- The metaverse is more than just a technological marvel or virtual environment, George believes that it is an experience beyond anything else
- NFTs have increased the draw factor for many into decentralised metaverses like The Sandbox, where users may enjoy full ownership over their virtual assets
- Proper KYC procedures have to be implemented to ensure the safety and security for all metaverse users
Even preceding Facebook’s rebranding as Meta, the metaverse has always been a region of vast intrigue and rapid development. First coined in 1992 by author Neal Stephenson in his science fiction novel “Snow Crash”, the term has drastically transitioned from serving as a mere thought experiment, to a live research area with uncountable working platforms and billions of dollars' worth of corporate funding being poured into unrelenting research and experimentation. From serving as industrial application platforms to marketing for movies, the metaverse has indeed seen greater and more unique use cases in recent times.
Yet despite its endorsement by major players with the likes of Facebook, Siemens, Gucci, and many more, the metaverse has raised eyebrows in recent times for lackluster graphics and low active user counts. Meta for instance, reported in a four percent drawdown in revenue for its third quarter to $27.7 billion, down from $29 billion.
To find out more about this novel yet enigmatic space, we spoke with George Wong, the Head of Singapore and Malaysia at The Sandbox, an Ethereum-based metaverse and gaming ecosystem where users can generate and monetise their in-world assets and gaming experiences.
“A lot of people just assume that the metaverse is a virtual space or environment, but it’s more to it than that – its value comes from the experience,” George explains. “As more and more people begin how to determine how to identify themselves in the virtual space, there is the introduction and melding of cultures, which affects experience.”
The Sandbox, which has played host to multiple notable collaborations in the past with prominent names such as Atari, Adidas, DBS bank, and even luxury labels like Gucci, is the third-largest metaverse platform on the Ethereum blockchain. It also boasts a unique functionality – real estate. Also known as LAND, the virtual plots of real estate have been going for astronomical prices, especially with investments in the space by celebrities like Snoop Dogg. Reports have even indicated that a whopping $450,000 was paid by someone keen on being metaverse neighbors with the rapper. With LAND, users are able to create and launch their own play-to-earn games, build property, and enter into lease agreements with others.
“I think what pushed the desirability factor for virtual real estate on the metaverse was the emergence of NFT technology,” George muses. “NFTs allow for scarcity creation, and even though virtual real estate has existed for a while now, NFTs help to add an additional layer of ownership. When you own a piece of LAND, you have the absolute right to determine what gets built on that plot.”
Just as George says, the decentralised nature of The Sandbox empowers users by ensuring they have a say in the direction and growth of the platform. Where gamers on most Web2.0 games are often at the mercy of developers, users on a decentralised platform are allowed, for instance, to vote on any proposed in-game changes or updates using a decentralised autonomous organisation (DAO).
Coinlive’s interview with George Wong, the Head of Singapore and Malaysia for The Sandbox
“As a gamer myself, I want to be able to make sure that I have a say in any important decision that the developers want to make on the game, because these actions will have an impact on the value of the assets or land that I own.”
Decentralisation has been a large draw factor for many to the metaverse, cryptocurrency, and the Web3.0 ecosystem. United States Senator Ted Cruz for instance, remarked recently that he liked Bitcoin “because the government can’t control it”. Cruz’s sentiments follow crypto exchange FTX’s downfall, fueling anxieties regarding centralised institutions and resulting in billions of dollars flowing into decentralised finance, or DeFi, platforms.
With more and more institutions from traditional finance (TradFi) hopping on board the metaverse train with the likes of Nike, Coca Cola, Louis Vuitton and many more, Geroge believes that it will only encourage more to join in the space.
“When you see brands that you are familiar on the metaverse and interact with them, that builds towards a welcoming introduction into this virtual space,” George explains. “One of the things we believe that the metaverse has to do is to provide a way to connect with our lived experiences in the real world as well.”
For George, the metaverse is not so much a replacement for the real world as it is a complementary extension of it. With more users coming on board, this in turn also incentivises more TradFi companies to enter the space as well, creating a cyclical expansion pattern.
“TradFi companies are definitely looking into the metaverse, and even DBS has joined in,” George opines. “Even though we are really at the stage now where there’s still a lot of experimentation in process, we are working very closely with many of these institutions to oversee these pilots. Eventually, the metaverse will be seen as a normalised way of life, and that is also when you will see more TradFi methodologies or functionalities coming into the picture.”
DBS, the leading financial services group in Asia, announced a partnership with The Sandbox in September this year to create DBS BetterWorld, an interactive metaverse experience that aims to showcase the importance of building a more sustainable future via an immersive experience.
There remains work to be done still however – the metaverse, as with real life or traditional social media platforms, is far from immune from toxic behavior and racism. A study conducted by virtual reality research agency The Extended Mind found that 36% of males and 49% of females who frequented the metaverse reported having experienced sexual harassment. Some have even argued that the immersive nature of the metaverse exacerbates such damaging experiences. Haptic technology, which uses tactile sensations to simulate touch, may worsen such encounters for victims of harassment or bullying on the metaverse.
“We are one of the few companies that actually practices KYC (Know Your Customer),” George says. “When people are identifiable by KYC, it adds an extra layer of protection for everyone because people are more likely to behave if they know that they are easily identifiable.”
Regardless, the metaverse presents itself as an undeniable avenue that opens the doors to many, complementing and building upon our existing realities through technological augmentation. For George, an innumerable number of metaverses are likely to exist in the future, each with its own unique flavor, styling, and purpose to accommodate to the niche tastes for the global population.
“For us, the metaverse is not a singular thing,” George says as we close off the interview. “I personally believe that there will be many different metaverses later on, and hopefully with interoperability, you would be able to go into any one of them with the existing digital assets that you own from another.”
This is an Op-ed article. The opinions expressed in this article are the author’s own. Readers should take the utmost precaution before making decisions in the crypto market. Coinlive is not responsible or liable for any content, accuracy or quality within the article or for any damage or loss to be caused by and in connection to it.
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