The Brave New Metaverse World and What You Need to Know
As someone who started a software business at the age of 19 in 1985, and has been in business now for 37 years, seen every technological breakthrough including the birth of PCs, the internet, social media and emerging trends – we are at another major leap with the introduction and adoption of crypto, Metaverse, NFTs and the Blockchain.
Here’s why this time is so critical for companies – it’s similar to when PCs were first introduced and businesses were slow to migrate, and when the internet launched and businesses didn’t understand it’s significance, and social media was thrust upon them and they chose to wait and see – the pace of this next wave of technology is far too important to ignore, and rapidly adopt into your operating basis. For those that don’t – will be left behind and that will be a costly catchup.
Let’s start with the Metaverse.
This is evolving much like the use of the internet and what it will ultimately become, which is why it’s so key to understand at least from the perspective of how you work. In simple terms the metaverse is any digital experience on the internet that is not happening in the physical world, that is virtual and 3D in nature.
Because it’s still in the formative stages you need to start thinking how to integrate what it is and will be into how you plan to do your job.
In essence it’s a 3D virtual experience that simulates the experience of the real world using Augmented Reality (AR) and Virtual Reality (VR) technology to drive rich interactive experiences between multiple users.
As far as business is concerned it will enable ‘physical-like’ interactions for remote users, employees, and customers such as face-to-face meetings without having to be there in person. (much like Zoom only with goggles that make you feel like you are together)
Customers will be able to walk through your office, your store, view real estate, try products, virtually clothe themselves, test a haircut – all while sitting in the comfort of your home. This will have many positive uses, but much like the pandemic, could create a deeper world of isolation, social distancing and lack of true physical experiences.
Its current integral element is situated along the digital economy – where you will use it to buy, sell and create your goods in a virtual world. Much like the early and non-standard days of EDI (Electronic Data Interchange) though, the adoption of a standard way to cross platforms will need to be developed so that someone who buys something on platform x, can take it to platform y. But because there are many cooks in the kitchen right now (Google, Facebook, Epic Games, Microsoft) the infrastructure is still evolving.
So now you understand the playing field, here are the players you will need to rapidly adopt.
The first is Cryptocurrency.
Cryptocurrency is a digital representation of money, that removes the issues of traditional money (such as too centralized, third-party approvals, slow to move, unsafe storage of personal data and fees.)
As far as business is concerned, cryptocurrency is an alternate currency that is traded between buyers and investors and used as a form of payment for goods and services to merchants who accept it, and people, companies and governments will be utilizing this medium of exchange just like using any other type of paper/dollar currency.
With the original Cryptocurrency called Bitcoin, everything else is technically called Altcoin. Examples include Ripple, Ethereum, Vista, Alexa, Electroneum, Dash, Tron, Monero and Litecoin.
So how does the transfer of this currency occur – well thanks to Bitcoin – it uses a peer-to-peer payment network where the responsibility to maintain a trust ledger of transactions is shared between everyone on the blockchain, rather than one central body… removing the risk of compromise.
The Blockchain is “open source”, so no one person owns it, and that keeps it from being a monopoly or manipulated by a person or a group of people creating a collective force to create financial stability and true wealth in an ever-changing and unstable world. “Block chains” are therefore blocks of cryptocurrency transaction’s data and as they’re created and processed, they’re interlinked with other blocks into what’s known as “a block chain”.
The good news is the Blockchain Technology is not just limited to financial transactions (as with Cryptocurrency), but competitively open to logistics, shipping, accounting, inventory movements and even ledger-to-ledger transactions.
Once you have your ability to handle a cryptocurrency transaction, you can add (Non-fungible tokens) NFTs into your digital asset management. This is an increasingly popular digital asset class that assigns the buyer proof/certificates of ownership for a virtual product. In the past, tweets, memes, GIFs, and digital artwork have been sold as NFTs and for a business can provide an additional income stream.
Businesses can expect to buy property as NFTs to set up their VR stores, offer customers crypto-priced product catalogues and find investment opportunities in the metaverse, thanks to the demand of high-value NFTs.
Right now we are at a crossroads for the significance of how technology is changing. In order of priority you want to adopt cryptocurrency in your business as a form of payment and purchasing power, integrate NFT technology into your digital assets and allow for the sale of these, integrate blockchain into your other business operations and prepare for the Metaverse for the distribution of your services, goods and how global business will be conducted not only in the physical world, but virtually as well.
It’s a brave new world – and it’s up to you to adapt or perish because this technology – like the internet – is here to stay.
