Understanding the Metaverse, Fundamentally and the Role of Cryptocurrencies

metaverse

 

There’s been a lot of talks and articles about the shortcomings of the government and institutions in different societies lately, and the obvious inabilities and inefficiencies of man – which engineers and developers seek to address through AI (Artificial Intelligence). Notwithstanding, most of you would agree with me, that we logically can’t change everything about our reality, or can we?

 

Introduction

 

Now, let’s talk about the Metaverse; let’s step into a world where we can travel to the farthest reaches of the universe; we can fly the millennial falcon like a boss or we can fight the empire and even have a lightsaber battle to save the world from Darth Vader, where we could use our Jedi mind tricks to travel to Hogwarts to duel Harry Potter with another Harry Potter and when we’re done we can finally go back to work in virtual reality.

 

That’s the Metaverse, a place where anything is possible, a place where people go because of all the things they can do but stay because of all the things they can be. Now, this whole story sounds like a crazy far-fetched idea that’ll probably never happen in our lifetime but then, I was sitting in a quiet place the other day, playing a couple of things through my mind and it just dawned on me that – we already live in the Metaverse.

 

In today’s post, I’m going to blow your minds about what the Metaverse actually is, because very few understand the secret of what the Metaverse is supposed to be. I’ll explain how it works, how you can invest in it and why it’s about to become so valuable.

 

I know you’re there already, even though you may not have realized but I’m officially saying, welcome to the Metaverse, because everyone wants to get in on it including me.

 

What’s Going on in the Industry

 

On October 27, 2021, Nike filed seven trademark applications to create merchandise in VR (Virtual Reality), the next day being October 28, Facebook announced its rebrand to Meta and shortly after, Microsoft announced that it would create its own Metaverse with Microsoft PowerPoint; the point is, all of these companies are realizing that this is where the future is going and as I was researching about how the regular person can tag along in this new crusade and possibly make some money, I stumbled on a tweet by Sean Puri (Program director, Adidas at Carbon3D) where he said, “what if everyone is actually wrong about what the Metaverse is?” he said the Metaverse is not a place we go instead, it’s a moment in time, a moment in human history where the singularity takes place and artificial intelligence is born.

 

This is when technology becomes self-aware and this is something he argues that’s been going on for the last 20 years. When we look at our jobs and our friends and even our identities, we realize they’ve all gone digital. When we think about work, we go to zoom meetings. Now thanks to the pandemic we also make friends online through places like Reddit and Twitter. Instagram is a place where we can create the perfect digital version of ourselves. Instagram has become more important in how we present ourselves than how we present ourselves in real life. Did life really happen if you didn’t post about it on Instagram?

 

Essential Components of the Metaverse

 

More so, even how we invest our money has gone digital. The assets we buy are things like NFTs and tokens and crypto currencies and Sean even said that board apes are the new Rolexes and Fortnite skins are the new skinny jeans because if we’re going to spend most of our time in this digital realm then, our flexes have to be digital too. He said the Metaverse is when the idea of the digital self becomes more important than the physical self and I want to further expand on his theory because I think he’s actually right about the Metaverse.

 

It’s not some place that Facebook (Meta Platforms) is trying to create, it’s something much more than that, the Metaverse is a simulation of time and we’ve been experiencing the Metaverse since the creation of the internet and the creation of video games.

 

Foundatons of the Metaverse

 

Since the middle of the 1990s when the internet started to be mainstream we’ve played around with the idea of the Metaverse except it wasn’t in virtual reality or augmented reality, it was through a bulky computer screen in homes and Libraries. It wasn’t the best experience in the good old times, I agree but, the graphics eventually got better, the internet got faster and our devices got smaller and this interface is constantly evolving today.

 

It’s evolved to become portable so that anywhere in the world we could teleport in VR and go from one place to another, instantaneously. We can even coordinate apes to invest their money together so they can get rich together without ever having met or known each other. We can also go to the internet to find someone special, I’ve heard a lot of people saying they found their partners on dating sites like Tinder.

The point is the Metaverse is already here and it’s playing out exactly like physicist Michio Kaku predicted. He said there were going to be three types of civilizations; type 1, type 2 and type 3.

 

Right now we are going from type 0 to type 1 planetary civilization; a moment in time where we’ll get most of our energy from our nearby star, which of course is our sun, which is also why we’re seeing a shift in focus when we talk about energy, sustainable and renewable energy sources and companies like Tesla which in the future are going to become the most valuable companies in the world.

 

In this type 1 civilization, the internet is a type 1 communication system and the Metaverse is a type 1 interface for all of it. What we’re interfacing is a simulation of a world in the future; a lot will change with the Metaverse, and Andrew Steinwold had a really great quote on twitter that said that the crypto currencies that we’re creating today is the money of the Metaverse, NFTs are the stuff or the things that we bring into this world as part of our digital identity. We could look at DAOs (Decentralized Autonomous Organizations) as the companies of the Metaverse and the tokens are sort of like rewards for participating in social experiments or volunteering opportunities.

 

Liberalism in the Metaverse

 

Now, from an investment perspective the question is, what do we invest our money in? If we know the world is going towards the Metaverse, ultimately, then how do we take advantage of this future because any company can come along and create their own version of the Metaverse.

 

So the question is not if it’s going to be a universe or a multiverse. Whether it’s going to be Facebook’s Meta or decentralized, Sandbox or Viviverse or who knows, we shouldn’t care much about that.

