Read on as three experts decode the metaverse and explain what we all really need to know.

What is the metaverse?

“In simple terms, the metaverse is a virtual universe where there are aspects of our ‘IRL’ (real) lives like commerce, social interaction, concerts, games, and more. [It also includes] aspects unique to being digital such as avatars, digital collectables (also called NFTs), and more. It's where [digital and physical] can converge.” Rebecca Batterman, a Web3 Consultant and Advisor explains. “Think of the metaverse on its simplest level as if you jumped into a video game.”

She understands the sense of disorientation around the concept. “The term metaverse can be confusing for people to understand because it isn't a singular place you buy a ticket to like Cleveland or even the moon, or even Mars. It's the next version of the internet, existing across different digital locations, companies, and even different metaverses.”

Nina Kong-Surtees, the founder of smART Advisory, a consultancy helping artists and art organizations to navigate art (and tech) ecosystems, describes the metaverse as “an extension of our physical world, where we explore possibilities and expand our imaginations” before implementing those possibilities and ideas into tangible forms.

“The metaverse is an access, or entry point to alternative layers of data, experience, architecture and human connection,” simplifies Sam Ewen, CoinDesk’s web3 lead and head of CoinDesk studios.

“As a Web3 consultant and advisor for brands I've explained that the metaverse doesn't replace your business IRL. It offers opportunities to enhance it.” Rebecca expands. “Keep doing what works for your brand in real life, and think through how your brand might show up differently in the metaverse, crossing the virtual barrier. A way I like to help conceptualize the metaverse is through the show Stranger Things. If you've seen Stranger Things, you know that there is a wall, or portal to another world (the Upside Down) that has many of the same things as the real world, but is a new world that exists simultaneously.” That’s similar to the metaverse.

Wait - what’s Web3?

“Web3 is described as the next version of the internet.” says Batterman.

She continues, “Web1 was read-only (website). Web 2 was read + engage (social media, but controlled by a select number of companies). Web3 is read + write + own, through decentralized and self-governed platforms like blockchain and crypto.”

How do Web3 and the metaverse interact?

“Metaverses today are being created with aspects of Web3 integrated into them.” Batterman explains. The idea of Web3 is “to enhance the [online] experience beyond a digital universe game experience.”

We’ll get into what those Web3 elements are shortly.

How much does the average person really need to know?

The experts agree: it’s very early, so at this point there is not a lot you need to know.

“The average person does not need to know that much at this point.” Ewen affirms. He continues, “Today we are at a very early state when it comes to the metaverse. Most experiences are just glorified games, but there are big things coming - just not for a bit of time.”

However, a general understanding of the metaverse and its components will be helpful.

“The average person should be mindful of what is being created in the metaverse. Though it is very early, the intention is that the metaverse will eventually exist interchangeably with our IRL lives, with a lot of digital crossover,” says Batterman.

Kong-Surtees further explains, “The average person doesn't need to know the technical aspects of the ‘how,’ but they need to know the basics of what [the metaverse] is and what it does, and how to keep their digital wallets or assets secure.” She draws a parallel to more familiar technology. “Think of emails we receive and send, and how we purchase goods online—we don't think of how it works, but we know the technology works to transmit messages and [complete] transactions.”

A Primer on the Components of Web3

If you’re ready to go a step further, Batterman suggests learning about the elements of Web3 interact and make up the metaverse.

“Understanding how crypto, blockchain, NFTs, and metaverse interact with each other will help lay an important foundation in understanding what is being created.”

She gives us a primer. “Very simply: blockchain technology (digital ledger) allows for crypto (digital currency) to be created on top of it. Blockchain and crypto allow for NFTs (digital assets) to be created and traded digitally and the metaverses are spaces created on blockchain, where crypto and NFTs can be exchanged. For example, commerce or shopping for your digital avatar can exist in the metaverse because of crypto and NFTs.”

If you’re considering getting more involved, the standard for what you need to know changes, notes Kong-Surtees. “Of course, the average person also needs to research to make informed decisions on their supporting projects, as there's a lot of hype and noise.”

The Impact on Our Futures

“The influence of Web3 and the metaverse will have significant impact on our lives over the next decade but much like the internet or social media, we won't really be aware of its daily impact unless we look back to remember a time when we lived without it,” says Batterman.

Ewen agrees, “The impact will be dramatic, but also may not be as noticeable as one may think.” He expands, explaining that the Hong Kong Airport has a digital twin of the physical place. “There are physical sensors throughout the location that feed information into the digital model, which then allows operators to - in real-time - make decisions to optimize the operations of the airport. From routing planes to gates that may be less crowded to knowing when it is getting too warm based on the sun shining into a set of windows. This opportunity to augment real life with a 'heads-up display' of data and information is a mixed reality future that may be closer to the final metaverse than we think.”

Batterman underscores the rapidity and subtlety of these changes. “Just in the past year, culturally it's shifted from people and brands saying ‘Web3 doesn't impact me or my business’ to people and brands wanting to better understand it and what's possible.”

Kong-Surtees forecasts, “In the next 5 to 10 years from now, I imagine the technology will be a lot better than it is now. Of course, this doesn't mean the metaverse will replace physical interactions, but it is a tool to enhance our experience in IRL and virtual worlds. There will be enough solid study cases to gain more trust. We won't need to worry about the middle person or the central figures controlling our assets, and we will deal with fewer bureaucratic headaches with our identities, privacy, and assets.”

She takes an optimistic point of view, expanding, “I see everyone being compensated fairly and perpetually for their contributions, especially artists.”

Ewen looks ahead with a more tempered view, summarizing, “Within five to ten years, we will see fully immersive digital worlds where the constraints of location, gender, socioeconomic, and language difference will fade away and allow for human connection to increase exponentially, for both good and bad.”

SHORTCUTS: A SIMPLE GLOSSARY OF TERMS

Blockchain technology - a digital ledger

Crypto - digital currency

NFT (Non Fungible Tokens) - digital assets

Metaverses - spaces created on blockchain, where crypto and NFTs can be exchanged

Lauren Lyddon has helped people and organizations to tell their stories for more than a decade. Having tested her love of the creative through the pursuit of an MBA and undergraduate business degrees, she is a writer, editor, and lover of fiction in all its forms (especially theatre, well-written television, and novels). A West coast resident often operating on an East coast schedule, Lauren uses her business background and love of story to serve clients in writing, editing, PR, and more. You can visit her online at L2crtv.com.