In this episode of Understanding Crypto James Burtt and Paul Abercrombie discuss the misconceptions, possibilities and present utility of the metaverse. Paul defines it as a subsection of Web3 and shows its current use in gaming applications such as Roblox, Fortnite and Minecraft. The metaverse has limitless potential, but Paul thinks its major drawback is the lack of inter-portability between platforms. If this is fixed, he thinks, the technology might become mainstream. Both Paul and James admit that both Gen Z and Gen Alpha generations have become naturalised citizens of the metaverse leaving millennials behind the curve.  

 

The Metaverse

According to James, the word metaverse has been used interchangeably with Web3 and blockchain. He emphasises that the metaverse is neither Web3 nor Blockchain, but rather a part of it. James compares the earth to a blockchain and the metaverse to a collection of isolated continents. Despite popular belief, Paul says, the metaverse is not a new concept and is already a significant aspect of the lives of Gen Z and Gen Alpha.  “We’ve got two generations Gen Z and Gen Alpha that have grown up natively hanging out in the metaverse. They're talking to their friends, meeting their friends and having birthday parties within these games.” They freely purchase and spend digital currency on digital and real-world products. Paul laments that millennials are lagging behind and expects that it will eventually become mainstream commerce. As such they encourage business owners to be aware of their marketing strategies. While social media platforms are the marketing space for millennials, Gen Z and Gen Alpha use metaverse platforms like Roblox, Minecraft and Fortnite in the millions every day. [Listen from 2:03]

 

The Present Reality 

Metaverse users frequently spend their cryptocurrency to purchase digital goods like skins and other accessories. Paul and James believe that the metaverse will house various digital offices and other innovations within the next ten years. “If you look at the way that trends are going, those generations are already living every single day at some point in the metaverse.” In the Decentraland metaverse, for example, users have bought land, while real-world brands have launched products in virtual shopping malls that can be delivered in the real world. They both agree that the Metaverse has boundless potential, but Paul believes its one flaw is the lack of platform inter-portability. He believes that if this is corrected, the technology would become mainstream. James, on the other hand, believes that some millennials might be opposed to efforts to mainstream. Older generations had reservations about online shopping a decade ago, Paul responds; he doesn’t think that their objections will ultimately halt the metaverse’s progress. [Listen from: 10:41]

 

The Metaverse is Here

Paul discusses his concerns with buying digital property. “I'm not a firm believer of buying land in the metaverse, because I think it's too early and nobody knows what these platforms are.” He does, however, understand why  huge companies have decided to purchase commercial property in the metaverse in anticipation of rising consumption. Facebook chose to change its name and build a whole metaverse platform in an attempt to attract the younger consumer. This is a blatant sign of current trends, Paul argues. “This is here already,” he remarks, “it's not coming, it's here already. It's just our generation of people are not using it.” James and Paul admit that their early reservations about the metaverse put them behind the curve, but their own investigations have revealed the technology's promise. They intend to continue demystifying the Web3 industry as they continue to make use of blockchain technology, as seen in their Clubhouse creator coin and ongoing NFT project. [Listen from 23:49 ]

 

Key Takeaways 

• Metaverse technology is widely accessible, however millennials are being left behind.
• Gen Z and Gen Alpha are metaverse specialists and spend their time and money there on a daily basis.

 

Resources

James Burtt on Twitter | LinkedIn | Instagram | Clubhouse

Paul Abercrombie on Website | Twitter | LinkedIn | Instagram