Why the Metaverse s the future for your business

The first website went live in 1991, it was just a page with just text on it, you can see the image below to have a representation of the first website. A few years later after the launch of the first website, a video was uploaded, and fast forward, we have YouTube where millions of videos can be found for our education and entertainment. Throughout human history, technology made improvements to human capabilities, these technological improvements also created new industries and economics. Another improvement is going to enter our realm, that improvement is called the “Metaverse”. And it is going to change how we are going to experience our day-to-day activities.

Ever since Mark Zuckerberg has announced his plans with “Meta” companies are starting to prepare for the Metaverse so they can become an early adopter, to eventually make profits from this. So how can you make a profit from it? The best way to make a profit out of the Metaverse is first to understand it, by explaining to you something of a smaller scale, the Multiverse.

Web 1.0.

The multiverse

Due to covid, many companies were forced to take a different approach in securing the future of their business. And it is already making a difference in the way how we work. You might not have seen it; however, Travis Scott and Ariana Grande did a full production concert in Fortnite. Their digital concert managed to create a unique experience, with a new level of interaction. But what this experience did well, was connecting something in the real world with something from the digital world. In our era, something interesting is happening across all industries simultaneously. BMW announced their new car in Rocket league, streaming companies like Netflix are creating video games, Netflix and Riot Games collaborated in bringing League of Legends to our television with animated events series called Arcane.

What is the Metaverse?

Have you ever seen the movie “Ready player 1”? That is what the Metaverse will become. But right now, the Metaverse is basically the newer version of the world wide web (web 3.0), but the biggest difference will be, is that we will be able to engage with the contents with most of our human senses. It sits on the crossroad with blockchain, virtual/augmented reality, and web 3.0. We will need to look into those three parts of individuality to understand the Metaverse.

What is web 3.0?

Web 3.0. is the next version of the internet, web 1.0. looked like the image as we have mentioned above. It was just a page with text, with a few links that redirected to other white pages with text. There was barely interaction, no content curation or whatsoever. Web 2.0. is the version that we have right now, it is visually, and community-based, most are user-generated content, and it is highly interactive. One important fact is that we can only buy 1 thing on the internet and it can be owned by the buyer, and that is a domain name. Just like we own Socianis.com nobody in the world can claim that domain name. Every content we place on our domain can only be taken down by us. If we upload a video or any other content to a platform that is not ours, we fall at the risk of our content being taken down. In web 3.0. things are going to be different, in web 3.0. you can own parts of the internet. Everything you make, buy, sell on the internet is yours, you own the full rights. This happens because of blockchain, to be more precise, this is because of NFT’s.

What is blockchain/NFT?

NFT stands for Non-fungible token, it is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs may be associated with reproducible digital content, such as photos, videos, and audio. NFTs will be the foundation’s blocks for value in the Metaverse, you might have an idea of what it is, however, most of us don’t really understand a fraction of what they really are. For you to understand the NFT we are required to involve the story about how money came into existence. Who told us that a $100 dollar bill is worth 100 dollars, who told you that a piece of paper is worth the goods you want to trade? That has been decided over the years, we have decided that a dollar is worth a dollar and we trust that it always will be. It is a social construct, it is not real, it only makes the exchange from goods easy. So we have all agreed to 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 it cannot be copied. We recommend businesses to see what NFTs can become in the nearing future. In the same way how we noticed that businesses that did not use the full benefits of web 2.0. they suffered the most in 2020/2021.

Virtual reality

In the nearing future, we will interact with web 3.0. different than the previous versions. It going to be all virtual reality. It going to be something similar to Ready player one. A virtual place where you can go to concerts, meet with family friends for gatherings, meetings for work, and places you were never able to visit/experience.

Individual ownership

The internet will be owned by individuals when blockchain becomes mainstream. Let me give you an example. Let’s say you create short animation movies for a living. You sell one animation video for $4 dollars as an NFT. In your smart contract, you have added that whenever your video is sold you will receive 80% and the seller will receive 20%. So if company A buys your $4 dollar video and sells it to company B you will receive $4 dollars from the initial sale, and $3.20 from the second sale. While company A receives $1.80 dollars. This can be a continuous process. Whenever your video is sold you will receive 80% automatically to your digital wallet, without any involvement of third parties. You will make more money, and your community will be able to make some money from it too.

How can your business profit from the Metaverse

You will be required to become knowledgeable about this, the Metaverse is still in its early stages, and have many uncharted areas. By being knowledgeable about the Metaverse you will find and create new ideas that can work for your business. When you become an early adopter, your business will be one of the first to profit from it. Just look how Google and YouTube started to use web 2.0. When the web 3.0. is here it will only take a few years for it to be booming We hope you have a better understanding of what the Metaverse is and how you can profit from it.