As someone who has invested $19k of her own money into the metaverse, I am naturally bullish about the space – even if recent events in the crypto space have been anything but convincing!
I don’t confess to being an expert (I’m just very enthusiastic), but one of my favourite ways to learn more would be to speak with and glean more from the experiences of others in the space.
Enter Sir Richard Michaels (his online persona).
He’s a 30-year old product engineer of a start-up company in Singapore, and he is knee deep into cryptocurrencies, and NFTs and invests frequently on Crypto.com and Magic Eden.
I can’t emphasise to you how much I enjoyed my conversation with Sir Richard Michaels. He taught me so much about this new tech wave and was so generous with his opinions and time – very much appreciated.
Like my previous article, I’ve been conducting interviews with Gen Zs and millennials on their thoughts about the metaverse.
This piece shares the views of someone who is fully immersed into the world of crypto and Web 3.0. I hope his interview would be insightful to build upon what you understand about the metaverse.
Here’s what he has to say:
Sir Richard Michaels:
It’s a buzzword that has been thrown around, but it would be the next evolution of the internet, changing from Web 2.0 to Web 3.0. If you’ve invested in the early stages of Web 2, you’d be balling, and it’s the same idea for this metaverse.
I don’t think there’s one particular way to describe it now, as it is still in the beta stage. Its current usage is to store digital assets in the blockchain, ranging from plots of virtual land to NFT art.
There are limitless possibilities for it at the moment. I believe that it will revolutionise the way we consume things, like having early access to real-world products if you join a certain metaverse.
Decentralisation is a game-changer. Back in the older days, people have to throw in heaps of money in order to create a business model, now content creators can easily build their own brand, as it is not managed just by one entity.
Sir Richard Michaels:
I believe it allows one to exist in another idea of reality. It is an outlet that was accelerated by the pandemic and us working from home. I personally am a people person and I enjoy meeting people face to face, so the idea of having an online avatar is very interesting and appealing to me. Especially when it comes to socialising and building connections in a modern way.
Like how we first found it interesting to socialise via Instagram or WhatsApp, it’s a move that brings us forward into the future.
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Actually, it might be larger than revolutionising business models – it could change how we live day to day. The whole idea of DeFi could alter how humans interact with currency and value, like how people are preferring to stake tokens (as much as that crashed as fast as it got big).
However, I can see how there is a lot of friction to reach mass adoption. There are more complicated steps to set up your digital wallet as compared to using fiat currency, and most people will require some guidance in the virtual world. Not just that, there are a lot of scams rampant, and there is a fear of being conned.
The idea might not be easy to grasp for most. I feel like it is mainly growing towards the Gen Zs, especially with how Hollywood is normalising it from their advertisements on cryptocurrency on Spiderman. It’s quite cool to see these things on screen.
Sir Richard Michaels:
I’m not sure if it will dominate the tech scene, but I don’t doubt that it will have a significant part in it. This is attracting the younger generation, and in a few years, I’m sure this younger generation will have jobs there. However, I don’t think Web 3 will completely replace Web 2, as it all depends on the growth and matter of adoption.
The metaverse is going to be a crypto hub – we can already see a lot of projects stemming from there now. It’s not that scary to me though.
Sir Richard Michaels:
Nope, I’ve never tried VR or AR gaming actually. My impression of it is that it’s still lacking in terms of providing an experience. I don’t like to wear those heavy headsets, and it’s too uncomfortable since I’m wearing glasses as well. However, I know that many brands are using AR tech to enhance their shopping experience.
I’m very neutral about this, though I do think that if there’s something like an AR shopping experience on apps like Shopee would be a cool experience.
Sir Richard Michaels:
I think this lines back to my previous response. I think the era of digital assets is getting more popular, and there are technologies to support storing these assets in the blockchain. There are limitless opportunities for what are deemed as assets today, like plots of land or NFTs or art.
In fact, NFTs are a much safer way as proof of ownership, and much more efficient. I can imagine in the future if plane tickets are sold as NFTs, or even concert tickets. I like that idea, as it is much more convenient, and safe so we don’t lose it, and we can just show it in our wallet.
It could also grant access to business models where marketing can be done on the metaverse. Kanye West could gift Yeezys on this platform in terms of brand sponsorship. It could improve our day-to-day real-world utility.
ALSO READ: Singapore High Court freezes sale and transfer of rare NFT
Sir Richard Michaels:
I think this depends on how people view their online identity on the metaverse. Right now, people choose to spend on more expensive items as compared to cheaper alternatives, because of their brand. Look at Lululemon for example – people will choose to spend $200 on a jacket, compared to a brandless alternative with the same quality at ¼ of the price. Why? Because they care about how people perceive them.
Maybe in 20 years, people will choose to spend more money to build up their avatar and online identity? Who knows?
It also depends on whether I see value in expressing myself there. If the cost to dye my hair IRL compared to the metaverse is the same, but I get more recognition online, why not spend that amount there instead?
Sir Richard Michaels:
If people are willing to spend that much, I’m sure that piece of digital asset, be it land, art, coins or outfits, has real-world value. Though I don’t see myself doing that since it’s a risky choice, different crypto adaptors have a different spectrum of risks.
I’m a big believer that brands are snapping these assets up, especially virtual land, because they see the potential. Can you imagine if Walmart can rent their plot of virtual land or undergo “en-bloc” in the future? The presence of big brands will attract smaller brands to join and then it sets a new tone for commercialism.
Not just that, new jobs can be sprouted. People are already playing for the guild and putting money into esports by investing in their favourite players. This can really change the gaming and entertainment industry. Now consumers can have a stake in their favourite teams. Servers like Twitch will definitely be more useful if that’s the case.
Sir Richard Michaels:
At its peak, I can see that AR will be a big part of our daily lives, from transactions to bigger key investments and also when it comes to buying and banking on the metaverse.
It might also become part of our identity, and represents a piece of us in the digital world. Smart contracts could be adopted, whereas businesses have to evolve to keep pace with the new technology. Some countries are already adopting it, with government bodies already putting restrictions, regulations and red tapes on it.
If you give it some time, I don’t doubt that it will grow and we would eventually accept cryptocurrency as a currency for daily usage.
Sir Richard Michaels:
I think this links back to my previous response. I don’t think Web 3 will ever replace Web 2, but it will definitely have a heavy impact on the tech scene and how we engage with technology.
It also boils down to how we adapt to it.
ALSO READ: What is an NFT? A beginner's guide to creating and buying NFTs in Singapore
Sir Richard Michaels:
They are forgetting the fact that technology only evolves and advances. We went from Web 1 to Web 2 and now we are approaching Web 3. They are not seeing the evolution of tech over time, like the boomers back in the days.
However, you can see that boomers have integrated themselves into the internet well, what with the use of WhatsApp, Facebook and playing Candy Crush. I think they are not seeing it for what it is right now.
It’s fascinating to see how others perceive the future of crypto and digital real estate – especially with the gilding community, rise of e-sports and changing how we transact every day.
One thing that he said really stood out to me; technology will never move backwards, it only goes forward and in a way that people want it to go. Does it seems like the metaverse will be our next step forward?
What do you guys think? Share your thoughts with me and hope to see y’all in the metaverse soon.
Shoutout: Thank you Sir Richard Michaels for your time and insightful thoughts!
This article was first published in Stackedhomes.
