The metaverse, when it first came to light as a Web3 new buzzword, was initially thought to be a public relations tool. However, the pandemic, being the greatest catalyst in the 21st century that it is, is making the metaverse an actual reality.
But let’s back up a bit. We are not suggesting that the metaverse is and will necessarily take over all human interactions. It is, however, a platform of sorts for many startups, businesses, to large enterprises and corporations to explore exciting opportunities for its employees, customers, and even brands. Moreover, it is predicted that the metaverse will most likely integrate itself in every industry in the next few years, and will reach an estimated $1++ trillion in yearly revenues.
But what is metaverse exactly? And what are its real-life implementations in the Philippines? In this newsletter, we will give you a primer on what the metaverse is, and what should be your metaverse strategy.
Before we move on to what the metaverse actually is, this article describes what the metaverse is not: It’s not just a game, nor virtual or augmented reality, nor a mixed reality platform. It’s not even a user-generated content platform. It’s basically all of them, and more – In essence, where the Web2.0 Internet is a conglomerate of web pages and interfaces that you are already familiar with, the metaverse will be a conglomerate of highly immersive, 3D virtual worlds.
The metaverse is largely being built on the blockchain. The blockchain is a decentralized, distributed public ledger that exists across a network. It is a system that records information stored in a unique hash, which makes it impossible to change, hack, delete, or cheat the system and manipulate data. This block is then connected to the block before it, creating an immutable, irreversible chain.
Non-Fungible Tokens (NFT) cements the idea of digital ownership and further entrepreneurship, especially in hyperlocal markets. NFTs, which are hosted on blockchain, will make it easier for digital assets to be owned and traded in the metaverse via marketplaces, and for budding content creators to cash in on their work without the middleman.
The metaverse also creates jobs not just for content creators, performers, and entrepreneurs, but even opportunities for builders and managers who want to shed light on underserved communities that are just waiting to be tapped. F(DEV) partnered with Kinobi, an Edtech platform targeted at Gen Z youth, to educate local homegrown talent on how to create, launch and mint NFTs. The recently concluded The 2030 Movement, a four-day digital upskilling conference in partnership with General Assembly, included industry experts-led sessions about the metaverse, NFTs, and Web3.
In another example, the mobile gaming industry utilized Web3 technology in order to Play to Earn, sell virtual assets at premium, and participate in battles to win monetary prizes. The metaverse also created new markets that didn’t exist before, such as virtual real estate and land, and secondary marketplaces that allow creators and entrepreneurs to rent or lease virtual assets or resell at a higher price.
And as we are barely scratching the surface of the metaverse, expect more marketplaces, industries, and jobs it will create as Web3 technologies continue to evolve and get better.
Top ICT trends in 2022 that are also taking over the metaverse are:
Organizations are shifting to hybrid and remote work models, putting more importance on outcomes rather than the hours put in. F(DEV) recently has implemented a 100% remote policy, and has entered into strategic partnerships like Filpass, a secured digital ID solution that utilizes blockchain technology.
More and more Filipinos embrace digital banking services and are more open to innovations that make payments and banking more convenient, accessible and seamless. Komo, a digital banking service by Eastwest Bank, has even extended its 4% annual interest promo for those who sign up with the bank.
Consumers have learned to patronize goods and services and interact with small businesses with local communities. Qwote launched the first B2B virtual trade show in the country in November last year, featuring over 50 exhibitors and speakers who have their very own virtual booths to showcase their services and meet potential business partners. F(DEV) has also been partnering with various blockchain startups in holding office and networking events through Metavrs.cx, its virtual events and office space venture.
Aside from Axie Infinity, there are budding guild communities in the Philippines who are banking on gamification to increase participation and engagement among consumers, employees and partners. Some of them, like Yield Guild Games (YGG) are snapping up ultra-rare virtual items in order to entice potential gamers and community members, even if the games are not even available yet.