 

The Metaverse actually is on a fundamental layer and I believe it’s going to get very complex with time, now let’s explore this ideology: in 1869 John Locke – and English philosopher and physician, commonly known as the “Father of Liberalism”, created the concept of the fundamental natural rights, where he stated that man has three natural rights; life, liberty and property.

 

 

He said that in order to balance the role and the power of government, governments have a responsibility, a social contract to protect those three basic tenets of life liberty and property.

 

Now the government does protect life at least, we have security, we have the police but the government can also take life away and we’ve seen that a lot these past few years which means perhaps, the government has a little bit more power than we would maybe want them to have. The government is also supposed to protect our liberty which is fancy for our freedom but we also know that the government can take our freedom away and lastly, the government is supposed to protect is our property but, we don’t really have control over our property because if the government wants to take it away from us, they can at any point.

 

Look up civil forfeiture in your state, it might surprise you and even if you buy a house and pay cash out rightly for it, you still have to pay property tax for it, so it’s kind of an illusion of this protection of property.

 

This system of checks and balances of the government protecting those three basic tenants of life is inherently flawed because in order to protect something you have to have power and authority over that thing but, because human beings are not perfect, we seek to control and gain the upper hand over others, and because we have no other choice, that is the society that we find ourselves living in; a society that was created by the powers that be, and those are the laws we have to follow until now.

The Metaverse is our reinvention or simulation over the control of life, liberty and property. It’s an experiment in time, not so much a place. It’s a realm where we control those key elements that we don’t have control over yet, for example; liberty is our identity in terms of who we want to be. Liberty gives us the freedom to reinterpret ourselves in any way we want and it is not bound by physical laws because we can bend the digital world however we want so for example; if I want to be a dog, I could do that, if I want to be a golden ape with laser beams shooting out of my eyes, I could do that too.

 

We can be whoever we want; that is the reinvention of liberty or freedom. We also have the reinvention of property and that is Bitcoin. Tyler Winklevoss – founder of Winklevoss Capital Management and Gemini cryptocurrency exchange, said “Bitcoin is the separation of money and state, crypto is the separation of money in banks, DeFi is the separation of finance and Wall Street and NFTs are the separation of art in the establishment.

 

I personally think that Bitcoin goes a lot deeper, Bitcoin is not really just a crypto currency; and in Locke’s philosophy, Bitcoin is not life, Bitcoin is not liberty, Bitcoin is property. It gives us full and total control over property. Not an illusion of control this time but, it gives us full and total immutable control by way of decentralization, such that the value we accumulate and save throughout the course of our lives could never be debased or destroyed by another government’s printing of money or stolen by someone else. Bitcoin gives us control over property in this digital world, Ethereum is the digitization of social contracts so that we don’t need courts to interpret laws because our laws are governed by smart contracts on the Ethereum blockchain, not by human opinions.

 

And the last one of course is life; where we choose to live this digital life is very important. We can’t choose to live it here in the physical world because there are loads of physical and social laws that prevent it from being reality, so we have to simulate this utopian time in the Metaverse and that’s what it is. It’s not so much a place, it’s just a time where those three principles of life, liberty and property become reality.

 

I know this is getting a bit too philosophical, try not to get carried away, but the primary information you should take with you from this article, that’s if you’ve already understood my explanation of the Metaverse, is the need to invest our money into the essential components of the Metaverse in order to have what it takes to live in this digital realm.

 

Like I said in the beginning, I don’t think it matters so much which company is going to create the ultimate Metaverse, whether it’s Facebook’s Meta, Apple, Google, or Microsoft, it really doesn’t matter.

 

What matters more is the stuff that we bring to these worlds that define our values and our identities, so for example; these crypto currencies, these NFTs, these tokens that we’re all talking about all the time, they’re the things that we bring to this digital world, so if Facebook’s Metaverse becomes the go-to place, a place where we can all hang out and bring all our digital property and identities, then it’s beautiful. And if Facebook’s Metaverse decides to run Ads or do some sort of annoying thing, then we could all just take our property and identities and move to somewhere else like the Viviverse, and that’s amazing.

 

It’s hard to say what exactly is going to become the most valuable in the Metaverse, but I think we can all unanimously agree that money is going to be valuable and money is Bitcoin and Ethereum. They are the foundations of property and liberty. I also believe that collectibles and NFTs are going play a huge role in displaying our identities in this digital world, which is why we all need to start investing in them early on, as part of our digital identity that we will someday bring to the Metaverse and also someday we might be able to play as some of those digital and fictional characters and that’s awesome because we would have the liberty to.

 

Share on facebook
Facebook
Share on whatsapp
WhatsApp
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on telegram
Telegram

Recent Posts

FINCAD Women In Finance Scholarship

FINCAD Women In Finance Scholarship

The FINCAD women in finance scholarship programme is designed and committed to encouraging and supporting women pursuing different careers in the finance industry. In this article, we discussed about the

Read More »

Movie recap: Hello (2022)

Hello (2022) Directed by: Tamara Bass Starring: Eva Marcille, Autumn Dial, Deborah Joy Winans Release date: September 22, 2022 Running time: 1h32min Genre: Thriller, Mystery The flight attendant Alicia is

Read More »
5 1 vote
Article Rating
Subscribe
Notify of
guest
4 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Jo braver

How to I create my own virtual reality character,? How do I get started?

Perfection

This is interesting

4
0
Would love your thoughts, please comment.x
()
x