What is the Metaverse?
The metaverse is the future of the internet. Facebook is not the metaverse, nor is Google, Twitter or any tech giant. The metaverse is not one place, one virtual world, it is the name for the technology, the ethos and structure rather than a specific destination. The metaverse is a digital space where social and business interactions can take place.
In the beginning there was the internet, the www, white dots on a black screen and dial up connections, boy it was slow but at the time amazing! You inputted through a keyboard and mouse, and there was very little pictorial content, as that would take too long to download, it was mostly a read only service without much interaction. This was what we now call web 1.0.
Around 2004 the technology took a giant leap and became what we now call web 2.0, it became more interactive, easier to communicate through improved tech and faster upload/download speeds. Great graphics, video and social media took off, we now had more direct two-way communication, we were interacting our screens to other peoples screens. This is where 90% of internet users are now.
So next comes web 3.0 the immersive web, we can now jump into other realities, virtual realities to work, play, game, socialise and to do business. Pretty much everything that you do in the real world you can do in a virtual world and pretty much everything you can’t do in the real world you can also do in a virtual world. The possibilities are endless, only one's imagination will limit what we can do in the metaverse.
We can access web 3.0 through our regular 2d screens but far better to access these virtual worlds with virtual reality and augmented reality headsets. The metaverse is built on blockchain technology and uses cryptocurrency to trade, it’s faster and cheaper to transact, as well as being secure and decentralised.
Some say Web3 is a movement to reclaim the internet. Fed up with the power of the tech giants and social media platforms that sell our data and control what we see and therefore our opinions, our politics and destinies. Currently we have little say in what we see, our data is not our own, authority of our web lives is held by the tech giants, the web is currently centralised, controlled by the few, we give up our data, our digital souls, in exchange for access to a social media platform, a search engine and video shorts! Web 3.0 is decentralised, ownership is with the users, the individuals and individual companies that build the environments, yes the tech giants will have spaces and probably try the same advertising models that has gained them billions of dollars but there will be alternatives equal, better worlds, nicer freer environments, the rules are being written by passionate communities not by greedy executives and accountants.
The metaverse is a business disruptor and I don’t mean that in a negative way, it just is. There’s already billions pouring into the metaverse from companies and individuals with money to speculate, buying imaginary land in imaginary places, paying thousands of dollars for a digital picture of a Rolex, It's all bonkers but very real. You don’t need to spend a fortune to get a presence in the metaverse but you must be aware of the technology and how it's evolving. It’s not just the speculators but those are the headliners; military, manufacturing, engineering industry and education are all using XR tech and metaverse environments to improve their operations and productivity.
The anticipated economic value of the metaverse is revised up daily, some say it's set to exceed the real world economy in time! Web 3.0 has its own environments, communication channels and its own swagger. Businesses need to get on board as customers in the future may conduct all their transactions in the metaverse, dare any business ignore the future? Who wants to buy shares in Blockbusters?
There’s a place for everyone at the metaverse table. My role is to advise small to medium sized hospitality companies on web 3.0 strategy and to build tools to enable them to integrate and evolve their brands in the metaverse. If you want to touch base and have a chat please reach out and we will set up a free no obligation initial call on +44 7393 731707. John Curtis Multiverse Hospitality Ltd.
