The (true) definition of the Metaverse

7 steps to understanding everything

 

If you don't understand what the Metaverse is, that's perfectly normal.

Ever since Facebook announced its name change to "Meta", everyone has been riding the trend.

This word is used to designate technologies, virtual worlds or video games.

As you'll see in the next few minutes, the Metaverse encompasses all of this.

Today, I'd like to take a moment to define what Metavers is.

Whatever your current level, by the end of this short article, you'll know :

  • What exactly the Metaverse is
  • Whether or not your company should invest in this new phenomenon.
  • And finally, whether the Metaverse can be an important growth driver for you.

 

Without further ado, here's the program: 

 

  • What is the Metaverse?
  1. The surprising origins of the Metaverse
  2. This best-selling author's vision of the Metaverse
  3. The 6 characteristics of the Metaverse (if one is missing, then it's not a Metaverse)
  4. My simple definition of Metavers
  5. Understanding the "Metavers opportunity " for a company
  6. Conclusion Metavers: why take the plunge now?

 

1 - What is the Metaverse?

 

I smile when I read about the metaverse.

Why?

Simply because there is no accepted definition of the Metaverse.

So we're going to refer to those who have worked on the subject.

Then I'll share with you my personal definition of the Metaverse (easy to remember).

First, I have to show you my train of thought!

Here we go!

 

Surprising help from Latin

 

When I was at Lycée, I took Latin.

So I got into the habit of breaking down words.

In Metaverse, there are :

  • Meta meaning beyond
  • Verse a contraction of the English Universe

The Metaverse is a universe beyond the real world.

But let's go further together...

 

2 - The surprising origins of the Metaverse

Do you know where the word Metaverse comes from?

Surprising as it may seem, it comes from an old Science Fiction book: "The Virtual Samurai"(Snow Crash in English) by author Neal Stephenson.

In this book, the Metaverse is a virtual universe, a kind of enhanced version of the Internet.

More recently, the film Ready Player One gives an excellent idea of what the Metaverse could be.

The hero of this Steven Spielberg film lives in a futuristic land where humans mainly stay at home to navigate Horizon, a fictional "Metaverse".

Humans don virtual reality goggles.

They walk around in the form of an avatar with which they can play, talk and work with other 3D avatars.

In short, interact with anyone in a 3D world, in real time.

If I have just one piece of advice to give you today: go and see this film. It gives an excellent overview of what the Metaverse could become.

But let's continue our exploration of the future, because there's more to come.

 

3 - This best-selling author's vision of the Metaverse

 

If there's one person on earth who has explored the Metaverse concept in depth, it's Mathew Ball.

This VC (Venture Capitalist) is the author of the acclaimed essay "The Metaverse: And How It Will Revolutionize Everything".

It is the reference on this subject.

And here's how he describes the Metaverse:

"The metaverse is a vast network of persistent, real-time rendered 3D worlds and simulations that support continuity of identity, objects, history, payments and rights, and can be experienced synchronously by an effectively unlimited number of users, each with an individual sense of presence." venture capitalist Matthew Ball

I know.

The definition is complex.

So we're going to break it down point by point.

I guarantee it's worth it.

 

4 - The 6 characteristics of the Metaverse (if one is missing, then it's not a Metaverse)

 

In the definition above, Matthew Ball describes all the characteristics that a Metaverse should have:

1 - The metaverse is persistent: when you log out, the metaverse continues to function. It doesn't freeze like in The Sims or older video games.

It's a world that lives by itself.

2 - The Metaverse works in real time: every user experience is experienced live, just as when you're surfing the web.

In the Metaverse, you can interact in real time with other 3D avatars.

3 - Metavers have no limits in terms of users: as with the web, anyone can watch a live YouTube video at the same time.

In the Metaverse, you can watch a Rihanna concert in real time with millions of other users.

Epic Games' Fortnite game already held this type of concert with Travis Scott in 2020.

And the Metaverse Otherside demonstrated, gathering over 4,000 people in real time.

But we're still a long way from millions of users at the same time, in real time.

4 - The Metaverse is interoperable You can transfer your avatars, objects and costumes between different virtual worlds.

