BRIAR PRESTIDGE

CEO OF PRESTIDGE GROUP

How would you define the metaverse? Whether we feel ready for it or not, the metaverse is the future. It will disrupt and shape our society at large. To an extent, talking about the metaverse and where it is currently at today, is a bit like us discussing the internet in the 1970s. No one could really describe exactly how the internet was going to evolve and ultimately turn out, just like no one can describe what the future of the metaverse entails. It’s the next generation of the internet known as web 3.0.

Though a consistent definition is yet to emerge, in broad terms the metaverse is the internet that you can go into using VR or bring to you using AR. Experiences in the metaverse are interconnected, building a social connection and driving a new digital economy. Some virtual worlds can also be accessed through PCs, game consoles, and phones, and often users appear in the form of an avatar, a digital version of themselves that shows up and interacts within the virtual world.

The metaverse also includes the digital economy, where users can create, buy, and sell virtual and real-world goods and services as NFTs, using cryptocurrency as the medium of exchange.

What will people be able to do in the metaverse? Despite getting a lot more airtime lately with Facebook’s announcement to rebrand as Meta, the concept of the metaverse is not new, dating back to sci-fi series as early as the ’90s.

Already there is a lot happening which is forming the future of the metaverse. More than 12.3 million people tuned in for a VR concert in online game Fortnite featuring Travis Scott. Snoop Dogg is developing property within The Sandbox (for $450,000), and a plot of land was purchased for the equivalent of $2.4 million on Decentraland. Millions of people are spending a lot of time each day in virtual social spaces like Roblox. Nike announced the acquisition of virtual sneaker creator and collectable creator RTFKT and opened Nikeland on Roblox. Bill Gates predicted that, within two or three years, most Zoom meetings will migrate to the metaverse.

Since mobile phones were invented we are spending more and more time on our devices, placing huge weights on our digital identities (for teens, how they appear on social media sometimes means more to them than real life). Today’s younger generations have grown up as digital natives. The metaverse will continue to be a natural progression for how people will interact digitally in the future and it will impact all parts of our lives.

Right now, as the metaverse hasn’t seen singularity and the tech is still developing, most of the platforms have their own avatars and inventories that are tied to only that platform. In the more idealistic future visions of the metaverse, your avatar and digital belongings can easily travel with you between platforms.

How will the metaverse redefine society as we know it? The metaverse will completely change how we understand the concept of ‘society’. AR glasses (more sleek versions, unlike the clunky ones we see today, or even contact lenses) could be ubiquitous as they become completely necessary to shop, work, and socialise. But what happens if the metaverse becomes better than reality? Will pandemic or climate-induced lockdowns force us into the metaverse? As excited as I am about the future and technology evolving, a part of me is concerned about a dystopian future where humans don’t even move from their couch.

Similarly, how will it shift the way we do business? The metaverse is poised to transform business by pulling every industry into a digital economy. More and more goods and services will go digital. Companies will protect them with NFTs and then trade using smart contracts. Similarly, brands who deal with consumers in live retail spaces, or through one-dimensional internet shopping sites, will now be able to interact with them 24 hours a day in live virtual retail environments that, unlike the mall, won’t simply close because it’s midnight.

Just as Zoom allowed us to connect and conduct business throughout the pandemic from our home, virtual meetings and

“NO-ONE COULD REALLY DESCRIBE EXACTLY HOW THE INTERNET WAS GOING TO EVOLVE AND ULTIMATELY TURN OUT, JUST LIKE NO ONE CAN DESCRIBE WHAT THE FUTURE OF THE METAVERSE ENTAILS.” – Briar Prestidge

conferences, perhaps through holograms, will continue to become the norm.

The metaverse is only in its early stages – when do you think it will become the norm? We’re already seeing a move towards the metaverse by many forward-thinking individuals and companies. I foresee greater experimentation and investment this year spurred on by the ‘buzz’ that we are currently seeing about this topic. It is also suggested that a more widespread adoption of the metaverse as a part of day-to-day life would be available worldwide by 2030.

What role will social media play in this? It’s hard to say at this stage how all that will play out. Certainly, discussions about the metaverse – literally whole narratives about it – are unfolding on social media platforms as they exist right now. This will shape when and how quickly many consumers move over to the metaverse. Will social media platforms continue to exist in the metaverse? If they do, it will most certainly be in new three-dimensional forms. Numerous brands, such as Gucci, Coca-Cola and Louis Vuitton, are already experimenting marketing with ‘multidimensional’ and spatial campaigns, much like what the future of the metaverse will be like. Facebook is also pushing creators to make and extend virtual worlds in the Metaverse using their new platform. This is just one example of how social media will help usher in the metaverse. Though, I wonder if Facebook will push for singularity and ownership of what’s created there because they have people’s data.

In your opinion, for those who don’t adapt, what will happen? This shift will be like any other great shift in history: those who don’t adapt will find themselves ultimately shut out of business, culture and society. This won’t happen overnight, of course, but the effects of inaction or even of late adoption are considerable, just like what happened to companies that didn’t embrace the internet, social media or digital marketing.

How are you implanting aspects of the metaverse into your life? I’ve got avatar versions of myself, and I spend time in virtual reality exploring what’s there. I socialise with friends around the world there – we exercise on VR Workout, have boxing matches in a virtual ring, and movie nights on Big Screen using our Oculus headsets. Our team at our personal branding and PR agency, Prestidge Group, are conducting virtual meetings, recording podcasts, and creating strategies to position its clients’ personal brands on virtual platforms. My suit label, Briar Prestidge – The Label, has created digital versions of our power suits that you can wear to virtual conferences. Remember, the only constant in life is change, so embrace it and enjoy what the metaverse brings.