The year 2021 is nearing the end, a year in which hybrid working and remote jobs have come to the fore, also due to the omnipresent Covid-19 pandemic. The metaverse, NFTs and metaverse tokens were and are on everyone's lips. But what is the metaverse and can we allow ourselves an insight into a new kind of work?
We probably think of science fiction first: the term metaverse was first used in the 1991 science fiction novel "Snow Crash" by Neal Stephenson. There the metaverse is represented as a kind of virtual, global reality in which users are represented by avatars and colonize a virtual world. The metaverse is therefore not a game, it is not about profit or loss, rather it represents a real alternative to the physical world, a digital reality of its own.Let's call it all-encompassing, a virtual reality that can expand to all aspects of our physical reality. And of course this is also evident in the world of work. Because that also means that the world of work that we follow on our laptops in Web 2.0 is mapped in 3D in the metaverse.
By and large, the Metaverse , along with other digital innovations, can help us make the way we work more productive. The world of work is being outsourced to a certain extent, on a virtual level. Today, thanks to the digital possibilities of Web 2.0 and the new reality of the Covid-19 pandemic, we are seeing an increase in hybrid-working employees. This has long been widespread, especially in the crypto industry. Web 3.0 will differ from today's web in that it actually represents an all-encompassing digital level and various professional groups can find themselves in it. So, as is expected by many experts, the Web 3.0 and thus also the Metaverse should expand to such an extent that there is aAs an alternative to the physical world, Web 3.0 will generate significantly more income than we know from today's web.
The economic power of the metaverse
One of the many institutional investors in the Metaverse is Grayscale, the largest cryptocurrency asset manager in the world. The Grayscale Bitcoin Trust comprises approximately 3% of the circulating supply of Bitcoin . In Grayscale's Metaverse Report, the asset manager analyzes the economic power of Web 3.0. It particularly highlights the so-called play-to-earn (P2E) system, through which players can sell their services, art or other content in free games. The report also highlights various niches and projects that are likely to be significant in the coming period. It can be said that revenues in and through the metaverse will increase sharply, according to Grayscale's analyzes.
With the work in the Metaverse we could, in the broadest sense, also make our society work more productively and effectively. Common standards and protocols that incorporate different virtual worlds and extended realities into a single, connected metaverse could help us work together and avoid duplication. The technical and monetary possibilities seem endless. Greg Cross, self-proclaimed tech nomad and co-founder of tech company Soul Machines, recently stated in a blog post that people “at some point in the future (...) maybe create a digital version of yourself or multiple versions of yourself that can then go out and do things to make money for you or your company. And all while doing something else that is much more fun . "
Workers in the metaverse
Critics of such Artificial Intelligence (AI) approaches insist that digital workers could take over some jobs, but according to Cross, these will create more jobs than they take. At the end of the process there will always be someone who makes the final decisions, who oversees the digital workforce and fixes bugs. Much more, according to Cross, digital solutions will not complement but reinforce specialists: Just think of teachers or employees in the healthcare sector.
There are several active ways for users to earn money through play-to-earn games. Game universes such as Fortnite, Roblox, Decentraland, The Sandbox or Minecraft are already implementing these today. In-app purchases with your own game tokens enable the trading, acquisition and sale of digital assets. Trading and selling NFTs will be just as much a part of the job offer as teachers, journalists, architects or business consultants in the Metaverse.
Aside from the enormous economic opportunities, there are other obvious benefits to moving work and employment areas into the metaverse. This applies in particular to the hybrid working environment that I have created through the accelerated shift to digital communication and remote work due to the Covid-19 pandemic. More immersive experiences in the Metaverse could also help overcome some of the challenges of the current home office status quo, such as zoom fatigue.
Data protection and identity
However, the metaverse is still in its infancy because the technology has yet to mature. We have to overcome several potential pitfalls and problems if the concept of working in the Metaverse is ever to prevail and also to be a success. Some of the most fundamental problems, especially with decentralized metaverse, relate to trust, privacy, and identity.
When it comes to data protection for employees, the trend is moving more and more towards the metaverse. Digital projects that combine biometric data as well as verified copies of government ID documents in NFTs promise to be able to give users an identity basis in the metaverse. The attributes that are included in the NFT depend on the will of the user. However, if someone wants or has to confirm their age in the metaverse, for example, in order to get a certain job, they can simply refer to their NFT. Such a system also gives an outlook on a type of regulation in a digital world and therefore moves away from an anarchic image of the metaverse.
When can we expect the metaverse?
Meta's CEO Mark Zuckerberg estimates it could take 5-10 years for the main metaverse features to become established. Some aspects of virtual reality already exist, but technically the metaverse is still in its infancy. Permanent online worlds, players in which you walk through the landscape with avatars and shift a large part of your life from the physical to the virtual world, virtual reality headsets and fast broadband speeds already exist. So it is only a question of the near future when we too can get to know the metaverse better. And so it is only a question of time when the first users pursue their professions in the metaverse, in the virtual representation of our world.
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