suppliers, school children, worshippers, social circles, political entities, and commercial enterprises.
Perhaps acquiring a plot of land in this new universe sooner rather than later would be prudent? Forward-thinking businesses are already taking steps in this direction, such as MTN’s recent acquisition in a realm named Africarare. How can your business establish a presence in this emerging world? Feel free to consult with me. According to CNBC, real estate transactions in the metaverse exceeded $500 million in 2021 and are projected to reach $1 billion in 2022.
Intrigued?
The time has come to contemplate what you wish to offer in this universe before landing your first digital spot. Be forewarned, this early adoption forerun by businesses may come at a higher cost, but the potential rewards are substantial. The fledgling Metaverse is expected to launch in about 5 years, with a maximum timeline of 10 years. This digital universe will encompass the following ‘elements’:
- You (fire)
- Interface Technology/Hardware (earth)
- Software (water)
- Connectivity (air)
These elements will give rise to diverse environments and activities, including but not limited to:
- Work
- Shopping
- Holidays
- Sports
- Trade
- Dating and related interactions
- Medical services
- Education
- Crime
- Social gatherings
- and anything else one can conceive…
Similar to how every business, church, government entity, and individual occupies space on the internet through websites, apps, or social media accounts, they will have a presence in the Metaverse. The development of the Metaverse is inevitable—it represents the next stage in digital evolution. The methods of activity and interaction will be significantly enhanced, with technologies likely to be embedded or permanently integrated into our beings. We will lead increasingly digital lives, surpassing our offline existence. This transformation raises concerns for me, particularly regarding digital health and behavior in the Metaverse, a topic I will explore in a future article.
So, where do we stand today in this evolution?
4D technology is already available, and the Metaverse will introduce 5D+ capabilities that enable users to see, hear, touch, feel temperatures, weights, textures, and even smell 3D objects.
The advent of 5G and future iterations like 6G+ will herald unprecedented connectivity speeds. In a subsequent article, I will discuss the barriers impeding innovation, including data costs, access limitations, and power supply reliability that must be overcome for the Metaverse to realize its full potential.
Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and their ilk will enrich our experiences in the digital realm by offering additional information and functionalities at the touch of a button, likely a gesture or even a simple mental prompt.
Artificial Intelligence (AI) is a complex subject warranting dedicated exploration.
Let’s explore some of the existing ‘spaces’ in the Metaverse: Facebook’s Horizon Home, Workrooms, Worlds, and Marketplace; decentralized platforms like Africarare in Africa; multimillion-dollar virtual real estate investments in the Metaverse as highlighted in CNBC’s coverage; and virtual retail spaces as detailed in Forbes articles.
Interoperability across these diverse digital spaces is crucial to facilitate seamless movement, trade, socialization, and work without undue bureaucratic hurdles. What we don’t need are more virtual visas. Consequently, the Metaverse is expected to be open source, encouraging active participation from users. Everyone will contribute to and benefit from the Metaverse. Governance in this realm is anticipated to be decentralized, featuring a mechanism akin to e-democracy.
Monetizing businesses and generating revenue in the Metaverse is already a burgeoning concept. Big Data analytics, targeted ads, e-commerce transactions, personalized services, and value-added digital services will be pursued with fervor. The inclusivity and desirability of the Metaverse will directly impact business opportunities; thus, tech behemoths are actively facilitating content creators to expedite the growth of this digital realm. Numerous elements within the Metaverse warrant in-depth discussions—online avatars, digital architectures, virtual concerts, smart contracts, brain-computer interfaces, Web 3.0, and e-games represent merely a fraction of what’s on the horizon. I intend to explore these topics comprehensively in forthcoming articles.
For now, check out this video for further inspiration. I leave you with a probing question: Should technology propel us away from nature, or towards it?
[Video Link: https://www.youtube.com/watch?v=IuvoR4v9ROo]
THE END
But wait, there is MORE!
Who is Jean-Pierre Murray-Kline?
Jean-Pierre is a South African serial e-entrepreneur, published author, and change champion who has worked in over 300 types of industries in some capacity or another. His own online businesses have generated millions of Rands and involved sectors such as law, web & app development, events & entertainment, property, technical services, media, and tourism.
He has traveled to over 150 cities worldwide and is extremely active as a business and environmental technologist. In addition to his own projects, he researches and consults on all things online: marketing, reputation, compliance, law, and e-security, and also offers strategy workshops and scenario sessions on future thinking with a key focus on technology, the environment, and global influences.
Jean-Pierre is often asked to be a guest speaker on a variety of subjects he continuously studies and writes about.
Is anyone reading this? I just started. Opinions? pic.twitter.com/sTBAanodod
— Jean-Pierre Murray-Kline (@PierreMurray) November 8, 2023
Disclaimer:
- While I attempt to ensure information is accurate and up-to-date at time of publication, I will not accept liability should information be used, and found to be incorrect. If you do see an error, please let me know.
- The links, images, videos and/ or text from this article are not necessarily under my direct management, ownership or care. Should you be the owner or manager of any content herein, and wish for the content to be removed, please let me know and it will be done.