Wednesday W.O.W - The Metaverse Ⓜ️
Your mid-week bite sized treat on emerging tech and our journey to the Metaverse and beyond. Learn what the Metaverse is, what it's not, and why you should care.
A nibble of knowledge in your inbox every Wednesday with a simple format:
What the technology is
Objective(s) - what is it trying to achieve, with some examples
Why it is important to users as well as businesses & brands.
First post under the new name and new look! Today we explore a topic with lots of disagreement on definitions and predictions. Sounds like my kind of party so let’s jump in.
What is the Metaverse?
Much like asking for a definition of “the internet” in the early 90’s, it’s tough because it’s about predicting how different technologies converge as well as the exponential nature of network effects.
Here is how I think the Metaverse could be explained to different age groups and levels of technical expertise:
For a 10-year-old: The Metaverse is like a virtual world mixed with our physical one, where you can explore all sorts of different places and meet new people from all over the world. It's kind of like a giant video game, but it's even more immersive and interactive.
For a non-techy adult: The Metaverse is the future where physical and virtual spaces are even more interconnected. Imagine a combination of social media + online commerce + gaming, but on steroids. It's interactive and often immersive by using virtual reality. Users can create and customize their digital identities, engage in a variety of activities and experiences, socialise with loved ones, and explore virtual worlds
For a techy adult: The Metaverse is a next-generation internet that creates a fully immersive and interactive digital world layered on top of the physical one. It combines a variety of emerging technologies, such as virtual and augmented reality, blockchain, and artificial intelligence, to create seamless and interconnected virtual spaces. The Metaverse has the potential to revolutionise how we work, socialise, shop, learn, and are entertained.
What are the objectives, and why is it important?
This is a big topic, its literally a one-hour guest lecture I do at Auckland University (#humblebrag) so let’s keep it short by approaching it from the perspective of potential arguments that a Metaverse critic might make, and my responses:
Limited market argument: Some might argue that the Metaverse is only appealing to a small niche market of gamers and enthusiasts and that it does not have broad appeal.
My response: This argument is quickly becoming obsolete with well-respected voices saying that the Metaverse is too big for companies to ignore. McKinsey & Company predict the Metaverse economy to generate up to $5 trillion in value by 2030. Citibank predicts $8-$13 trillion.
Unrealistic expectations argument: A Metaverse critic might argue that the Metaverse is just a buzzword and a marketing gimmick to generate hype around a hypothetical technology that may never exist.
My response: I agree somewhat, the term is thrown around in marketing all the time. While it is true that the Metaverse is still in its early stages and there are many unknowns, concrete progress is being made every day. Just because something is new and uncertain doesn't mean it's not worth exploring. In fact, if there is conviction and strategy, these can be the most rewarding opportunities.
Security & privacy concerns argument: Some critics may argue that the Metaverse will create new security and privacy concerns, especially as people are required to create and maintain virtual identities.
My response: I agree, the Metaverse will definitely come with security and privacy concerns, but these concerns exist in many areas of technology. In fact with Web3 philosophy applied, individuals’ data is actually within their control (ie through Decentralised Identifiers). With proper safeguards and regulations, it is possible to mitigate these risks. That’s why I’m an active member of organisations wanting to shape the space for the better1
Technical barriers argument: Critics may argue that the technical barriers to creating a true Metaverse are too high and that current technology is not advanced enough to support it.
My response: I agree, which is why the “true” Metaverse is 5+ years away. The technical challenges with VR hardware alone are a barrier. However, technology is constantly advancing, especially with Google, Apple, and Meta investing billions. The Metaverse will not switch on overnight, it is a transition - just like online commerce, or the mobile web. With time and investment, it is probable that virtually of these barriers will be overcome.
Real-world relevance argument: Critics may argue that the Metaverse is too far removed from the real world and that its potential benefits are overstated.
My response: Usually people imagine that the Metaverse is a separate world and economy (remember Second Life?), but it’s not. We already have many digital layers to our lives already. The Metaverse is just more (and better) digital layers, to the point where the virtual and physical worlds are interconnected. As we go about our lives working, shopping, and socialising, moving between the virtual and physical becomes almost seamless.
Ethical concerns argument: Some critics may argue that the Metaverse could be used for unethical purposes, such as the exploitation of virtual labour or the creation of virtual environments that promote harmful behaviours.
My response: This is correct. Many industries face similar ethical challenges, and it is possible to create regulations and guidelines to address these concerns. Another reason why I’m an active member of organisations wanting to positively shape the space. The flip side is that the Metaverse has the potential to create new opportunities for positive social impact, such as providing jobs and banking services to the unbanked in emerging economies.
Hope you all found this interesting, it’s the foundation for most of the work that I do. Speaking of, if you have in mind an organisation that you think would benefit from a webinar or workshop on this topic, it’s one of the (many) consulting services I offer. Reach out to me at https://johnsonandhunt.com/reach-out
I’m a member of several working grounds in the World Metaverse Council (Education, International Partnerships, Marketing), as well as the World Wide Web Consortium (Verifiable Credentials group)