communicate almost anything we want across space and time. We find love through apps. We trust our digital neighbors to give us the best suggestions for food and housing. We place our most precious photographic memories in the hands of digital giants to protect for eternity.
The Internet has become this expansive virtual, shared space for almost anything you can think of. But surely this isn't the best version of the Internet. Like any form of existence, it must continue to grow and evolve.
So, what's next?
We believe the evolution of the Internet is the Metaverse—a culmination of the Internet and the boundless possibilities in augmented and virtual reality technologies.
We wrote The Metaverse Handbook to serve as a detailed resource for anyone seeking to understand the emerging changes to the Web in order to harness new digital innovations that are inventing the next phase of the Internet. This book is one part inspiration and one part education, exemplifying well over 100 creators who are building new digital tools and outlining how you can take steps to emulate these changes to digital commerce, digital community, and digital experience.
In this book, we explore and explain arcane topics such as the following:
Web3 development with blockchain-based websites
Changes to user digital identification through blockchain wallets
Digital asset creation and ownership via NFTs
Immersive gaming and social environments
Building blocks of the Metaverse
Pitfalls preventing us from achieving the vision of the Metaverse
The Metaverse Handbook is perfect for business professionals and decision-makers who must continuously think about digital innovation and strategize on new ways to reach consumers, as well as creators who rely on monetizing their creativity on the Internet.
The Metaverse Handbook illustrates these dense, futuristic concepts with easy-to-understand examples, approachable language, and concrete practical applications so you can easily grasp and retain the foundational and advanced topics contained within.
CHAPTER 1 A Vision for the Metaverse in 2032
Coca-Cola lovers will have a new place to hang out starting today and…can set up a virtual alter ego known as an avatar, which can then shop and dance at the Coca-Cola diner, visit a movie theater to watch short films, and soar around on a hoverboard.
Coca-Cola's CC Metro, an online island shaped like a Coke bottle within a larger virtual world called There.com, showcases a vision of the shared Metaverse where brands give their customers a virtual playground to explore, play games, meet people, and ultimately shop. It's a vision that is shared by many corporations and has recently gained a lot of steam. However, the aforementioned announcement of CC Metro is not from 2022. It's not even from this decade. Rather, that's a quote from The New York Times in 2007.
Before the digital aspect of our social lives was cemented on Facebook, Instagram, Twitter, and LinkedIn, there was a belief that social networks could and should be in 3D, virtual worlds featuring experiences much like the real world. Second Life and Habbo Hotel were onboarding hundreds of thousands of users. Disney jumped on the trend with their Club Penguin virtual environment. MTV created almost a dozen of these virtual worlds for each of their hit shows at the time. Second Life was getting investments from Internet visionaries, including Jeff Bezos, and partnering with brands such as Sony, Sun Microsystems, and Adidas for campaigns. Virtual existence was becoming a thing.
Although not as large as Second Life or Habbo Hotel, There.com was pioneering Metaverse economies right alongside them. There.com had their own virtual currency called Therebucks, which were converted at a rate of 1,800 Tbux to $1 USD. Tbux could be spent on houses, furnishings, and outfitting your avatar. There were ample activities ranging from training your virtual pet to racing vehicles to connecting with new friends over a game of cards. And communities were forming around special interests.
In the early part of the new millennium, it really looked like virtual existence would become a major part of our lives. That's why Coca-Cola invested in CC Metro. They even went so far as integrating the MyCokeRewards program into CC Metro, giving users a place to spend their rewards points. It didn't matter where your brand was showing up in these virtual worlds, just as long as you were there in some capacity—learning from this new behavior and testing ways to capitalize on it.
Ultimately, 2D social networks were more effective than virtual worlds at onboarding droves of users and providing instant gratification. As a result, it's Facebook, not Second Life or There.com, that is the nearly trillion-dollar social networking company.
Extended Reality Emerges
The year 2022 brought many of the same narratives we heard back in the early 2000s, except under the new moniker of “the Metaverse.” The commercial narrative hasn't changed much. Most brands view the Metaverse as a way to disguise an advertisement within the confines of a virtual experience, except that now the tech has completely changed.
Today, virtual worlds are largely being built on the back of the blockchain. Blockchain is a digital ledger that records transactions and information maintained and duplicated across a peer-to-peer network of computers, making it nearly impossible to record, edit, and hack false transactions. This allows creators to build digital scarcity into the social experience, turning everything from the game's land to the accessories our avatars equip into nonfungible tokens (NFTs). With blockchain as a new foundation of the Metaverse, the narrative has shifted to building a future that is user-owned, user-built, and ultimately for the user to reap the rewards. This is the rallying cry of the Metaverse today. It's an upgraded promise from the early Metaverses that were primarily social experiences with the occasional commercial opportunity.
Now, everyone is just $300 USD away from immersing themselves in a very impressive virtual reality experience. Consumer-ready virtual reality (VR) wasn't an option when Coca-Cola was building CC Metro. Furthermore, augmented reality (AR)—a real-world overlay of graphics and computer-generated information experienced through devices such as smartphones and smart glasses—was still the stuff of science fiction in the CC Metro world. The immersive technologies of VR and AR that are instrumental in the experience of the Metaverse are collectively known as extended reality (XR).
While current Metaverses like Decentraland are still accessed through the web browser, they will eventually collide with XR. The true vision of the Metaverse promises shared virtual experiences. And that is now in the realm of possibility for all builders, brands, and individuals.
In an interview with The Information, John Riccitiello, the CEO of Unity Technologies, predicts that VR/AR headsets will be as common as gaming consoles by 2030. With 250 million households owning gaming consoles worldwide, he is not predicting ubiquity on the level of the 4 billion smartphones worldwide. Rather, John sees XR as shared devices, like your game system or TV, which is a sentiment we largely agree with.
XR is an innovation in communication. Of course, gaming, entertainment, and commerce are great use cases for extended reality. And these experiences will make a significant impact on enticing people to use XR platforms. But it's the social
