Learning about the Metaverse

You can see why people may be eager for an alternate reality—a chance to reset the system and start again, given the state of the world today. Virtual worlds are appealing because they provide a space where power can be reversed, disappointments can be avoided, and capitalism inequalities can be replaced with something more interesting, adaptable, and meaningful.

The fact that online worlds like Roblox and Fortnite, which have roughly 400 million users combined, as well as Decentraland and the Sandbox, are expanding quickly, is thus not surprising. According to projections, the market for them will eventually be worth more than $1 trillion. In an effort to convey its faith in a virtual future, Facebook changed its name to Meta. Clothing and accessories for the metaverse are being created by fashion houses like Nike and Gucci. Samsung and J.P. Morgan have opened offices in Decentraland. In Roblox, users may run their very own Forever 21 shops where they can even sell their own creations. Even though the majority of people are still unsure of what the metaverse is, many businesses are placing significant wagers on it.

Three fresh books provide some justifications. The books Step into the Metaverse by Mark van Rijmenam, The Metaverse Handbook by QuHarrison Terry and Scott Keeney, and Navigating the Metaverse by Cathy Hackl, Dirk Lueth, and Tommaso Di Bartolo all position themselves as Lonely Planet guides to the digital frontier.

Although there are many definitions of it, the following are some fundamentals: It's really a number of metaverses, or digital places, that often feature augmented and virtual reality, data storage on the blockchain, decentralization, and the ability for users to own digital products. Similar to "the internet," the phrase "the metaverse" refers to a vast network of locations.

In actuality, the metaverse provides a fresh online experience with fresh marketplaces and goods. Three paradigm shifts, according to Hackl, Lueth, and Di Bartolo's book, are presented:

1. They desire more than merely to consume. Contextualized experiences that are gamified are far more engaging.
2. Identity: Individuals respect their online identities and wish to take them with them into the metaverse and beyond.
3. Ownership: People desire a stake in anything they choose to do with their time.

In other words, the goal is to have a single, consistent digital identity on the blockchain—one that works for both logging in to your work computer and playing online games at night. It will include your cryptographic keys, the NFTs you purchased for your Decentraland virtual home, and all of your other crucial information. You are more of a member than a user in the metaverse.

This brings up a plethora of new opportunities. Roblox is cited by Terry and Keeney as an illustration of what's to come. On it, users may create games and venues, and people can get together for events in ways that are not possible on social networking platforms. Keeney, better known as "DJ Skee," collaborated with Paris Hilton to create Paris World on Roblox, where she hosted a New Year's Eve party that attracted more guests than the one in Times Square. She assures the writers, "This is the future of partying.

The focus on ownership in the metaverse (and its cousin, Web3) is what stands out the most. Users may participate in nearly anything; they can vote on issues affecting the groups they are a part of and the applications they use; they can create and trade NFTs; and in decentralized apps (dApps), which run on peer-to-peer networks rather than on servers, users can even get paid to play games. Since it develops a new economy, user ownership represents a true revolution. According to van Rijmenam, the ideal metaverse will free users, enabling them to quickly transport communities and digital commodities from one platform to another. For example, users will be able to take a Facebook group to Roblox and then transfer a piece of art created there to Fortnite. Users may make money off their digital assets in this scenario by renting, selling, or even borrowing against them.

The implication seems to be that users—or, more precisely, the designers of this new online—are renegotiating the terms of their data exchange for free search engines and social media platforms, whereas users on the old web received the raw deal. Hackl, Lueth, and Di Bartolo explain that "play becomes labor that creates assets worth something inside that dApp (or perhaps in the larger metaverse)". It may be working as a brand ambassador in Decentraland, selling digital art or avatar stuff, or inventing monsters in the game Axie Infinity and selling them to other players or earning tokens with them. The benefits of online existence come in the form of cold, hard cryptocurrency rather than the dopamine rush of likes.

Because of how unimpressive the old web is, this is an interesting proposal. The ad-based business model turns user data into a commodity; a small number of extremely powerful corporations are nearly impossible to control; and the never-ending quest for engagement encourages hate speech, hoaxes, and trolling. All of which makes using social media in moderation appear like a little vice. For example, I speak of Twitter as if it were a small smoking habit that I can't kick. A solution that may disperse some of the consolidated power and revitalize the web should be welcomed.

Nonetheless, I can't help but notice this future's dismal aspect. Play is turning into work instead of the other way around. The metaverse seems to be giving us additional obligations without a raise, rather than digital independence and control. Do I want to bring all of my extracurricular activities and personal relationships to work with my avatar? Do I want to expand my hobby into a side business? Do I really want to spend even more time online? Or has my modest life in the real world been replaced by my life online?

In novels, television programs, and films about virtual reality, from Neal Stephenson's 1992 sci-fi classic Snow Crash (which popularized the term "metaverse") to the Netflix series Black Mirror, individuals attempt to escape precisely those types of conundrums.

Will we live in the metaverse? Despite the fact that Microsoft and Meta's virtual worlds are closed rather than the ideal open one, both companies appear to believe this.

There is little question that we are moving toward a new type of digital reality due to enthusiasm, money, and momentum. It will in some manner represent the preferences of its user base, whether those preferences be entrepreneurship, escapism, or convenience. Dystopia is a danger. One more is disappointment: We hope for the metaverse, but get a mall instead.