This is an article in our “Opinion” series. Here we write more freely our opinionated thoughts and ideas and would love for you to comment your thoughts about the article itself or your own ideas and debate the thoughts in the article!
There is a new kind of way to create sovereign state, the Metaverse Way.
A world where both the rules of physical law and the rules of gameplay (Laws & Governance) can be dictated by not God, a King, President, Emperor or alike but rather a CEO of a private or publicly traded company. The dawn of the CEO/Owner Sovereignty is coming into existence with full power.
This sovereignty can issue its own (Crypto) currency and fill the world with Digital Assets, NFTs, Non functional or Functional. Create jobs, Dictate laws and in extension people’s lives. Anything is possible.
Technology has always augmented Humans different Capabilities
It might start with VR headset as a means of accessing the Metaverses but might end with uploading an entire person’s “self”. The stage where humans move from storing our self in the organic human brain into storing it on a mechnical hard drive, maybe the future medium of storage is biological or any other kinds of substance/material ensuring maximum safety and longevity. Only time will tell what technologies that will spring to life to continue develop and contribute to the full immersive experience the new digital worlds wants to offer.
Humans have moved to the point where “anything is possible” and we are getting harder to vision what the future actually might look like, though we are still in control. As Deep A.I. with more advanced Neural-networks are created with support from highly elevated computing power, in neartime also from the support of quantum computing technology, we might reach Singularity one day. The point where we not only have lost the vision of the future but also control. Of course, where this will lead us, we can never know.
One Metaverse or Many ?
Will this be an industry where one is the near monopoly leader or will many competitive metaverses exist? Nothing is really new when it comes to new products / services and their way to take space and compete in the world, even if it is an entire world. As long as people have the free will, the option to choose! A free market with as equal competition rules & regulations possible always serves the best for the consumer.
Many metaverses will surely exist, some will most likely integrate with others where users can move their digital assets between various metaverses. Some will be closed Eco-systems and other open. One metaverse will always be the most popular or biggest, thus the leader. Other Metaverses will niche themselves in many different ways ranging from the physical law aplied inside, rules and regulations, graphics and style, theme and features, mechanical functions and game play focus, Fiscal & Financials systems and the list is long.
With all industries, products and services there are different barriers to entry. Might be capital intense to build, require highly skilled labour (competence), strong leadership and vision.
In Business Strategy frameworks such as Michael Porter’s 5 Forces or Francis Aguilar’s PESTEL framework of external Macro forces (Political, Economical, Social, Technological, Environmental, Legal) will most likely still apply and impact the developement of the Metaverse Industry.
Are Metaverses Good or Bad?
It has always been known that when technology augments our capabilities. We can then use these new capabilities for more good or more bad. As long as the good benefits outweighs the bad AND the bad consequences that still exists do not impact with such magnitude that would be intolerable, then we are happy and can accept this new technology. However, it should be noted that the Human race have so far NEVER stopped technology from existing due to deciding it is more bad than good. Once it is invented it is there. A risk we cannot handle. We are quite good at handling pesticides, biological weapons, nuclear weapons and other inventions harmful from being used. Though, a planetary and local consensus are hard to reach.
Technology do not only harm in a physical way but also in psycological. Increased depression is one. Many others can be read about on the World Helath Organization’s website.
Metaverses is no expection to above.
Imagine loosing a part of your family to the metaverse where your views are to be living in the old physical. Imagine living in the digital metaverse where all your savings, work, life and digital assets are earned and stored and through a hacking attack or other technical issues loses all, one’s whole life. Imagine a metaverse that is TOO easy and nice where anyone can have anything for free and no challenges exists. This could lead to boredom or even depression. When crafting the future metaverse there are a lot of intricate parameters that needs to be accounted for to ensure the best stimulus to our brains and how they are impacted. Our human internal reward system needs to be accounted for as well as much more in order to create the most optimal “living conditions”.
The metaverses focusing on being a long term living solution will need to account for above a lot more where the short term “fun” and entertaining metaverses can ignoore much of above.
Will the world be governed democratically or via dictatorship. Centrally or decentral?
Some metaverses might be generating GDP (transactions inside the metaverse) that is even higher than real countries and have transactional fees or other charges applied (Revenue from users). This is nothing other than taxes a government collect to use for maintenance and developing the country, now being a metaverse. Hence, taxes might move from countries into being only fees within the metaverse where the crypto currency traded and earned. What will be a persons nationality? One might be born in a country in the physical world but live the majority of ones life within a metaverse. What will be the obligation to that nation one is born in?
Many many questions arise when the human race now starts the migration from the physical world into the digital metaverse worlds, slow at first, quicker in the end.
What about Earth 2?
E2 Economist are still very PRO Earth2. We believe that there is a clear space for Earth 2 whether other large corporations will enter the industry as well would only support the mainstream-ification (education to the masses) of Metaverses. Earth 2 has a strong foundation in the decisions already made and is well positioned to have a good chance at succeeding.
OR what is your opinion on this ? Please feel free to comment below!
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