#metaverse
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The metaverse isn't real or at least not Yet and to be very blunt it's mainly Used as a buzzword to raise money from Old people in my opinion now I know That's harsh but I think there's so much Confusion on what the metaverse actually Is and that's what's enabling this I Mean Apple's CEO Tim Cook said that Apple is not pursuing a metaverse Strategy because there's no clear Definition on what it actually is so Today I'm making the definitive video on The metaverse and what it's going to Take to make the metaverse real the goal Of my channel is to break down complex Topics into basic words that anybody can Understand so today if this does help You have a better understanding of the Metaverse all I ask you is you send it To a friend send it to a family member That way we can all stay informed and See these big opportunities before they Come deal Okay so I'm going to start with what I Used to think what the metaverse Actually is because I feel like that's Where most people are right and to me That was basically just like the movie Ready Player one where there's a whole 3D immersive VR world with haptic suits You're in this thing you have a 3D Character and you can do anything that Your imagination could imagine so it's Basically like whether you want to be a
Dinosaur you want to race in the streets Or you want to hang out with friends in A beautiful like fantasy Oasis of yours That's what the metaverse would be and To me it used to be exactly that like The visual experience more specifically Like a a VR 3D photo realistic immersive World where you put on this headset and You're like in it to me that's what I Thought the metaverse was that is Actually only one part of it and not Even close to the most important aspect Of a metaverse so basically the entire Concept is the internet however it's Been enhanced and upgraded to like 3D so Right now the internet as a comparison Is a collection of 2D websites right Just on your screen flat page while the Metaverse will present the same info Information but in 3D spaces with 3D Objects characters and places so my Problem with the metaverse has always Been that this is literally like a Decade or so away before we get like Photo realistic VR experiences like look At meta for example they created The Horizon worlds and I mean that is Nowhere near to photorealistic they Don't even have legs and though I do Think in the long run Facebook is Working towards that I mean their new Facial feature recognition on their VR Headsets is incredible it matches what You do to Perfection but in reality I've
Always thought that's so far away so why Is everybody freaking out about the Metaverse in 2021 and that's what always Confused me is even though it seems Obvious that that's where we're going it Was so bizarre to me why every big Company wants to get in the metaverse Now or investors are dumping tens of Millions of dollars into these small Inexperienced companies who are building A metaverse so that's always kind of put A bad taste my mouth because I do think A lot of these people are just abusing a Buzzword now of course the smartest People are investing in building for the Next decade that's how successful Businesses operate they bet big early And then get paid in the long run but I'm not just some hater like I love the Ambition but my problem is how low Quality these metaverses are and I mean Look at the quality of decentraland or Sandbox these metaverses look like they Were made in 1998 and it's no surprise They have less than a thousand daily Active users like no one is actively in A metaverse no one is using these Metaverses yet they have a billion Dollar market caps so Gamers have really High standards and metaverses right now Are nowhere close to Grand Theft Auto You know Red Dead Redemption or even Skyrim for example in my opinion the Metaverse had to be like a 3D VR
Immersive experience but we're gonna set That part aside because I know people Would argue with that and it actually Isn't what makes something a metaverse So we're gonna stick to the open world Gaming concept and to me by far GTA is The best open world game in existence Right now and the closest thing that we Have to a metaverse or VR chat since There is the 3D immersion and Decentralized nature to it but let's Just stick with GTA the problem with GTA Is it lacks the one aspect of a Metaverse that actually makes it a Metaverse for a metaverse to be real you Have to have a way to buy sell and trade Digital Assets in the game universally Across all platforms and be able to Prove you actually own these items just Like in real life you can buy a house And you have a deed with your name on it That proves you own it and then at any Point if you want to sell that house you Can so right now that's not how things Are so in GTA when you buy clothes you Buy a cool car or anything that you earn In the game there's no way for you to Actually sell that for like real money That goes into your bank account so this Means you don't actually own these In-game items and therefore GTA is not a Metaverse it's just an open world game That's centralized so if GTA decided to Make all the clothing cars and other
Various items like true digital assets By allowing The Gamers to earn them in The game use them and then sell them for Real dollars whenever they want then it Would be considered a metaverse because It's an open world where you actually Own the in-game items so conceptually Think of a game like fortnite you buy V Bucks for real US dollar our v-bucks are Just their in-game currency I'll put 10 In I get 1 000 V bucks in the game then You use these V bucks to buy skins and Various other in-game items that make You look cool or maybe give you an Advantage right so once you buy them With v bucks they are in your account And you can use them in the game it says Your account name is the owner and you Can look at all of your in-game items in Your inventory within the game but the Problem is you cannot trade them to Friends or resell them on a secondary Market which again means you don't Actually own them in other words you put Money into these games but you can never Ever take it out of the game which sucks As someone who has spent thousands of Hours in games like RuneScape Destiny And Skyrim because I spent so much time Earning these items if I could sell it It would at least feel like I earned Something or actually got something for That time and that would even help People who might be a little more time
Poor because they're busy working a job That just want cool items but they don't Have the time to grind and so even as Like a high school kid 50 bucks for my RuneScape party hat would have been so Cool and I mean this doesn't seem too Complicated since most games already Have an in-game currency right so like Think RuneScape gold coins in the grand Exchange RuneScape has an in-game Currency system these gold coins that You can use to buy and sell the items That you earn in the game in an open Market so if my character needs food I Could buy food for like 10 gold coins on The market in the game or I could even Trade something that I have a lot of Like maybe firewood to someone who needs Wood and I need food we trade wood for Food so the reason again RuneScape is Not considered a metaverse even though It has that functionality is because Like I said you cannot actually sell These items for real money that goes Into your actual bank account therefore They're not true digital assets since They're in a centralized ecosystem Centralized meaning it's just this one World nothing interacts outside of it so Now obviously there are two reasons that This isn't the norm because they already Have these economies set up but one These big companies make like literally Billions of dollars selling these skins
