ONCE in a lifetime, something comes up and initially, everyone doubts and questions it, and they they wake up – very late. The metaverse is one such development.
What’s interesting about the metaverse is that it’s here, even in its basic form. A lab version of the metaverse has been around for more than 10 years. Second Life, which is better known as a virtual world, is the closest thing we’ve seen that resembles the metaverse as envisaged by many tech executives who are popularising the term “metaverse”.
This, however, is not enough to turn around sceptics, who maintain that the metaverse is just a dream.
Here’s why many need to wake up and accept the metaverse as a reality.
First, it’s important to understand that the metaverse is basically a creation of the world in virtual space. This means everything and even more than that will be created in the metaverse. It also means every business, person, government and organisation has to ask: How will we exist in the metaverse and, more importantly, when?
Forward-thinking businesses and organisations are creating a form of their existence in the metaverse through non-fungible tokens (NFTs).
Nike recently announced the acquisition of RTFKT Studios, which it calls “a leading brand that leverages cutting-edge innovation to deliver next-generation collectibles that merge culture and gaming”.
Nike said: “This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture.
“We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”
Microsoft spent billions (about $75 billion/R1 trillion) buying a company that will enable the tech giant to play and lead in the metaverse sector.
Metaverse company Republic Realm bought land (virtual) as part of a venture it intends to develop with games company Atari. Last year, Republic Realm launched Fantasy Island, a development of 100 islands with villas that buyers can “visit”, remodel, use to show off their NFT artworks, and host friends in. Ownership also grants access to a members-only channel on the chat app, Discord.
I’m sure you’re getting the picture by now. If you are not developing an NFT or some form of the digital asset, then you are being left behind. If you don’t act now, you will wake up to a fully fledged virtual world in which you do not exist. This brings me to a very important aspect of this development – Africa. There has never been a better time for the continent to make its mark in the technological world.
This is important for many reasons that include economic, cultural and technological advancements. In the metaverse, there will be countries,
products, businesses, places, monuments and more that exist in the physical world, and they will exist in their virtual form. People from the physical world will be looking for what they are familiar with in the virtual world. The question is: Will they find your country, product, place, or even artwork?
Instead of dilly-dallying, I suggest you dedicate a day, a week or whatever period you prefer, imagining, planning, and strategising about the metaverse. Once you’ve done that, appoint someone or a group of people to create a version of your business, product, or whatever in the metaverse.
It is inevitable that in the near future there will be what I would call a double existence of everything, including ourselves as individuals. If that’s true, what will you wear, where will you stay and how will you survive in the metaverse?
For the African continent, the question should be about its existence in the metaverse in the form of technology, culture, and artefacts.
As individuals, at some point in our lives the questions in business were: What is your telephone? Do you have a business card? What’s your website address? Lately, people ask: What is your Twitter handle? Very soon the business question will be: How can I find you in the metaverse? What will be your answer? Whatever your answer is to that question, make sure it’s not: “I do not exist.”
Wesley Diphoko is the editor-In-chief of FastCompany (SA) magazine.
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