What Is the Metaverse and Is It Safe To Ignore the Hype?

The evolution of technology continues to march forward. This evolution, for the most part, is providing new and better tools for the improvement of communication. One of the technologies, receiving a lot of attention is the metaverse. This “term” often goes hand in hand with crpyto, blockahin and NFTs.

Last week I was at Social Media Marketing World and listened attentively to a session about the metaverse. Here’s my analysis of it.

I think it’s safe for you to not get hyped up about it. Be aware of it, but don’t lose sleep over it.

For us small business owners, stay focused on the core fundamentals of what drives your business forward. Get Grow Your Solo, my guide to growing your solo business. Get the free tip sheet or the full experience.

Having said that, if your business is running well and you’re looking for ways to expand and how to leverage new technologies, then the metaverse could be something for you to explore.

[I’d be so grateful for your thoughts on what I’ve written. Do you agree? Disagree? Have something to add? If you’re seeing this on LinkedIn or Facebook or Instagram please comment and share.]

A Brief History Lesson

The Internet is all about connectivity. It’s the pipes or digital highways that enable us all to communicate in real-time with each other. It’s computer to computer with a screen or headphones layered on top. We use the Internet for our email, to download movies and send chat messages. We use it to stream music and so much more.

This is the basics of “the internet”.

Phase two of “the internet” or what some refer to was Web 2.0, has been the social media and app-based world we’re in today. These enable us to not just consume information, like reading a newspaper, but also allow us to generate our own content, have real-time discussions, and more. We can use our phones for taking pictures, video calls, and person-to-person connectivity.

We’re in a world where apps and fast broadband, enable multi-layer communications like never before.

Indeed the iPhone and apps, which was perfected based on models of past communication devices, ushered in this more modern form of communication. Combined with the increased speed of telecommunications and especially MOBILE communications with WiFi and cellular networks.

This ushers in Web 3.0 with includes crpyto, blockahin, NFTs, enhanced machine learning and AI.

Enter the Metaverse

The metaverse is so important, it seems, that Facebook renamed itself Meta.

Today we live in a world where most of us are glued to checking our phone screens for a notification icon of one sort or another.

Has Uber arrived? What’s the new Netflix movie? Did I get more likes on my TikTok video or Instagram post?

This is the world we’re in today.

The metaverse world is one where we’ll have immersive experiences in a virtual world.

Millions of people are doing this today in virtual worlds like Roblox.

So What is the Metaverse

I did a Google search and got this definition from Jatinder Pahala – Metaverse is a blockchain-based virtual world that is disrupting the gaming world. At the center of its design is an immersive experience where players can earn money while they play and build meaningful relationships across borders. Metaverse is a blockchain-based virtual reality platform. It’s a 3D open world and digital assets are at its center. Digital assets are the core of the Metaverse ecosystem.

In some way, these platforms are not new. SimCity, Farmville, and other games are kind of like the metaverse, where you control a “player” and build a community or communities.

It’s my understanding that with the Metaverse YOU will be the avatar and be able to have real-time conversations and experiences in it and leverage digital assets.

Indeed, a business or a person, can buy virtual property in a virtual world and have experiences with thousands of virtual people, I get it.

What gives me pause is that we’ll need to wear virtual reality glasses to take advantage of this world. This is where I’m not so bullish or all “raw raw” about the hype of the metaverse.

Everyone Need Not Be Excited About the Metaverse

I’m going to sit with my wife and talk to her. Check.

I’m going to hold my new niece and rock her. Check.

I’m going to create content via a blog post like this or even video content on YouTube or some other platform. Check.

I’m doing to go to Church. Check.

I’m going to go for walks and go to the gym. Check.

You’re probably going to do some of that as well. Check.

The question?

Will everyone want to spend hours in a virtual world with special glasses on? NO.

Yes the gaming industry is a billion-dollar industry, participated by millions of people.

However, if you’re not a gamer and are not into games you are not missing out on life.

There are other areas of life you can fully participate in.

And this is my argument.

The Metaverse is Great. But You’re Life Can Go On Without It

The metaverse will compete with video games, movie watching, and overall gamification of any other online experiences.