Your information and digital assets can circulate across different platforms.

For example, you could buy a digital Porsche car from the Porsche website and use it in Fortnite, Roblox or any other Metavers game.

The Crucible company is trying to solve the interoperability problem.

5 - The Metaverse has its own economy: individuals and companies can sell, create, own, invest and be rewarded for a large amount of "work" that produces "value" recognized by others.

For example, you can use the metaverse's currency to buy digital goods(NFT) that belong to you (avatar, clothes...).

6 - The Metaverse spans the physical and virtual worlds: the Metaverse will undoubtedly be accessible on the real-world street with augmented reality glasses.

In addition to being accessible at home with VR headsets.

After reading this paragraph, it's clear that the Metaverse doesn't yet exist.

And that nothing described on the internet as a "metaverse" is a real one.

 

Before I share with you what opportunities the Metaverse could have for your company, I'd like to simplify your life:

 

5 - My simple definition of Metaverse

 

The Metaverse is the future of the Internet, only much more immersive.

It will be a parallel world "beyond the real", where you can do almost anything (play, interact, work, watch movies...) with the same sense of presence as in real life today.

You'll be using AR goggles or VR headsets.

This world of unlimited frontiers is going to change the future for all of us.

And that's why technology, video game and Web3 giants such as Meta, Microsoft, Epic Games, Roblox, Yuga Labs, Decentraland and Sandbox are investing heavily in this sector.

 

6 - Understanding the Metaverse opportunity for businesses

With Meta, Mark Zuckerberg already owns the leading brand of Oculus virtual reality goggles.

You can play games with these glasses, and the rendering is starting to look very convincing.

It has developed shared virtual spaces such as Horizon Home and Horizon World.

To compete with Meta, Microsoft is starting to integrate Mesh, a collaborative platform based onvirtual experiences, into Teams, its online productivity suite.

For its part, giant Epic Games and its flagship game Fortnite already has experience of massively multiplayer gaming in a virtual world. The company is looking to make it more immersive.

Just like Roblox, where you can create an avatar and play games with others. Young teenagers love it.

Yuga Labs, following the resounding success of its NFT collection, the bored ape yatch club, has raised $450 million to develop a Metaverse NFT: Otherside.

It will be a massively multiplayer video game in which all digital objects will be in NFT form.

Virtual goods will be traded using the $APE crypto-currency.

Meanwhile, virtual worlds such as Decentraland and The Sandbox already allow you tobuy virtual land in the form of NFT. You can then create your own house, building or mini-game with the token from $MANA and $SAND.

The Metaverse will revolutionize the way we play, interact and work.

As you can see from the examples above, there's a real war going on to become the dominant company in the Metaverse.

Perhaps the future of the Internet will be a tangle of virtual worlds, forming the Metaverse.

Perhaps one company will have a monopoly on this new world.

 

7 - Metaverse conclusion: why take the plunge now?

 

I think you need to take your first steps in the metaverse right away.

The reason is simple: almost any company can duplicate its business in the metaverse.

This could provide a new lever for growth.

For example:

  • An advertising company like JC Decaux will be able to create billboards in the Metaverse just as it does today in real life (and massively multiply its profits, as there are no material costs).
  • A law firm could set up a service to manage virtual disputes, as these have very real impacts (avatar theft, clothing theft, weddings, etc.).
  • A clothing brand will be able to make virtual clothes and shoes(Nike has already acquired RTFKT, a 3D virtual sneaker design studio).

More specifically, if your business is related to film, music, entertainment, art, professional services, finance, real estate and video games, your sector of activity is conducive to locating in the Metaverse.

You can start small.

By investing in a virtual HQ, for example.

Because in the Metaverse, you'll need :

  • to be visible;
  • a place for your employees to work together online;
  • or a venue for conferences or customer meetings.

For this, as in the real world, there are strategic locations to choose from (the busiest).

It's also important to choose the right virtual world (the metaverse that will become the norm in the future).

Then manage all the communication and awareness-raising around this HQ for your employees and customers.

Thank you for reading this article to the end, I hope you have a better understanding of the Metaverse.

 

web333