It’s the Metaverse! But Should We Care?

The metaverse is upon us! Or will be soon. Or will be later once we figure out what it actually is. Or discover what it can actually become. Eventually…

There's a lot of marketing hype wrapped up in this idea of the metaverse. Facebook, in particular, is in super-promo mode after rebranding itself as Meta, while simultaneously finding itself in a vulnerable place after Apple's move to limit ad tracking hit Facebook’s bottom line. We can be a touch cynical: It's impossible to disentangle the company’s vision of a future where everyone has a digital wardrobe, from Facebook’s desire to monetize the sale of virtual clothes. Or any other virtual “object” or thing. 

And, of course, Facebook is not alone; the realm of what’s digitally possible - married to potentially astronomical windfalls - can mobilize like a steroidal aphrodisiac.

The term “metaverse” doesn't refer to any one specific type of technology but rather to a broad shift in how we might interact with technology. The gaming industry is arguably the forerunner of exploring this terrain, where avatars interact with one another. World of Warcraft, for example, is a persistent virtual world where players can buy and sell goods while Fortnite has virtual experiences like concerts and events. Other tech companies—including Nvidia, Unity, Roblox, and even Snap—are building the infrastructure that might become the metaverse.

If you have teenagers, ask them, and they’ll educate you…unless they’re too immersed in their virtual world. 

Virtual Reality (VR) and Augmented Reality (AR) are already mainstream, with artists, gamers, and early adopters of all sorts embracing the creative potential. The downside is that VR, for example, requires cumbersome hardware, at least for the foreseeable future. 

Nonetheless, many in our society are enthusiastically jumping on board; we’ve become used to the online world, the digital realm is not alien to us. That’s why cryptocurrency has blown up, as have NFT's.

The cryptocurrency market alone is expected to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026. 

Ironically, despite being purely digital, crypto has a dramatic real-world environmental impact; currently, mining is the primary method to validate cryptocurrency transactions and mint new crypto coins (used by Bitcoin and other leading cryptocurrencies). It’s highly energy-intensive. So is building the metaverse.

None of the above belongs to a mere subculture relegated to the hidden basements of introverts we may have derisively labeled “geeks” in earlier generations. No, this is here and now and will likely grow in one permutation or another, just like the internet did, to saturate our lives.

My thoughts here are not intended to be a warning or to tout negative aspects of new technologies. On the contrary, as the leader of a tech-based company, I’m excited by the changes and evolutions the digital realm offers. We don’t yet know how this will continue to unfold; just as in 1980, we didn’t know what the world wide web would become.

Smart, creative individuals spend a lot of time thinking about not only how the world is but what it might be. One of my favorite artists, Edgar Degas stated “Art is not what you see, but what you make others see.” Those on the frontiers of digital exploration see things we don’t, and they’re working on sharing their visions with us. Most of these explorers will veer off into dead-end tangents, but others will help bring to fruition new ways of seeing and perceiving the world.

At the same time, let’s not be seduced with only unicorns and rainbows of promise. Digital technologies have opened many doors, but not without costs. All technologies have costs. As I shared last summer, anticipating consequences is tough to do, but ignoring them may have greater costs in the long run. 

By all means, embrace innovation and invention. And while we do, let’s also be aware of both pros and cons, with our digitally besotted eyes wide open.