The idea of a metaverse - a digital world where people do all the same things they do in the real world: live, work, shop, hangout with friends, etc. - can be difficult to understand.
Especially for anyone over the age of ... let's say 30.
But is the idea of people wanting to live, work, and play in a digital world actually that crazy?
Think about how much of our lives have already been moved online.
We shop online. We (likely) do much of our work online. We date online. We watch movies and listen to music online...you get the idea.
And here's the kicker: kids are already familiar with and obsessing over digital worlds, thanks to immersive platforms like Roblox ... and if you're not sure what that is or if it's here to stay, here are some stats that tell you all you need to know:
Roblox has 164 million monthly active users
In the US, it's estimated that 3-out-of-4 kids, age 9-12 play Roblox
Roblox IPO'd in March, 2021 ... and soared to a market value of $39 BILLION
If 75% of American kids ages 9-12 play Roblox now, it stands to reason that they'll be spending A LOT of time and money in "grown up" metaverses 10 years down the road.
And if you doubt there's connective tissue between how time and money is spent as kids versus when we're adults - here's some anecdotal evidence from a focus group of one:
When I was 10, Final Fantasy 3 was released on the Super Nintendo. FF3 is a role playing game (RPG) that took place in an immersive world, explored through rich, interwoven character arcs of multiple playable heroes.
I played it endlessly - I'm talking hundreds of hours, which lead to the exploration of similar RPG titles, equating to even larger investments of time and money...and I loved every second of it.
As a kid, I simply thought FF3 was just super badass.
As an adult looking back on it, it's clear that my experiences with this game were instrumental in cultivating a lifelong love for the RPG genre and narrative story telling.
Today, I'm a brand-focused copywriter who pays $15 per month to play massively multiplayer online RPG World of Warcraft. So, yeah, I'd say there's a connection there.
Back to our regularly scheduled programming:
All of the building blocks to metaverse mass adoption are there ... interest, activity, utility, and money to develop.
I think the one thing that is currently lacking - especially to people who don't currently "get it" is the limitation of the graphics within these online worlds.
Since nothing about them looks "real" it's difficult to picture these platforms serving as substitutes for the real world in any meaningful way.
Example: Here's an image from the OG decentralized metaverse Decentraland:
What is cool about this image though - and SO important to understand - is that it depicts a replica of legendary auction house "Sotheby's" London location within Decentraland.
Sotheby's did this to increase their legitimacy and reach as NFT auctioneers.
And they're not the only company already doing business in the metaverse.
Atari (the classic video game company) built a casino within Decentraland where people can play slots and table games with cryptocurrency. The release party was complete with a DJ set from Dillion Francis and an NFT auction.
In December 2021, Nike announced an acquisition of RTFKT < pronounced Artifact >, a leading brand that leverages cutting edge innovation to deliver next generation collectibles that merge culture and gaming.
Now, image all of these elements of life, fun, and commerce in a world that looks as realistic as the graphics created by the new Unreal Engine 5 - which recently released a new program that highlights its hyper realistic graphic capabilities, covered in the video below.
Oh - and it's worth noting that the cryptocurrencies that power the two leading decentralized metaverses, Decentraland and The Sandbox, have market caps of $6 Billion and $4.6 Billion, respectively.
I'm hoping that after reading this - the idea and potential of the metaverse just became a bit more visible.
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