The Metaverse: What it Is and Why it Matters by Tyrone Taborn, STEM City USA founder
The Metaverse: What it Is and Why it Matters by Tyrone Taborn, STEM City USA founder
Published May 9, 2023 By : USBE Online
The metaverse has been around for some time, but with recent technological advancements, it is finally becoming a reality for all. So, what exactly is the metaverse, and why is it so important? In short, the metaverse is a fully immersive virtual world built on a blockchain. It is a digital realm where people can interact with each other, create content, and even conduct business.
It is not simply a progression of technology. What we are looking at right now is transformation. And the beauty of this is that everyone is starting at the same starting line. You can be a leader in your company, a thought leader in your company. Your thoughts, intelligence, and contributions can make you one of your organization’s most critical human resources.
The metaverse is all about digital agency. It gives people control over their information, allowing them to own their data and decide who can access it. This is a significant step towards decentralization, which is the idea that power and control should be spread out rather than concentrated in the hands of a few.
With the metaverse, people can own their data and control how it is used, a fundamental shift from the current situation where a handful of tech giants control data.
Another key feature of the metaverse is collaboration. For the metaverse to function correctly, people must be able to work together to create experiences and content. This makes the metaverse exciting -it is a space where people can come together to create something more significant than the sum of its parts.
The metaverse is also a living entity. It is constantly changing and evolving based on the people who inhabit it. This is possible because people can create digital content within the metaverse, which can then be used to shape the world around them. This means the metaverse is not a static entity but a dynamic and ever-changing one.
For the metaverse to function correctly, it needs to have an economy behind it. This is where blockchain comes in. Using blockchain technology, the metaverse can be open and accessible to everyone, allowing people to conduct business and exchange value within the virtual world. This is a crucial feature of the metaverse, allowing people to monetize their creations and participate in the digital economy.
So why is the Metaverse so important?
For one, it can potentially revolutionize how we live, work, and interact with each other. The metaverse is a space where people can unite and create something unique. It is a space where people can be and do whatever they want.
The metaverse is also essential because it represents a shift towards decentralization. By giving people control over their data and allowing them to own their digital identities, the metaverse means a break from the current system where power and control are concentrated in the hands of a few.
The metaverse is a transformative concept that can potentially change the world as we know it. By building a virtual world on top of a blockchain, we create a space where people can come together, create, collaborate, and conduct business. The metaverse represents a shift toward decentralization and a step toward a more equitable and just digital future.
The Importance of Owning Data
The metaverse is poised to revolutionize how we think about data and its value to individuals and businesses. As the concept gains traction, the ability to own and exchange data becomes increasingly important. Individuals can leverage blockchain technology to create wealth and build new business opportunities that were previously impossible.
The ability to track and control data also makes it easier to share information over the web-based metaverse platform while protecting intellectual property and ensuring compliance with copyright laws.
At its core, the metaverse represents a shift in how we think about data ownership, exchange, and value creation. By allowing individuals and companies to own and control their data through blockchain technology, the metaverse enables the creation of entirely new business models and previously impossible opportunities.
One key aspect of the metaverse is decentralization, which contrasts the centralized models that dominate much of our current digital landscape. By decentralizing data ownership and control, individuals and companies can sell and conduct business in new and exciting ways, creating wealth and value in entirely new ways.
On the corporate side, the metaverse offers a range of exciting possibilities for businesses. For example, companies can use metaverse environments to set up permanent offices they own and control. This allows them to protect their data and track down individuals who violate copyright or intellectual property laws.
The ability to track and hold data this way encourages greater collaboration among stakeholders, as the threat of losing data control is reduced. On the research side, the metaverse offers a range of exciting possibilities for academics and researchers. For example, tracking and controlling research data can increase collaboration among researchers, as they are more willing to share data in a secure environment.
