Like many of you, I keep asking myself, how will Facebook’s Metaverse look like? It is hard to say at this point. There are many questions, multiple options, endless potential, and a considerable challenge. I took some time to dream about how it could be done right - with NFT creators, artists, and collectors at the dream’ centerpiece.
Here is what I would do, or at least tell Mark to do, if I had the chance 😉. Keep in mind this is a short article, and there are a handful of topics that I can’t cover. My goal isn’t to catch all the ideas; this is a quick first glance of what could make Meta a breakthrough for NFT creators and collectors.
Keep it decentralized (please!)
Decentralization is probably the hardest thing to ask a big organization. How could this be accomplished?
Well, building upon blockchains like Ethereum, Tezos, Cardano, or Solana is a great start. Sounds easy but is super complicated. The required technical infrastructure and the talent to do it are expensive and hard to find, but more complex problems include handling the number of transactions per day, speed, and gas costs.
The ideal solution would probably be some hybrid Meta (cross-chain). Buying and selling could go into the networks. At the same time, other operations such as utilities like remote working, events, and whatever happens in the Meta run on a separate infrastructure optimized for top-quality user experience.
The essential points for creators have to be:
No gatekeepers blocking what creations enters the meta (there should be policies and rules, of course).
Minimal fees to distribute the digital assets they create.
Focussing on those two aspects could make Meta thrive, be inclusive, and obtain mass adoption.
Easy to enter, easy to navigate
What about the needed hardware to enter the Metaverse? Meta should lower the entry barrier by making their products more accessible or creating a new suite of accessible products. That way, it will indeed be a place where the whole world is connected and not only those that can afford it. Connecting us, regardless of where we live or the language we speak, is why the Metaverse is special.
Additionally, Meta could partner up to offer credits with established and up-and-coming chains. That way, everyone will have a chance to purchase NFTs or whatever they want to. Owning and earning digital assets in the metaverse sets this new dimension apart from other digital products.
My last idea in this section is related to wallets, handling public keys, and storing your items. The biggest barrier to Web 3.0 for outsiders is to buy coins and use them. This process requires a mental switch that not everyone is capable or willing to do. The best solution would be to simplify this process similar to how Coinbase did it twice (for their original exchange product and now for the Coinbase NFT marketplace).
Meta should create a system that makes the whole process simple for newcomers, but they should also integrate with other wallet providers for those who want to own their keys.
Invest in Experiences
We have seen Meta (and Microsoft) headlining remote work as one of the key differentiators of their product intros. It makes sense, as companies worldwide went remote and there is a huge opportunity and demand there. The good news is that whatever tools developed for corporations can be used for creators to build things together. I call those experiences' enablers, and I envision them being more like an expansion over the currently popular tools such as Zoom, Google Meet, Twitter Spaces, Clubhouse, and more. As Microsoft plans to include their Office suite in their Metaverse, I could see the addition of Google Drive tools and more sophisticated tools like Miro, Figma, and even new versions of Adobe Cloud where people could connect and build together.
What if more experiences or products are designed and embedded natively in Meta? Products like newsletters, magazines, newspapers, books? Like my newsletter or The Tickle digital magazine? What about building upon Twitter Spaces shows, like Crazy About Crypto, and adding new features not possible today? What about music, concerts, and live performances. If Meta plans this correctly, these could have a pleasant distribution in this new world.
Invest in creators’ tools
Either create tools for creators or partner up with existing tools. Let’s take 3D as an example. It takes time to learn the skills and is expensive due to the required software and hardware. Additionally, integrating those 3D NFTs is a technical challenge. Nevertheless, this type of NFTs will increase in value as they play amazingly with VR and AR.
When I say creators tools, I’m not only thinking about creating crypto art. There is a significant need for events and entertainment offerings (showbusiness?). Can you imagine Beets Wade and Awake shows right there in Meta and not on a different platform? Allowing the next wave of experiences to be developed natively will make the metaverse more fun and capitalize on an open market.
Facebook made a big decision in changing its strategy and pivoting into a Metaverse company. For us living in the original Metaverse, we can only hope they push in the right direction and not just take the name, ideas, and vision into a marketing stunt to increase the value of their Oculus division.
These were some of my ideas. Since this is a hot and controversial topic, I’d love to hear your comments. How else could Meta do things right?
Until next time,
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