Back in 1994, Today Show hosts Katie Couric, Bryant Gumbel and Elizabeth Vargas stumbled through a segment on a new technology that was rapidly approaching its tipping point.
Although most of the world was still waking up to the possibilities of the Internet, some innovators like Jeff Bezos were already placing their bets.
Today, those same Today Show hosts might puzzle over a new technology – The Metaverse.
And today’s innovators are placing their bets on the Metaverse as the next game-changing communications technology.
The Evolution of the Internet.
Throughout human history, the most impactful innovations have centered on communication.
Written language 5,500 years ago. The Gutenberg press 600 years ago. The telegraph, telephone, radio, and TV in the last 200 years. And, of course, the Internet over the last few decades.
As technological limitations have been overcome, the Internet has gone through several evolutions.
Web 1.0 was static, dial-up, and read-only. Remember AOL?
Web 2.0 saw the rise of social media and user generated content across Facebook, YouTube, Reddit, TikTok, and more.
And, now, Web 3.0 is emerging – powered by technologies like 5G, AI, Blockchain, XR (an umbrella term for augmented, virtual, and mixed reality), edge computing, massive advances in chip and computing power, and more.
Introducing Web 3.0: What is the Metaverse?
The Metaverse is the next evolution of the Internet and will impact the world as much, if not more, than the emergence of Web 1.0 or the evolution to Web 2.0.
As we all know, Facebook is betting on the Metaverse. The company even changed its name to Meta and has committed $10B to the Metaverse. Facebook envisions an immersive world of work and play that users enter via a variety of XR technologies.
The greater vision for the Metaverse is a world owned not by tech giants like Facebook but by the people that work and play in it.
Because the Metaverse is built on Blockchain, users own their own data. They are free to create and sell virtual objects, music, art, poetry, videos, games, or even whole virtual worlds via cryptocurrencies that are not controlled by central banks.
Even real world objects like cars, houses, and businesses can be tokenized on the Blockchain for sale and resale.
This decentralization may be a nightmare for middlemen, central banks, governments, and other institutions, but it’s a new world for everyday content creators – and a golden opportunity for tomorrow’s business innovators.
Every Business is a Metaverse Business.
Of course, the Metaverse is still in its infancy due to clunky suboptimal XR headsets, inconsistent interoperability between Metaverse environments, and limited computing power and bandwidth.
But we’ll get there and, when we do, it’ll revolutionize how we work and play.
Twenty-five years ago, we received information from newspapers, television, and radio. Today, it’s email, messaging, and social media.
And tomorrow? How will a generation raised on gaming platforms like Roblox gaming, native to virtual 3D spaces, and increasingly foregoing traditional social media platforms consume information?
Just like email, messaging, and social media led to innovative new companies and changed how we do business, Web 3.0 and the Metaverse will drive new business creation and new means of communication.
In 1994, many laughed at the idea that all businesses would be on the Internet. Others mobilized, rode the wave of innovation, and built the tech titans of today.
Today, it’s the Metaverse. Who will laugh? And who will build the tech titans of tomorrow?
Are You Building a Metaverse Business?
Our founder and CEO Vincent Serpico would love to discuss your Metaverse business. Connect with him on LinkedIn!