Will people opt to wear special glasses for 2 hours to see a concert with other avatars?

I can see that happening, for some people. It already is.

However, I’m not sure if the “entire world” is going to be living in a metaverse world.

People will still want to go to a LIVE concert with REAL HUMANS in a REAL ROOM, not the metaverse.

The gaming industry is HUGE, it’s a billion? trillion-dollar industry.

However, those of us who are not gamers are doing just fine without playing any games.

I believe the metaverse is similar.

YES, it’s a huge opportunity for those who wish to enter that world, develop experiences and build communities.

However, I believe it’s safe for us to also ignore it – or at least not get hyped up about it.

The Metaverse Is Not a Must. The Internet Is.

The metaverse is already here, layered on top of the Internet.

If you ignore the “internet” as your average working professional, it’s nearly impossible to get a job or do any work.

We all love getting YouTube cooking videos or seeing what friends are up to on Instagram.

However, it’s like gaming or other large “niche” areas of life, the metaverse is NOT a must.

Fly fishing is great, but everyone doesn’t have to be into fly fishing.

Is it like “the internet” which if you ignore it you are missing out on a life-changing way of communication?  NO.

Is it like still using the fax machine instead of email? NO.

I think the metaverse is absolutely promising and a growing reality.

I just don’t think we need to panic and be worried about “missing out”.

Explore and Have Fun

Having said all of this. If you want to explore new technologies. If you have the bandwidth to extend your business into new areas. If you enjoy new experiences, the metaverse could be the perfect technology for you.

I’m not saying you should NOT look into it. What I’m saying is that in the greater scheme of prioritization, the metaverse is not something you should feel left out of.

What about Blockchain, Crypto and NFTs

I do think the crypto, blockchain and NFTs is something every working professional and investor should pay attention to. Some might want to pay close attention to it, others might want to dabble in it (as I’m doing) and yet others may want to dive all in and build businesses around it.

NFTs are indeed an evolved form of digital token. This token can represent whatever the issuer of the token wants it to.

If you’re looking for a way to build wealth and add value to how you serve your customers then looking into NFTs is a serious consideration.

Understanding how to CREATE them and purchase them is more important than understanding the metaverse.

I’d be remiss if I didn’t take some time to explain a tiny bit what the Blockchain, Crypto and NFTs are as best I can.

I HIGHLY suggest you do a simple Google search on these terms so you can get a better definition.

What is blockchain?

Blockchain is a technology that enables computers to keep track of a “public ledger” of anything.

It’s a public database.

What’s special about the blockchain is that instead of one company or computer controlling access to the data in the ledger, the data is distributed to other computer systems so not one computer system can take it down.

It’s decentralized.

A public record of what’s stored in the blockchain is kept by many computers. Not one “person” or computer has control.

If Facebook was built on blockchain, this means, I’m guessing, that if you posted a video that they didn’t like and they deleted it, someone else could restore it and/or make it accessible in some way.

In regard to transactions, like money or inventory, things stored in the blockchain have a record of it, not just stored by WalMart, for example, but by all the computers accessing the blockchain database and keep secure records of each transaction.

Even Walmart couldn’t delete or change the record if they wanted to. If they did, there’s X number of other computers which have the proven record of said transaction.

What are NFT’s

NFTs, non-fungible tokens are digital tokens that can represent anything you want. A concert producer could issue an NFT that’s good for lifetime access to a concert. An artist could issue a painting as an NFT. These NFTs are stored in a blockchain database. What’s the power of an NFT?

A music artist could issue an NFT, enabling their fans to get special access to their next album. Or a graphic artist could enable create a series of art and issue them as NFTs.

In buying an NFT you’re not only supporting an artist (or other entity), but you’re getting access to something.

FURTHERMORE, NFTs can be traded. There are NFT markets that enable people to buy and sell NFTs and ideally, the NFT, which is issued in a limited quantity gets more valuable over time.

[I’d be so grateful for your thoughts on what I’ve written. Do you agree? Disagree? Have something to add? If you’re seeing this on LinkedIn or Facebook or Instagram please comment and share.]