Additionally, the immersive nature of the metaverse can increase engagement and the completion of seminars and classes, with completion rates of up to 70%compared to less than 30% in traditional on-demand environments. The metaverse represents a major transformational technological shift, offering new and exciting opportunities for individuals and businesses.
As we continue to explore the possibilities of this emerging technology, we can be leaders and thought leaders in our companies and communities, shaping the future of technology in innovative and transformative ways. On the corporate side, businesses can use the metaverse to set up permanent offices they own and control, enabling them to conduct research, collaborate with stakeholders, and even easily set up HR offices.
Researchers also benefit from the metaverse as it allows for secure data tracking and control, which fosters greater collaboration between academics. The metaverse is also set up to offer a more engaging and immersive educational experience, enabling learners to participate in full experiences rather than just watching on-demand videos or attending webinars.
Studies have shown that people are more likely to complete courses in immersive environments, and the metaverse offers the potential to transform the way we think about education radically.
As the metaverse continues to evolve, it represents a transformative technological shift that will level the playing field for everyone. With no clear leaders in space, there are opportunities for individuals to become thought leaders and contribute to this exciting new field in ways that could make them highly sought-after by companies seeking to leverage the metaverse’s potential.
How the Metaverse Will Impact You and Your Organization
What does that mean for your company and you as an individual? And what does it mean as a meta? If you can hold data, data now has value to the individual. And if that data is in your digital wallet, you can exchange that data and create value.
You may have heard of things like NFTs (nonfungible tokens). A token can be anything. It can be a picture, a magazine, a city, or anything you can get an IP (intellectual property) on so you can prove ownership.
If you can own data, you can sell data and create a whole new economy. This is another way to change exchange value, build wealth, and exchange for goods and services, which blockchain allows us to do. If you can do that, you can create new business opportunities that have never existed. You can sell a book on services like Amazon or Walmart, our great partners, but that was centralization. In the future, you will still use those companies, but you will also be able to become your processor. Because of these blockchain processes, you will be able to sell, conduct business, and have wealth.
On the corporate side, the same thing is true. You can use environments like the metaverse to set up a permanent corporate office that you own and can control the use because you protect the data. You can track down individuals for copyright violations and IP violations. The ability to track and hold your data will make us more willing to share information over this kind of technology, which is still web-based. So, companies will find it easy to set up HR offices, conduct research online, and increase collaboration with stakeholders through these systems.
On the research side, researchers know how important it is to be the first to get papers published, but sometimes there is hesitation in sharing on something as unsecured as the web. The ability to track your research and control it will increase our ability to collaborate because the threat of losing our data or losing control of that data falls into the very first thing that the metaverse is all about. It is about protecting your digital information educationally.
The metaverse is set up to provide a better way to have an experience. For example, at the Women of Color STEM Conference Women to Watch Summit, you came into an experience, not a Zoom meeting or a webinar. The level of engagement and ability to relate increases people’s ability to finish seminars. We have found that in these kinds of immersive environments, the rate of completion and those who will stay at this seminar is over 70%. We have validated that over the last three years, once you are in this environment, you stay there.
Rules of the Road
As the use of the metaverse becomes more widespread, it is essential to establish rules of the road to ensure a safe environment. Here are some critical considerations for setting these rules:
Privacy: Ensure participants’ personal information is protected and not shared without explicit consent. Harassment: Companies should establish clear guidelines for what constitutes harassment and how to report it. Diversity and Inclusion: The metaverse should be where everyone feels welcome and included. Companies should ensure diversity and inclusion, such as offering a variety of avatars and settings that represent different cultures and backgrounds. Respectful Behavior: Participants should refrain from engaging in behavior that could be considered offensive or disruptive. Artificial Intelligence: As AI becomes more integrated into the metaverse, it is essential to establish guidelines for its use and ensure that it is used ethically and responsibly. By establishing clear rules of the road for the metaverse, companies can ensure that their workforce can participate in a safe and respectful environment that encourages collaboration and innovation.