So let’s cut to the chase. NFTs are full of scams. Web3 is rife with fraud. Criminal elements are stealing crypto. Blockchain, bad for the environment. Play to Earn web3 games are a new form of indentured servitude. Crypto allows terrorists and drug dealers to move money.
It’s all true.
Here’s what is also true: NFTs are not jpegs. They aren’t music. They aren’t investments. They ARE a certificate of authenticity, that can be attached to anything. Some of those things are art, or music, but many things that will be attached to NFTs may surprise you — think deeds, legal documents, certifications, proof of purchase, experiences.
The metaverse? It is the next stage of our digital lives, bringing further immersion, access, and opportunity. Every brand, organization, every world of story is going to have a conjoined digital experience in the metaverse.Blockchain is quickly moving to central commercial adoption with regulation, and an ability for regular people to exchange value in whole new ways. Its public transparency is also resulting in criminals being run to ground, and apprehended.
Misdirection and Malfeasance
With any nascent tech, the early stages are full of ambiguity, and that generally comes with the criminals, drug dealers, and those who are maybe excited but just blundering around. We are in that stage of the metaverse right now, and there’s probably a very good argument for hanging tight and watching the dust settle if you are a brand or major artist.
The rewards for those who bravely plunge in and find the right partners have been substantial, and it is there we are starting to see some glimmers of what is to come.
I sat down with Ian Grieve, former Director for Sony PlayStation, and currently the power behind a slew of compelling web3 projects, including ESTN.io, an early leader in the esports space in web3. I asked point blank, will culture and business get by the scams and bad actors? Or is the well poisoned?
Grieve’s face cracked into one of his slightly maniacal grins. He then looked thoughtful. “The well is always poisoned at first — people are inherently lazy and if a quick buck is there to be made... there is never a shortage of aspirational supercar owners to fill that void.”
He continued, “There are a lot of twenty-something ‘whizz kids’ wrapping themselves in luxury, gained from gullible people, before they wrap that entire package around a lamp post on a cop-free deserted stretch of road. That scenario will weed itself out quickly once the fools and their money are easily parted. You cannot stand in the path of progress no matter how stubborn you are.”
The first quarter of 2022 seemed like a real crisis point for web3 criminality. How long was the correction going to take?
“Everyone learns from their mistakes — the providers AND the consumers,” Grieve answered. He settled back and thought for a moment. “It will not take long — about 10X faster than Web 2.0 at the current rate. The future is very bright indeed — the things I have been extremely interested in for the last 5-6 years have suddenly bloomed into an amazing convergence. I have faith in the people on the cutting edge of technology and entertainment — a lot of them are my friends/colleagues/associates. There is no doubt in my mind that the collective will push the boundaries into new and wonderful experiences. They always do.”
Location, Location, Location
Major fashion brands like Gucci have landed solidly in the metaverse, spending millions to establish a beachhead for the inevitable presence of fashion in our digital lives. Building in Sandbox, one of several metaversal “real estate” startups, Gucci finds itself alongside brands and artists like Adidas, Walking Dead, and Snoop. In a world where we are what our Snapchat filters show, we can reliably say that digital fashion for avatars isn’t going to be a fad, it’s how we are going to dress for the real world.
As usual, the things that appeal to our visceral wants are what develops first. But right behind it is the “boring” worlds of banking, retail, government, business and education. Here is where the incredible utility of web3 is going to be put to work as the wiring behind our everyday actions.
So, while we see Gucci creating virtual fashion shows, we also see consulting giants like Accenture creating spaces for brand strategy, architects like Zaha Hadid and Bjark Ingalls building virtual headquarters, and even cities. Big brands don’t show up with billions so consistently on pure air and hype.
Culture Over Commerce?
Keone Chong carves out a wide reputation in the web3 scene particularly in Los Angeles, with his work at The SYSTM, as well as with gallery owners, designers, and artists. Chong looks beyond the surface in everything he does, and invariably when we talk, wisdom flies out of his mouth.
I started by asking, where will web3 show up, outside of games, or online experiences? Where will we see it in our “real” lives?
“Phygital! To date, we have generally experienced the metaverse in absolutes. Second Life, VR, Fortnite for example,” he said. “Metaverse experiences were limited in that they required immersion and there were no items that can travel beyond the metaverse. Now comes the advent of phygital products, items that exist beyond the digital realm and have value in the real world. Your favorite jacket may now have a digital counterpart, your next music festival will have a virtual experience.”
Keone summed up the battle of hype vs. real when we discussed what he wished more people knew about web3.
“Web 3 is not just technical revolution; it is primarily social and economically driven. It’s so easy to be charmed by tech. The real value is the culture. We are witnessing technology advancing new cultural frameworks, and that is the power of web3.”
A sip of coffee later, Keone zipped it up. “Technology can’t replace culture, it can only leverage it.”
Registration is now open for XLIVE: META· MERSIVE, a free virtual event exploring metaverse tools, technologies, and strategies, featuring Ian Grieve and Keone Chong. Register today!