How to play with the Economy and monopoly of a metaverse in the future?
With the announcement that Facebook has changed its name to Meta What effect will this have on the characteristics of the Metaverse? For some, it’s the first step on a path towards ruin, while to others Facebook could be a step back in the process of creating a mirror universe that’s much larger than any single business.
Campaign Asia sought the opinions of top executives from the world of advertising. their responses are insightful in that they are quite different.
Tom Simpson, SVP APAC, AdColony for instance, thinks that by 2030, the metaverse will be able to support “the play economy.”
The most significant innovation here would be the development of platforms that no one entity can control, yet all can trust through blockchain technology.
“Anyone can create and interact with each other without the need of the central platform. People are now the platform. Innovative economic models like play-to-earn and a rebirthed maker economy are expected to grow because of this. The world is a jolly place built on the basis of play since the metaverse was born first through gaming. We also own our digital footprints as well as our data with the proven cyber-physical scarcity as well as NFTs.”
Play of Economy
His perspective is at the extreme part that is the middle of the range. “With the content producers not being enticed by click-based entertainment and the whole environment online has changed. People are spending more time thinking about what makes them happy and good content has returned. Play is back as the most preferred method of comprehending and making meaning. It is the world village. It is the metaverse. This is the play economy.”
The Mill places itself within the group of people who are looking to create the concept of a “decentralized or open metaverse.”
“That involves a diverse range of creators, developers, artists, educators and perspectives, so the metaverse platform and content of the future aren’t just dictated by the tech giants of silicon valley and brands with money to spend,” Aleissia Ledacker, The Mill’s global director of the creative technologies of creative technology at The Mill. “The metaverse future I see is a hybrid, virtual and physical reality that offers a new kind of accessibility to data, entertainment, art and experiences, much like the internet did upon its inception.”
Sounds fantastic… But this concept of the metaverse is created to make us buy stuff. If it’s not managed through Big Tech, the metaverse is still a big business under the control of capitalism.
“We’re less likely to see ads to unlock experiences in the metaverse, and more likely to be invited to take part in meaningful experiences that allow us to engage with brands in new ways,” claims Laidacker.
Data and Transformation:
The two Wilfrid Obeng, the CTO of AudioMob as well as Jonathan Edwards, head of data and transformation at Dentsu Solutions APAC, make the highly sage assertion that the metaverse could be a blend of dystopia and utopia, similar to reality.
I also believe that in the beginning, the metaverse will initially be an area to explore instead of occupying continuously,” says Obeng. “We will not immediately see reality disappear. However, the concept of a perpetual virtual space that is shared by all with no limitations to reality is a fascinating concept with a myriad of potential implications.”
Security, privacy, wellbeing accessibility, security, and other such issues are vitally essential in the digital age more than any time before. Obeng warns that the world of metaverse must not be developed in isolation and suggests separate standards “so we can apply what we’ve collectively learned as part of our forward journey existing as a digital society.”
Edwards states that”the world of the metaverse “will be the same cat and mouse game with some people trying to exploit new opportunities, whilst others try to stop them.”
He believes it’s up to us all to make use of the metaverse to serve as a tool to live our lives in “a less tribal manner.”
“That shift, from today’s identity-lensed politics and a willful ignorance of what has advanced human well-being to date, rests on education,” he declares. “We require the knowledge and knowledge to evaluate whether it’s fair, rational or true or else we shame ourselves and bring out the worst of our personalities. Facebook is unlikely to attain this. They’ll likely play an important role in the metaverse. However, I see other players particularly the government influencing how we live our lives in a world that is based on.”
To stop the spread of a metaverse-based monopoly the Dentsu executive predicts the development of privacy- and identity-management solutions in the next few years. Both are the consequence of the growing awareness about data the executive says.
“Privacy management should reduce the complexity for users in choosing the data they give to whom… And in the end, will be able to predict the kinds of transactions its user will or won’t be able to make. Identity managers have a double purpose: to verify who you really are, as well as to disguise the person you really are in your reality, based on the digital environment. Identity managers should allow individuals to choose the state — completely known or unknowing that they are and at what time. A privacy manager should regulate the areas between.”
A glimpse at the world of metaphysics: how do you stop a virtual world from turning into the dystopian nightmare of our times
As tech giants attempt to build the metaverse five experts in technology predict how our lives will appear in virtual reality as well as how privacy and accountability are established and the way brands will be able to occupy the space.
The idea is that it can be used to assist in all kinds of interactions, from social to shopping, entertainment and even work. It is interoperable, allowing users to effortlessly move from one place to another. It will be accessible through various devices, from desktops and mobile apps as well as immersive VR AR devices. “You’re basically going to be able to do everything that you can on the internet today, as well as some things that don’t make sense on the internet today–like dancing,” Zuckerberg said to investors. “The defining quality of the metaverse is presence, which is this feeling that you’re really there with another person or in another place.
New Experiences Opportunities:
Creation, avatars, and digital objects are going to be central to how we express ourselves, and this is going to lead to entirely new experiences and economic opportunities.” According to Zuckerberg’s perspective the metaverse will not just represent “the next chapter for us as a company”, but it will also be the next generation of internet technology. On the other hand, Facebook is throwing “significant investment” (CFO Dave Wehner has classified the amount in terms of “billions”) into building its part of the virtual world. Not everyone shares Zuckerberg’s unflinching enthusiasm.
The CEO and founder of BriskLogic who developed the AR game Pokemon Go recently published a blog post that compares virtual reality to a “dystopian nightmare”. The films, novels and television shows that have influenced the metaverse idea (a term invented in the work of Neal Stephenson in his 1992 sci-fi novel Snow Crash) in fact “served as warnings about a dystopian future of technology gone wrong”, John Hanke wrote. In the same way that Zuckerberg believes that virtual reality can give you a greater sense of connection with people around you and the places you’d like to go, Hanke thinks it will create a negative impression.
“We believe we can use technology to lean into the ‘reality’ of augmented reality–encouraging everyone, ourselves included, to stand up, walk outside, and connect with people and the world around us. This is what we humans are born to do, the result of 2 million years of human evolution, and as a result, those are the things that make us the happiest. Technology should be used to make these core human experiences better–not to replace them,” Hanke wrote.
BriskLogic is working to create its own real-world metaverse’ which overlays information, data services, interactive works in the real world. Other companies, such as Atari, Epic Games and Nvidia are working on their versions of the technology they think to be the next generation of technology for social networking. This brings us to the most important issue: is there only one metaverse and how will the governance system work?