When thinking about the metaverse, some people can’t help but wonder: how did something so new and abstract become so popular?
Whether you’re on the welcoming or skeptical end of this new venture, chances are you’ve heard about the metaverse and its expansive potential. The Instagram account @metav3rse grew by 900k in just 3 short months. It now has a total following of 1.1 million users.
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Posting daily updates on business activity in the metaverse, the IG page educates its followers on how to navigate the world of NFTs and transition into Web3. One of its posts titled “Why Everyone is Wrong About the Metaverse,” features a viral tweetstorm by Shaan Puri in which he describes why the metaverse is such a big deal.
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The Concept of Singularity in the Metaverse
Puri believes that the metaverse is not a virtual place, but rather a moment in time in the virtual world. The concept of “singularity” is discussed within the world of artificial intelligence. Singularity in AI describes a moment in time when AI becomes smarter than humans. In other words, the tools we created to facilitate our lives start operating in a more effective and efficient manner than us.
If we were to apply the concept of singularity to the metaverse, we would slowly start to see how our digital lives become more important than our physical ones. Puri believes this isn’t something that’s going to happen overnight, nor is it something that is yet to happen—he claims it’s been going on for 20 years.
In his point of view, the metaverse is a moment in time in which all important aspects of our lives become digital. We used to play basketball with our neighbors, now we play Fortnite with anyone around the world. We used to work in factories and participate in manual labor, now we hop on Zoom for meetings and share deliverables on Google Docs.
Although many people throughout the world still work blue-collar jobs, AI is slowly doing away with humans having to operate machinery and work in the service sector. As a result, a growing number of jobs are transitioning online; giving way for the metaverse to become a major player in the world of work.
Even our identities and the way in which we present ourselves are becoming more important online than in real life. With crypto, our assets are now digital as well. The closer we move towards living our lives online, the more inclined we are to represent ourselves online as well. This means purchasing digital assets, wearing digital clothes, and attending digital events.
The Next Step in Our Evolution or Downfall as a Species
If we were to fast forward to the year 2035, how much different would our lives be than they are today? Some believe that by then, Puri’s prediction will come true—our digital lives will matter much more than our physical ones.
Whether this is a good or a bad thing doesn’t matter as much as the fact that it’s definitely a thing. The metaverse is not so slowly making its way into varying aspects of the world economy and society. Fashion, music and sports companies are all dabbling into Web3 and looking to make their coin.
The metaverse seems to be a natural response to what we as consumers have been asking of the market; enhanced entertainment experiences, convenient shopping options, streamlined access to our money, and more creative ways in which we could represent ourselves online.
The Brooklyn Nets have recently entered the metaverse and will soon be playing on a virtual court. The Bored Ape Yacht Club created a customized Rolex available for purchase as an NFT. Cryptocurrencies are completely digital and accessible with the touch of a button.
At its core, the metaverse represents the most basic concept in business: supply and demand. Companies are simply reacting to our behavior as consumers.
Granted, there’s a substantial amount of risk involved for these companies, seeing as not everyone fully understands or even cares for what’s going on in the metaverse. There’s no way to guarantee their metaverse business ventures will be a success.
However, when you take into consideration just how popular it has become and its undeniable potential to make our lives vastly more convenient, it’s safe to say that joining the metaverse is a risk worth taking.
Vivian Tejada is a freelance real estate writer from Providence, RI. She writes SEO blogs for real estate, travel and hospitality companies. She's passionate about the future of work and helping Latin American freelancers achieve time, location, and financial freedom. When she’s not writing you can find her at the gym, a family cookout, or at brunch with her girls. Follow her on Linkedin to learn more.