What are the Consequences of the Metaverse Gold Rush?

Gold fever. That phrase conjures up images from the past of pioneers, tenacity, exploration, and sacrifice. Yes, gold was calling to many people looking to strike it rich. People invested everything they owned on a dream of something better.

However, throughout this period of time something else happened, and it wasn’t about the gold. Many history books were written about the communities that sprung up that turned into small towns, then to cities. This growth led to the expansion of the railroads, increased commerce, but also concerns of safety and would it turn into something real.

Just like the gold rush era, the metaverse is here. It represents a time of excitement, uncertainty, opportunity, and untapped potential. And, just like that long ago time, there are doubts, security concerns, and will the surreal become something tangible.

With all this in mind, I’m excited to have the host of the “My Metaverse Minute” channel, Kieron Allen. We’ll explore the metaverse from different angles, share our curiosity, and leave you with much to consider.

Highlights

02:28 — Facebook’s big splash into the metaverse created a ripple effect with other companies. But, in reality, early forms of the metaverse harken back to AOL chatrooms, Second Life, or The Sims.

05:52 — Early settlers recognized the potential as they migrated towards the west. This sets the tone of the metaverse as this era of a new frontier.

06:38 — This ties in with the Web 3.0 approach, which is about decentralization. The metaverse intrinsically links with Web 3.0, enabling users to have a piece of the Internet.

08:02 — Behind decentralization, many things are sitting on the blockchain. For example, Walmart is wanting to offer a new virtual currency sitting on the blockchain.

08:32 — Innovation often starts with a hunt for profits. This current ‘gold rush’ is similar to the era of people migrating to search for gold, but it turned into something bigger—the metaverse going to explode to serve multiple purposes.

09:41 — As the metaverse matures over, it’s going to open up many more possibilities, such as the ability to virtually have consultations with a healthcare expert. It becomes a space where it doesn’t just have one purpose but collectively impacts other areas.

11:07 — Governance, regulatory compliance, and data privacy are going to carry into the metaverse. Regulations will still come into play, as users still access the metaverse with wires and cables similar to computers. However, what will governance look like when it comes to the portals used to access the metaverse?

13:44 — It’s disrupting our traditional connectivity to the virtual world. Companies are going to have different ways to access it that challenge the traditional method.

14:56 — With its high level of immersion, being in the metaverse also has personal safety implications and could have a psychological impact on users.

17:01 — Another controversial aspect is the implications it could have on body image. If users can be something else inside the virtual world, what kind of impact does that have psychologically?

18:20 — Self-portrayal could lead to an interesting use of the metaverse, such as how users represent themselves if they were to use it for job recruitment.

21:06 — There’s much to stay open-minded about with the endless possibilities to expect with the metaverse.