The Metaverse: What it is and Why it Matters by Tyrone D. Taborn
The Metaverse: What it is and Why it Matters by Tyrone D. Taborn
Published June 4, 2023 By : Lango Deen
On May 5, 2023, Tyrone Taborn delivered a speech at the second annual Women to Watch Summit hosted on the Women of Color (WOC) STEM digital twin experience (DTX) platform. The full transcript of his speech is provided below.
The concept of the Metaverse has been around for some time now, but with recent advancements in technology, it is finally becoming a reality. So, what exactly is the Metaverse and why is it so important? In short, the Metaverse is a fully immersive virtual world that is built on top of a blockchain. It is a digital realm where people can interact with each other, create content, and even conduct business.
The Metaverse is all about digital agency. It gives people control over their own digital information, allowing them to own their data and decide who has access to it. This is an important 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, which is a fundamental shift from the current state of affairs where data is largely controlled by a handful of tech giants.
Another key feature of the Metaverse is collaboration. In order for the Metaverse to function properly, people must be able to work together to create new experiences and content. This is what makes the Metaverse so exciting – it is a space where people can come together to create something that is greater 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 made possible by the fact that people can create digital content within the Metaverse, which can then be used to shape the world around them. This means that the Metaverse is not a static entity, but rather a dynamic and ever-changing one.
In order for the Metaverse to function properly, it needs to have an economy behind it. This is where blockchain comes in. By 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 key feature of the Metaverse, as it allows people to monetize their creations and participate in the digital economy.
So why is the Metaverse so important? For one, it has the potential to revolutionize the way we live, work, and interact with each other. The Metaverse is a space where people can come together and create something truly amazing. It is a space where people can be whoever they want to be and do whatever they want to do.
But the Metaverse is also important because it represents a shift towards decentralization. By giving people control over their data and allowing them to own their digital identities, the Metaverse represents a break from the current system where power and control are concentrated in the hands of a few.
The Metaverse is an exciting and transformative concept that has the potential to change the world as we know it. By building a virtual world on top of a blockchain, we are creating a space where people can come together, create, collaborate, and conduct business. The Metaverse represents a shift towards decentralization, and it is a step towards a more equitable and just digital future.
The Metaverse is poised to revolutionize the way 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, and 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 opportunities that were previously impossible.
One key aspect of the Metaverse is decentralization, which stands in contrast to 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 that 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 own data in this way also encourages greater collaboration among stakeholders, as the threat of losing control of data is reduced.
On the research side, the Metaverse offers a range of exciting possibilities for academics and researchers. For example, the ability to track and control 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.
Ultimately, the Metaverse represents a major transformational shift in technology, offering new and exciting opportunities for individuals and businesses alike. As we continue to explore the possibilities of this emerging technology, we have the opportunity to be leaders and thought leaders in our companies and communities, shaping the future of technology in ways that are both innovative and transformative.
On the corporate side, businesses can use the Metaverse to set up permanent offices that they own and control, enabling them to conduct research, collaborate with stakeholders, and even set up HR offices with ease. Researchers also stand to benefit from the Metaverse as it allows for secure data tracking and control, which in turn 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 radically transform the way we think about education.
As the Metaverse continues to evolve, it represents a transformative shift in technology that will level the playing field for everyone. With no clear leaders in the space, there is an opportunity 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
Now, what does that mean for your company and for you as an individual? And what does it mean as a meta? Well, let’s look at this. If you can actually own this building behind me, or you can own this city. Because if you can own data, data now has value to the individual. And if that data is in your digital wallet, you are able to exchange that data and create value. You may have heard of things like NFTs. These are tokens that can be exchanged. A token can be anything. It is all simply about data. It can be a picture, a magazine, a city, or anything that you can get an IP on. You can prove ownership, and if you can own data, you can sell data and create a whole new economy.
This is another way in which we can change exchange value, build wealth, and exchange for goods and services, which is what blockchain allows us to do. If you can do that, you can create and recreate entirely new business opportunities that have never existed and could not exist solely on the Metaverse platform. Sure, you can sell a book on great services like Amazon or Walmart, which are great partners of ours, but that was centralization. In the future, you will still use those companies, but you will also be able to become your own processor. You will be able to sell, conduct business, and have wealth on your own because of these blockchain processes.
On the corporate side, exactly the same thing is true. You will be able to use environments like the Metaverse to set up a permanent corporate office that you own and can control the use of because you’re protecting the data. You can track down individuals for copyright violations and IP violations. The ability to track and own 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. Having the ability to track your research and control it will increase the ability for us to collaborate with one another 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.
At the end of the day, it’s about protecting your digital information educationally. The Metaverse is set up to provide a better way to have an experience. At the Women of Women to Watch conference, you came into an experience, not a Zoom meeting or a webinar. You can play games, take a psychological journey, and the level of engagement and ability to relate to your presence of where you are actually increase the ability of people to finish seminars and classes. We have found that in these kinds of immersive environments, the number of completion and those who will stay on this seminar or my talking tool is over 70%. We have actually validated that over the last three years, once you’re in this kind of environment, you stay there.
So, what is the Metaverse? Take away, if nothing else, the centralization versus decentralization of data. Let’s talk about this being the most important transformational part of technology. Not simply a progression of technology, but what we’re looking at right now is absolutely transformational. And the beauty of this is that everyone is truly starting at the same starting line. No one has figured this out yet. You have an opportunity to be a leader in your company, a thought leader in your company. Your thoughts, intelligence, and contributions can make you one of the most important human resources in your organization.
Rules of the Road
As the use of the Metaverse becomes more widespread in the workplace, it’s important to establish rules of the road to ensure a safe and respectful environment for all participants. Here are some key considerations for setting these rules:
1. Privacy: Ensure that participants’ personal information is protected and not shared without their explicit consent.
2. Harassment: Harassment of any kind should not be tolerated in the Metaverse. Companies should establish clear guidelines for what constitutes harassment and how to report it.
3. Diversity and Inclusion: The Metaverse should be a place where everyone feels welcome and included. Companies should take steps to ensure diversity and inclusion, such as offering a variety of avatars and settings that represent different cultures and backgrounds.
4. Respectful Behavior: Participants should be respectful of one another and refrain from engaging in behavior that could be considered offensive or disruptive.
5. Artificial Intelligence: As artificial intelligence becomes more integrated into the Metaverse, it’s important 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 is able to participate in a safe and respectful environment that encourages collaboration and innovation.