Last Friday, we were excited to bring you a special episode of Fridays with YIELD App looking at the Metaverse, featuring some of the pioneers from this newest frontier of the digital asset universe. In this live show, we looked at what the Metaverse is, why it’s interesting and why you should care.

Our Head of Communications Rebecca Jones spoke to:

Jordan Heathfield, Head of Marketing at MADworld

Omar Corona, Founder of MetaLabs

Håkon Harberg, COO and Co-Founder of WiV Technology

Quoc Bao Ngo, Founder of MyRealityDAO

If you missed it, you can still watch the full 40-minute show on our YouTube channel. But if you’d rather catch up on the highlights, we have put together some of the most interesting points from the show in this blog.

What is the Metaverse?

Jordan:

“The Metaverse is any digital environment where you have a representation of yourself with which you can engage with other elements within that digital environment and/or other people who are characters within that environment. I believe we are in the Metaverse currently, because we are already connecting with each other in a digital environment. But what we could see coming in the future could be mind blowing. We could be creating entire new universes – whatever the mind is capable of.”

Omar:

“The Metaverse is a place in cyberspace where you can be whoever you want, wherever you want, and have whatever you want. It’s a digital universe where instead of being on the internet, you are actually inside the internet where you can have an immersive experience and interact with everybody. Cryptocurrency will play a huge part in this, that’s how that virtual economy is going to work, through cryptocurrency and NFTs.”

Bao:

“For me, it’s a virtual world without limitations and boundaries, where you can realize your dream. In the real world, there are limitations of physical laws, but in the Metaverse you can create anything. It gives so much possibility in an educational way, we can create things people can participate in. For example, if you want to learn history, you can create a scene, and people can be part of that scene, and by being there they learn much faster.”

Håkon:

“It’s the next iteration of the internet. We can turn real life characters into avatars and experience the world we live in, but at the same time construct it in a way that we really want it to be. But it’s also about how the gaming economy has disrupted the way we look at finance. It opens borders, anyone can access this world. You don’t have to be part of the elite to join.” 

Why should the average person be excited about the Metaverse?

Omar:

“There are so many possibilities to the Metaverse. You can change your reality into anything you want, you can be anywhere you want, with whoever you want. Meta and Microsoft are going the right way in terms of having virtual meetings, but this could extend to education. It could be a more immersive experience for children to learn. Oculus – virtual reality goggles – is a good example of this. The Metaverse could bring a lot of people together, create fun experiences, and make them much more interesting and enjoyable.”

Håkon:

“It’s about the bridge between physical and digital – “phygital” experiences. The most important thing is to show people that you can mirror their real world and then gamefy it. At the same time, education, such as new sports experiences, and a new way of experiencing adventures. If we have another lockdown we need new experiences. The Metaverse represents an escape.”

Bao:

“In the real world you can create things and sell them. In the Metaverse, you can do the same. It’s a new working possibility, you can be a Metaverse worker. For example, Metaverse advertising is a new type of advertising. And when it comes to education, instead of watching a scene, you can actually play the game and learn in the process.”

Is the Metaverse trying to build a bridge to the real world or replace it? 

Jordan:

“Some people already live that way. I don’t think the Metaverse is a bridge itself, it is a virtual environment. But it is important for those creating the Metaverse to build a bridge to drive scalability. You need to create an environment people actually want to be in. The concept of NFTs and digital currencies are the conduit of that bridge. They allow people to understand ownership and value appreciation for assets they have created in the Metaverse.”

What are the pitfalls of the Metaverse?

Omar:

“You can find yourself so immersed in that space, it can be hard to get out of it. That’s why I don’t have an Oculus myself and don’t play video games myself. I could imagine kids never leaving the Metaverse, people can lose their sense of reality and become a digital version of themselves. If we go that route, that could stop progression and creativity in the real world.” 

How important will the Metaverse be in five years’ time?

Jordan:

“This is going to be the most important environment for human relationships. It will be a way for us to connect with people all over the world, from different cultures, backgrounds, age groups, and interests. We will also see an explosion in the number of metaverses out there. In five years time, there will be a Metaverse for everything.”

Omar:

“It’s like the dotcom boom all over again. Everybody is going to be able to enter a new world, shopping online is going to change, the education system is going to change, we are going to create a whole new economy. It will be a beautiful way to exchange ideas, experiences, and assets. It’s going to take over the real world.” 

Håkon:

“There will be a lot of disruption on the economic front. But I think it will take a lot of time to go where we want it to go. Perhaps 10 years ahead we will be where Omar and Jordan describe. We haven’t even launched the Sandbox yet. But in the meantime, there will be many smaller environments that will give people these experiences, and within these there will be lots of tribal economies.” 

Bao:

“In five years, we will educate people to create something in the Metaverse themselves. I think we can educate people in all subjects in the Metaverse in five to 10 years’ time: physics, maths, and even playing piano.”

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