Do you know what the Metaverse and Web3 are? Have you heard about them, but are really not sure? We were thrilled to have an incredible breakfast session recently led by #ialso100 Cheryl Laidlaw introducing us to these terms and how, as small business owners, we need to get familiar with them. It was a wonderful session, and one we’ll definitely run again.
First of all, what is Web3 (or “Web 3.0”)?
The internet has come a long way in the past three decades, from the early days of Web 1.0, when the internet was used for sharing text-based information, to today’s Web 2.0 era, where we can buy and sell online, schedule meetings, share and interact on social media (such as images, audio and video), and so much more.
The web has greatly evolved to meet our needs over the years, and it is now time for Web3 to start making its way into our lives.
It’s still in the early stages, but Web3 is the start of decentralizing the internet. Web3 will give you complete control of your data and the means to share in the profits generated by your content. 2D becomes 3D in Web3, and your wildness imagination can become a reality as you enter the metaverse with a VR headset.
So how can you keep up with the technology and get involved with Web3? It all starts with educating yourself on the new lingo of this digital world. Gary Vaynerchuk recommends you need 40 hours of research, which seems a lot—but once you start learning, you aren’t going to want to stop!
The research into the Meta (previously known as Facebook) metaverse is around 7 years old; it’s taken this long for Meta to develop their metaverse and start to roll out Horizon Worlds (which only rolled out in Europe this week), which you can access through Meta’s Oculus VR headset.
Gartner’s research predicts that by 2026 that 25% of people will spend at least one hour a day in the metaverse. That is a big percentage, and only four years away.
Investment company JP Morgan Chase recently said that the metaverse will generate $1 trillion in annual revenue for businesses spanning a cross-section of industries. How, exactly? It’s a good question—the metaverse is rapidly evolving and you can be one of the first to earn some serious cash/crypto if you act now and start researching.
I would start my research journey with the Blockchain. Once you understand blockchain technology, the “decentralize” understanding becomes clearer, as blockchain is all about transparency amongst transactions.
A blockchain is a type of Digital Ledger Technology (DLT) that consists of growing list of records, called blocks, that are securely linked together using cryptography. Each block contains the information of the previous block, a timestamp, and transaction data. Blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered.
But blockchain isn’t just technology to store financial data. This is where it becomes—and is becoming—so powerful: it can also be used to store art, the buying and selling of NFTs, contract exchanges, and so much more.
Let me explain…
In the future, if you buy and sell a house, you will have the option to use blockchain technology rather than the standard contracts that are in place today.
The blockchain could also be used to store medical data in the future. Currently, your medical records are stored on different systems at different clinics and hospitals. The blockchain will enable files to be kept on the blockchain so that all medical professionals can have access to your medical data and history, creating a more efficient way of conducting operations and medical appointments.
Next on the list is NFTs, which people mistake for art in jpg format—but, like most things in Web3, there is more to NFTs than pretty jpgs.
NFT stands for “Non-Fungible Token.” This means it is unique and cannot be replicated.
Fungible means that you can swap it like for like. So if you swapped a pound for a pound, that is fungible.
Most NFTs have benefits included once they are purchased. In big releases most NFT projects include a membership to a community.
For example, the World of Women NFT Collection includes:
• Original monthly art drops from selected NFT artists
• Exclusive access to your World of Women artwork 4k x 4k file
• IP rights of your purchase
• Curated pre-sales and mint pass for high-potential collections vetted by the DAWoW, which is Word of Women’s DAO (Decentralized Autonomous Organization)
• Holders-only raffles and discounts.
• An invitation to the annual gala, which is amazing way to meet other World of Women owners. You’d be in good company as celebrities Reese Witherspoon, Steve Aoki, Eva Longoria, and Shonda Rimes all own one.
Once you start your research you will notice that every article talks about community. Web3 is a space to bring people together.
So now time for the fun part, the metaverse. As soon as I got my hands on a VR headset to experience the metaverse, I knew that this had to be something that I was going to be involved with from the beginning. Meta made that a reality in April 2022 (in the UK) when they bought out their Horizon Worlds app in Beta mode to Oculus VR holders.
I was hooked, but the app didn’t come without its hiccups—and still to this day, Horizon Worlds needs some improvements. But WOW, it’s an incredible experience that you can have in the comfort of your own home!
Since buying the headset, myself and my fellow podcast host Angela have been taking our meetings in Horizon Workrooms. We absolutely love having our meetings by the sea in our favorite spot whilst surround by all the tech and branding to conduct a meeting.
Sounds pretty cool, huh?
Many big brands have made the move from real-life stores to metaverse stores over the past year, including Gucci, Nike, Forever 21, Clarks, Wendy’s, Samsung and Ferrari to name a few. It’s only a matter of time before the metaverse is something that is included in all of our business plans moving forward.
So, my question to you is: Will you wait and see how Web3 pans out, or will you research and see how you can get into this space early?
If you are a business owner I strongly recommend that you research your field and look at Unstoppable domains 1 which allows you to create a blockchain-connected web address similar to a URL.
If you are an employee I would be looking into skills that you need to level up in this industry to earn more money and also be the “go to” in the company for all things Web3.
Interested to learn more? Check out Women of the Metaverse 1 Podcast where we share insights into Web3, NFTs, the metaverse, and much more.
I can’t wait to see how Web3 and the metaverse will shape up in the future!