Getting Metaversed:  All You Ever Wanted To Know About The Metaverse But Were Afraid To Ask

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Dustin Plantholt   Editor

Getting Metaversed:  All You Ever Wanted To Know About The Metaverse But Were Afraid To Ask

Photo by Gamium

Forbes Monaco will be hosting a special metaverse gala focusing on the NFT-metaverse connection on October 10. You’ve definitely heard about the metaverse. And recently, you’ve heard a lot about it. But what is it?

The metaverse is a combination of “meta” and “universe” that first appeared in the 1992 sci-fi novel Snow Crash. And it is described by the Blockchain Council as “a network of 3D virtual worlds focused on social connection.” In other words, a world of connected things; an internet substitute. It is where you can create, design, share, do business, build and foster communities, interact in unimaginable ways, and much, much more—without impediment or intermediary constraints. To understand it’s future impact, one only need look at the technological path that brought us here.

 Web 1.0: The dot-coms

Remember the early 90s when personal computers began to take on greater roles in people’s lives? Access to the internet expanded greatly during this time and consumer culture began taking on a new identity. A global one, which was inherently designed to encourage information sharing.

Eventually, innovators and forward-thinkers started looking at Web 1.0 and thought “what more can we do with this?” 

Web 2.0: Social Media, Sharing, Collaboration

What if we could collaborate over the internet and share ideas? Businesses like Google, Facebook (now Meta), Twitter, and YouTube started popping up, and now are a part of everyday life—and tools and services that we cannot live without. People were able to access a variety of media with greater speed and efficiency. Web 2.0—the sharing of user-generated content and the growth of social media—allowed for collaborative communities to be created and flourish. Once again, technology evolved, bringing people and ideas closer together—unlike ever before seen in history. Web 2.0 provided everyone a portal to be able to interact with user-created blog posts through likes, dislikes, loves, celebrates, and supports. This was “just” the beginning.

Web 3.0: Today and the Future

Web 3.0 was coined by Ethereum co-founder Gavin Wood. And has been described by wiki as “an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies and token-based economics.” It is the next revolution of the internet.

The Metaverse: The New Frontier

What if you were able to hand pick your neighbors, live next door to your best friends, have your family just a stone’s throw away, or have rent-free and tax-free space to transact business?

 The metaverse—this new frontier—allows for that.

 You might have heard of its capabilities, but you have questions. And possibly some concerns.

 Who wants to live next to a bunch of anonymous individuals with no identity? Maybe some do, maybe some don’t.

What if you could ascertain that your neighbor’s digital identities are proven?

 Where do you find land?

 How do you create the right neighborhood...find the right district?

 With hundreds of metaverses to choose from, how do you know which ones are right for you?

The NFT-Metaverse Connection

Metaverses are NOT just about gaming. The metaverse has become a collective: finance, sports, entertainment, intellectual and personal property, NFTs…and more.

 Yes, while you may laugh at some of the ugly jpegs and eclectic digital collectibles flooding the NFT marketplace, that is only a small representation of the NFT phenomenon, and NOT what NFTs are all about.

 NFTs provide the ability to own and authenticate your things as both a retailer and as a consumer. NFTs provide data sovereignty, the ability to own your personal data…not Google, not Meta. Your data, your rights.

 Utility NFTs can grant access to the internet, events, and even be used alongside Carbon Credit issuers for sustainability initiatives. They can be used to support nonprofits, unite art collectors, empower gamers and connect communities around the globe with similar interests. NFTs have given humanity the ability to merge all areas of Life and Business into a Web3 generation. A level playing field for international commerce, banking and beyond. The use cases continue to grow exponentially.

The NFT-metaverse connection presents one of the most promising use cases for NFTs bringing many new opportunities for investors, developers, businesses, collectors, hobbyists, and creators.

From This Reality to The Next Generation

What if everything can be stored inside a vault in the metaverse? Your vault...your identity. This is the just beginning.

The metaverse is an ecosystem that inspires curiosity and allows every one of us to bring forth and share our individualities to the world—the possibilities are limitless.

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Dustin Plantholt   Editor