The first-ever website went live, Not much going on here, just a page with some text on it.
A couple of years later a video went live on another website. Fast forward a couple of years, you have YouTubers with a wider reach than entire news outlet giants.
Throughout history, technology made jumps that created entire new industries and economies. Another jump is happening as you read this article, it’s called the “Metaverse”, and it will change how everything works.
Will Meta make everything better?
Ever since Mark Zuckerberg made the announcement, every news outlet started to paint out this dystopian future, where all of us are doomed to be mindless robots in a cog a ready player meets the matrix, where the Zuck controls everything. It’s the easy narrative to go with and the one that gets the most clicks.
This article isn’t about big companies trying to build the matrix, it’s about you understanding what’s happening, and how you can profit from it. And the best way to understand this is to look at something of a smaller scale, the multiverse.
Have you watched the new Ariana Grande concert?
They really did a full production concert inside the game, imagine telling someone a couple of years ago that in 2021 Ariana Grande will tour in Fortnite, it did however manage to create a unique experience with a completely new level of interaction, something similar happened with Travis Scott last year.
What this type of experience does really well, is connecting something from the real world with something from the virtual world, something very interesting is happening right now across all industries at the same time. BMW announced their new car in Rocket League, you have streaming companies like Netflix making video games, you have video game companies like Riot making Netflix shows, the result is a disruption of how we interact with both worlds, and what’s really possible.
What exactly the Metaverse is?
Saying what the Metaverse is now, is like saying what the internet was in the 90s, “you can now glimpse the future with nothing more than a modem a phone line, and a few dollars a month“.
There was no concept of social media content creators, sharing platforms trading platforms, platforms that make other platforms, and the list goes on. So technically the Metaverse is whatever we build on it, it sits at the crossroads of Web 3.0, Blockchain, and Virtual Reality.
It’s the combination of these three elements that make it possible, we need to take a look at the three parts individually,
Starting with Web 3.0 : Which is the next version of the internet, there are more versions of the Internet
- Web 1.0: Looked like that website we talked about in the begininning of this article, it’s just a page with a bunch of text and some hyperlinks to more pages with more text, there is no interaction no user generated content, pretty much nothing but text on a screen.
- Web 2.0: Is what we currently have now. It’s largely community-based. Most of it is user-generated content, it is highly interactive and you can do a bunch of stuff on it. One really important thing to mention here, is that there’s only one thing you can buy and own on the internet Web 2.0, it’s a domain name, just like we own Ladynproud.com. Nobody in the world can make another website with the same domain name, everything else is owned by corporations.
- Web 3.0: The most important thing you can do on Web 3.0 is own parts of the internet, everything that you make, buy, or sell on the internet, is yours and you have the full rights, this happens because of blockchain, and more specifically because of NFTs, there are the foundation blocks of value in the metaverse, you probably have an idea of what they are, but most disregard them, as useless pixels on a screen for which some idiots are paying millions of dollars.
What’s stopping me from doing a right-click save of an NFT to my desktop? How is that valuable?
Great question, for you to better understand how NFTs work, let’s talk about money or the story of money, or how money came to be? what makes you think this piece of paper is worth 100? who told you that? why would someone trade goods for your piece of paper?
It’s because, over the years, we agreed that a dollar is worth a dollar, and we trust that it always does, it’s a social construct, it’s not even real, but it makes it easy to exchange stuffs, so we all agree to use it.
The value of an NFT is how much those who embrace it decide that it’s worth, and it provides ownership because it can be tracked in the blockchain, no one can copy it, what you’re failing to see is what NFTs can become in the future, the same way websites transform over time.
Let’s give an example, Compare the first page we talked about earlier, with Google Maps page, they’re both website pages with a specific link, but the difference between them is astronomical.
There’s this great tweet that says something like people say :”NFTs are a scam” but they post their original creations on Instagram in exchange for a digital hearts. So you have this way of truly owning something and using it in the context of Web 3.0.
What would be a great way to interact with this Virtual Reality?
Why Metaverse is the Future of Work? Virtual Reality seems to be the only thing people talk about even though it’s just part of the metaverse. Until holograms become a thing, this is the coolest thing we have right now, it’s the natural technological progression.
When someone says Facebook is building the Metaverse, it’s fundamentally wrong, Facebook don’t own the internet or the Blockchain or Virtual Reality, it’s like saying Apple built telecommunications when they launched the iPhone and it doesn’t really matter what they or Google or any other company are doing.
Once Blockchain becomes mainstream, the Internet is belonging to individuals, and this is what most people can’t wrap their heads around.
Let’s give an example, imagine you’re an artist, you make one song and sell it for one dollar as an NFT, in your Smart Contract, you add that every time your song gets sold you make 80% with 20% going to the seller, let’s say we buy your song for one dollar and we sell it to someone else for one dollar, in this case, you the artist make one dollar from the initial sale, and 80 cents from the second sale, while we also make 20 cents, and this can go on and on.
Every time someone sells your song you get 80% of it automatically in your digital wallet. No Spotify involved, no Apple Music involved, no Label involved, not only do you make a whole lot more money, but your community also makes money from your work, and this is how individual ownership is happening.
Everything in the Metaverse works with this formula that’s what the Metaverse really is, the rise of individual ownership, so how can you profit from it?
You need to become a native to this new land in order for you to see new opportunities, you need to understand how they’re created, and you do that by educating your self, if you have no idea how this new thing works, and you quickly dismiss it as a dystopian nightmare, you’ll be left behind when reality both natural and virtual hits you.
The good news is we’re in the super early days, people are just starting to learn about this space, there’s a lot of room for growth and a whole new pie to eat from.