And by not letting play players sell Their skins to each other means they Make more money so think about it like If someone wants to buy a banana skin in Fortnite they have to buy it directly From the company epic games and that Results in 10 profit for the company so If they let players sell the Skins to Each other it would mean that that money Goes to other players not the company Right only the initial sale would go to The company and this is much more fair For the gamers but they are a business And this would hurt their bottom line in Theory now not all companies are that Greedy there are companies that are open To letting their players do this but the Real problem that they face is problem Number two and that's regulation so it's No surprise that most gamers are Actually pretty young and most of the Games that exist have these things Called microtransactions I'll use FIFA For example FIFA has like these Randomized packs where you can get Players to play on your team and you Could get like a messy who's like one of The best players or you could just get Like an average player from the MLS or Something and these players have real Value in the game and they're on an open Market in the game's currency and so you Pay 2.50 sense to open these packs and It's basically a one percent chance to
Get a player worth a million coins or Like a 90 chance to get a player worth Like 500 coins so this is a form of Gambling in a sense and since most Gamers are typically kids it's probably Not the best idea to get the entire Youth of Our Generation hooked on Gambling where they could buy one of These packs get a messy and potentially Sell it for thousands of dollars so I do Think we will see a way for this feature To be unlocked if you're like 18 plus But this is definitely the main problem That companies face right now is they Don't want to enable true gambling for Their young audiences so these are the Two aspects that most people would Acquire for something to be considered a Metaverse an immersive open world VR or Not where you can buy sell transfer or Trade the actual in-game items for real US dollar or real money you can put into Your bank account but this leads us to The biggest problem with what most People are calling the metaverse today So I'm gonna quote an article that I Think says this very well there is only One metaverse no matter how many Companies are involved or what they are Called there is supposed to be only one After all it's a collection of virtual Worlds or environments which are Interconnected by a principle of Openness which enables seamless movement
And transfer of digital assets as an Illustration it could be represented as A collection of islands each island Representing a virtual world for example One Island might represent Facebook's Virtual world another might represent Epic games virtual world all the islands Are collectively called the metaverse And the individual islands are called Virtual world or virtual environments or The name given by the company it owns I Will link that article in the Description below but the main quote That I want to focus on from it is the Interconnected by a principle of Openness which enables seamless movement And transfer of digital assets the Problem with the metaverse as we know it Is that every open world or game is Being built in a closed centralized Ecosystem meaning there is no way for These games to communicate or interact With each other you have a private Account in GTA a separate account in FIFA and then a different account for Fortnite view these as three different Verticals that are closed off for each Other but there's no way for them to Communicate horizontally between each Other for these metaverses to be real These ecosystems need a way to Communicate or be interoperable in an Ideal World if you had an outfit or Clothing in GTA you'd be able to wear
That outfit in fortnite now I know these Games are different they're built on Different engines they require different Dimensions different file sizes so true Interoperability is probably not likely To happen but it will happen with Permissionless interactions meaning if You have a Lambo in GTA you'd be able to Get a discount on the Lamborghini Fortnite skin thanks to web3 technology The innovation of web3 creates the Horizontal communication layer between These games or worlds and nfts and Blockchain solve this interoperability Problem today you've probably heard of Crypto nfts and blockchain and think It's some complicated thing that you Just don't understand but I promise you Web3 is very simple cryptocurrency is The currency of the metaverse nfts are The in-game items or digital assets as I Like to call them in the metaverse and Blockchain is simply a public list of All the transactions of these nfts or Cryptocurrencies so remember each game GTA FIFA and fortnite web 3 is the Horizontal communication bridge between These games say you're a pizza company And you want to give 20 off to all Fortnite banana skin holders well if you Have the fortnite skin in your inventory Then a pizza company will see that and Then offer 20 off to all fortnite banana Skin holders want to give free beta
Access to a new software to your Competitors user base web3 enables this So if all in-game items or digital items Are nfts then you are going to be able To see no matter what game you were in What assets you hold for other games and Then now you're going to unlock a whole Different way of interacting with Different players so this is a way to Segment and target people in a better Way while also giving you special perks And privileges across the entire Metaverse because of this horizontal Communication layer thanks to Decentralized assets so this video isn't About web3 if you want to learn more About it I've have plenty of videos on My Channel about that but I think it's Important to know that web3 is what Powers the metaverse due to its Decentralized and permissionless nature Those are two big words go watch other Videos if you understand that you Understand everything about the Metaverse decentralized and Permissionless let's recap so for the Metaverse to be real we need three Things a collection of 3D virtual worlds Or environments ideally in VR in my Opinion but doesn't have to be two you Can buy sell transfer or trade the Digital assets or digital items in these Games and in three these digital items Can be interacted with openly no matter
What virtual world you are in if I'm Playing fortnite I can still see what Items I own in GTA and fortnite can give Me offer so whether it's viewable as Clothing or simply there ready to be Interacted with in your wallet they're At least connected and can communicate That is my official explanation on what The metaverse actually is but that's it For today's video guys I hope you Enjoyed I hope you have a wonderful day And I will see you in the next one [Music]
