An idiot’s guide to the Metaverse and Web3
Jeez. Mark Zuckerberg makes a weird film about the Metaverse and suddenly the damned word is everywhere! As is the term Web3 which may—or may not—be the same thing. I’m having flashbacks to the early 2000s when my techie housemate Pete told me to invest in social networks… and I told him not to be boring 💁♀️.
These words are clearly going to be popping up everywhere, so I am starting my research now, talking to web entrepreneurs Chris Rempel and Filip Matous for an initial steer.
So WHAT is the Metaverse?
Essentially, it’s a 3D way to navigate the internet: VR, floating around in space, designing a talking cat avatar… (if you’re lost, see Zuckerberg’s film).
And is Web3 the same?
Not quite. The significance of Web3 is bigger than that of the metaverse, because it is built using blockchain technology.
By Blockchain… do you mean crypto?
Kind of. The blockchain technology used for crypto currency means that we can have a universal profile that will enable us to be identifiable and findable on any platform. This means that instead of investing time setting up on Facebook—realising it’s for grandads—starting again on Instagram—realising it’s for interior designers—and starting again on TikTok—ad infinitum—you can carry your identity and networks across platforms.
People hope this means we can escape being controlled by the tech giants… (You hear that? It’s the sound of pennies dropping… that’s why Zuckerberg is trying to own it all)
What would having a Universal Profile look like?
Imagine you’re are an architect. You could:
demonstrate all of your previous work
enable 3D tours
link to past clients
show your qualifications
present your network
showcase your side hustles
And this wouldn’t be dependent on any one social media platform. It would be interoperable.
Now apply that to your job. What could it mean to your profession?
Will it really make a difference?
No one knows yet. But what I can tell you, is that my seven year old is all over it. And listening to people who do seem to know about these things, they are twitchy with excitement, even if they don’t expect much to happen for the next few years.
What should I know now?
Business leaders need to know what Web3 and the Metaverse are and start thinking about how they could impact your business. Nike isn’t hiring a team and buying up trademarks for branded virtual products for nothing…
If you think it will change your business, you might want to start your research now. Yes, we can help 😀
NEWSLETTER PLUS There’s going to be some Metaverse/Web3 reading and listening material in next week’s instalment, so make sure you’re subscribed at Armstrong & Partners before then.
Next week:
How much of the talent pool has a disability (declared or otherwise)? I remain shocked by what I learnt talking to Kate Nash OBE, founder of Purple Space.
Christine
