Published March 2022
This is one of those articles that I will probably need to update several times in the coming years because the ‘Metaverse’ as a concept or a ‘thing’ is yet to become.
Sure, there are some ‘hardware’ and ‘software’ around today that you could say are ‘part’ of it, but the truth of the matter is those things as they are today may not be around or in the same form in the coming years. For example: VR headsets, a technology associated with the Metaverse, has software and hardware in its infancy.
Should we wait until the Metaverse is actually born before we decide what he / she / it will become once it’s older? Truthfully no. Just like a baby, you need to make some arrangements before its arrival. Actually, like a baby, you need to make considerable arrangements.
What will this baby be like?
I believe the Metaverse will be bigger than Google. Google will in-fact be a part of the Metaverse. So will Facebook and that shopping mall down the road from your house. The Metaverse will be the digital equivalent of human’s real life experiences, within the capabilities of technology at the time. It will encompass everything! The Metaverse is not something that is invented by the way, it will be an amalgamation of many technologies and ambitions into an e-creation. So why should you or a business think about this now?
When you open a new shop in another country, you prepare your product and services for the ‘local’s’ right? Who will your future clients be and where will they be hanging out? These are questions you need to answer so you can reach them and customize what you’re offering. That is the challenge now for business. How do you sell something in the Metaverse? Will there even be a demand for what you offer in the Metaverse? Just like Automation is going to make several business sectors less important or obsolete, so will the Metaverse but at a much greater scale because it encompasses all interests and needs of people, families, clients, suppliers, school kids, people worshiping, social, political and commercial circles.
Perhaps the sooner you are able to ‘buy’ a plot of land in this new universe, the better? Some future thinking businesses are already doing this, like MTN who recently purchased in a land called Africarare. How do you get your business into this new world? You can chat to me. “CNBC reported that according to MetaMetric Solutions real estate sales in the metaverse were over $500 million in 2021 and could reach $1 billion in 2022.”
It is time to start thinking about what you want to offer in this universe before you find your first e-spot. Just a heads up, this move for the early adopters will be more expensive, but the rewards could be substantial. The infant Metaverse is about 5 years away from launch, 10 at the most. This e-universe will have the following ‘elements’:
These elements will birth both environments and activities, such as, but not at all limited to:
Just like every business, church, government and person has space on the internet through either a website, App or social media account, so will they have in the Metaverse. The Metaverse is inevitable, it’s just the next step in e-evolution. The way one conducts activities and engages will be exponentially greater. The technology we use will in most cases be implanted or at least carried on our person permanently. We will be living more online than off. That point is a matter of concern for me, and in a future article I will go into the subject of digital health and e-behaviour in the Metaverse.
So where are we today with this innovation?
Interoperability between these different e-spaces is essential. You need to be able to move, trade, socialize and work between them without too much red tape. We don’t need more e-visas please. For this reason, the Metaverse will be open source, allowing people to contribute as much as they engage. We will all be part of, and offer, something to the Metaverse. There will be no government controlling this space, and I expect a decentralized oversight mechanism, an e-democracy of sorts.
How to do business and generate money in the Metaverse is already a notion being rolled out. Big Data, ads, online purchases, customization and value added e-services are going to be pursued with heated aggression. The bigger and more appealing the Metaverse is, the more business can be done, and that is why you will see tech giants actively making it easy for content creators to help build this space as quickly as possible. There are so many things we can discuss in more depth, online characters, e-buildings, e-concerts, smart contracts, brain computer interfaces, Web 3.0, Avatars and e-games are to mention just a few. I will certainly get into some of these in future articles. For now, here is a video that will inspire some more ideas. I end with a closing question: Should tech be moving us out of nature, or into it?
‘A Future Thinker’
The Business and Environmental Technologist.
Jean-Pierre Murray-Kline is an entrepreneur who runs several online businesses. He is a published Author who researches, consults and facilitates strategy sessions about the most important matters affecting our generation and the changes to technology, business and the environment.
Published March 2022Read more articles