Main Takeaways
The metaverse has seen a meteoric rise in popularity, but with that has come a lot of skepticism, too.
The metaverse has a lot of value in areas such as connecting people, enabling creativity, and empowering user-driven economies. There’s a lot to explore beyond the hype.
This article will equip you with a simple five-step strategy for explaining to your friends and family where the value of the metaverse lies and why it’s important for us all.
Struggling to convince your friends that the metaverse isn’t just a fad? We’ve got you covered.
You are likely to have heard the term "metaverse" buzzing around tech circles, the news, or social media in recent years. It's an intriguing concept — a virtual universe where people can interact, work, and play in immersive digital environments.
However, the rise of the metaverse has brought to life an army of skeptics as well. With digital parcels of metaverse land selling for millions of dollars and celebrities “jumping on the bandwagon,” it can indeed be hard to determine its real value.
Explaining the metaverse's futuristic idea to skeptical family members or friends can be a challenge. They may raise valid concerns or doubts about the metaverse's feasibility, purpose, or even more outlandish suspicions such as it potentially being a scam. If you find yourself in this position, fear not! This blog is here to equip you with a clear understanding of the metaverse and valuable insights to help bridge the gap between uninformed skepticism and understanding.
Why Do People Have Doubts About the Metaverse?
For many skeptics, there are four main reasons to doubt the metaverse or see it as just a passing trend:
Lack of understanding: Many people may not fully understand what the metaverse is and how it works. For example, they may just see it as related to crypto and NFTs. Others may think of it as a singular product rather than a constellation of virtual spaces.
Hype and marketing: The term "metaverse" has become a buzzword in the tech industry, and companies are using it as a marketing tool to generate interest and investment. This hype can create skepticism and lead some people to believe that it's all just a trend inflated for commercial purposes. This attitude is most often combined with a lack of understanding, as mentioned in point one.
Implementation challenges: Creating a fully-realized metaverse is a complex and challenging task that requires significant investment in technology, infrastructure, and talent. There are many technical, legal, and social obstacles to overcome, and some people may view these challenges as insurmountable or not worth the effort.
Fears of a bubble: We’ve seen a sprawling market develop alongside the growth of the metaverse. Headline-grabbing sums paid for NFT items and land along with the emergence of new cryptocurrencies could spark fears that this market is getting detached from the real value offered by the underlying technology.
What Makes the Metaverse Valuable?
Now we’ve identified the main sources of doubt, let's dive into where the real value lies.
Limitless Web3 possibilities
The metaverse provides a realm of endless opportunities where people can explore, create, and interact in entirely new ways. It acts as an expansion of the Web2 world we’re used to and removes many of the limitations we currently experience. Much of this is powered by blockchain technology that helps create an environment users can truly own. Overall, the metaverse opens up novel economic, cultural, and social opportunities that can reshape industries and empower individuals.
Global connectivity
The metaverse crosses geographical boundaries. It enables people from around the world to connect seamlessly in a more personal manner. We’re not just talking about socializing or gaming here. The metaverse also revolutionizes remote work, education, and cultural exchange, creating a more inclusive and immersive world.
Blockchain power
Key to the metaverse and Web3 as a whole is true ownership over our data and content. By implementing blockchain technology, we have a secure and decentralized way to verify ownership, transactions, and digital identities. Additionally, we benefit from transparency, security, and users’ newfound power to create their own economies. Ultimately, this contributes to increasing the freedom of money.
But What About the Hype?
Often the loudest argument you’ll hear against the metaverse is that it’s all hype. Some may argue that the concept is not grounded in reality and that it is being overhyped by investors and companies trying to capitalize on the latest tech trend.
It’s a valid concern, and they’re likely right to an extent. However, there are several considerations that show there is substance beyond the hype. First, The metaverse has been in development for decades: While the term itself may be relatively new, the concept of a virtual world where people can interact and engage with each other has been around for decades.
Second, the metaverse already has practical applications. You can benefit from a variety of use cases today, including work, play, and study. It already offers new ways for people to connect, but these are often not as widely covered as the metaverse’s more whimsical aspects such as plots of virtual land being sold for millions apiece.
Finally, the metaverse is backed by major companies that proved to play an important role in shaping the technologies of the future. Facebook, Microsoft, and Google are all working on the development of the various aspects of the metaverse. For what it’s worth, these tech giants seem to believe it has significant potential and is not just a passing trend.
How to Dispel Your Friends’ Doubts in 5 Steps
In addition to the arguments above, we’ve articulated five bite-sized points that should be instrumental in dispelling any metaverse doubts your friends might have. With the five steps below, you will be able to explain convincingly where the value of the metaverse lies.
First, start with the definition: The metaverse is a digital realm where people can interact and engage with virtual environments and each other in real time. It's like a massive online world where you can socialize, work, play, interact with content, and connect with people worldwide. While the metaverse is still far from being fully built out, parts of it are operational and deliver real value.
While the metaverse has become somewhat of a buzzword, there are large, trusted technological companies exploring and developing its potential.
The metaverse continuously benefits from advancements in virtual reality (VR) and augmented reality (AR) technologies. These are helping create the truly immersive and interactive experiences that lie at the heart of the prospective virtual world. While some offerings may look basic now, we shouldn’t have to wait too long to see large improvements.
Blockchain technology also plays a significant role in the metaverse by providing a secure, transparent, and decentralized way to verify and record online transactions, ownership of virtual assets, and digital identities. However, it’s important to note that it’s only one part of the metaverse machine.
But what about the eye-popping prices you’ve seen for digital metaverse land and items? Similar to how the market works for NFTs, these values are highly subjective and shaped by various factors and trends. Over time, market forces will help discover more sustainable prices for these assets. In the meantime, it’s important to remember that there’s more to the metaverse than these digital economies.
The Metaverse Has a Lot More to Offer Than Most People Think
With the metaverse, we open up a whole new world of possibilities. However, it will take some work to convince people of this fact! Granted, there’s some hype around it, like any new technology, but it's not all fluff. If you want to bring your skeptical friends around, you can’t go far wrong with the above points.
Further Reading
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