Exploring the Metaverse

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Let’s be honest. Most of us are still scratching our heads wondering what the hell Web3 is about. It’s crept up on us and now all of a sudden, that’s all everyone can talk about. So it only made sense that we should too. We invited lawyer and Web3 entrepreneur Mitch Jackson to chat about the great world of the metaverse. Here’s a summary of our chat.

Guest: Mitch Jackson
Topic: Exploring the metaverse
Format: Eight questions directed at the guest. Everyone’s welcome to share.

Q1: What is the metaverse? And which platforms should brands consider to expand their products and services in the metaverse?

The metaverse is a virtual world. All the things you do in the real world, you can do in the Metaverse too, including taking sales calls and making business propositions.

Mitch recommended using metaverse platforms such as Spatial, Engage VR, Glue Work, and Oculus Workrooms that are easy to use. Just share a Zoom link, get on board, and start exploring.

Q2: Share some tips for communicating effectively and closing deals inside these new metaverse platforms.

Our guest spoke about the importance of using the physical space around us in the metaverse. Instead of being just a profile picture, move about and engage actively to expand your impact.

Remember, in the metaverse, you’re a character. Use techniques like real-time conversation, storytelling, gestures, voice inflections, accompaniment images and videos to enhance your narrative.

Q3: What are some legal matters to be aware of in the quickly-changing Web3 world?

Respect people’s intellectual property (IP). That’s rule one of being part of the internet. If you want to re-use or repurpose someone’s work, ask for permission in writing and then credit where it’s due.

That works the other way too. If you’re starting a business in the metaverse, register your name, trademarks, logos, and other IP—just like you would in the real world.

If you’re selling products and services, always have written contracts to outline sales and purchases. Just like in the real world, a written document can go a long way in keeping you out of trouble in the metaverse.

Q4: What are NFTs and how can you leverage them in the metaverse and Web3 business worlds?

NFT or Non-Fungible Tokens are unique pieces of tokens that are verified on the blockchain. If you purchase an NFT, that’ll be your unique asset until you decide to sell it.

As Alberto pointed out, an NFT is a certificate of authenticity for a piece of asset.

Our guest recommended reading The NFT Handbook – How to Create, Sell and Buy Non-Fungible Tokens to learn more about navigating the NFT world.

You can also subscribe to Mitch’s weekly newsletter on LinkedIn where he talks about Web3 as it relates to legal and business matters.

Q5: Share some tips for safely transacting in digital currency like crypto in these new spaces.

Mitch suggested using a cold wallet. Also called hardware wallet and offline wallet, these keep your cryptocurrency offline, reducing any security threats on the internet.

If you tend to forget the passwords for your digital wallets, instead of saving them on the cloud, note them down on a piece of paper or book to safeguard them—the old fashioned way. This sounds contradictory to everything we’ve learnt about cloud computing, but in case of cryptocurrency, it’s at its most vulnerable to exploitation when it’s saved online.

Be wary of any direct messages you receive on Twitter or Discord from people you don’t recognize. Don’t click on random links and don’t hand over your wallet passwords to anyone under any circumstance.

Q6: How can businesses leverage blockchain and smart contracts?

The blockchain is a network of transactions. It records and tracks all assets purchased and sold through the network.

Those assets could be both physical and intangible. A physical house to a dog collar, to a trademark.

A smart contract is a way to trace each asset you purchase, to ensure that it’s a unique and verifiable item.

You can leverage blockchain and smart contracts by creating a series of NFTs and then bundling them with services and products for a discounted price. That way, you can sell a broad range of unique NFTs and offer customers a good experience too.

Q7: What are Decentralized Autonomous Organizations (DAOs) and its pros and cons?

A DAO is a decentralized organization with its rules encoded as a program. All rules are governed by the community and it’s free from corporate or government intervention.

All of a DAO’s financial records and transactions and its rules are on the blockchain. Which can be a bit of a gray area…

A company or corporation is seen as a separate entity in the eyes of the law. But a DAO doesn’t have a clear legal status, and so it’s not recognized by state business regulators.

A DOA’s legal status makes it a bit of a risk to invest in. If you’re considering, Mitch recommends sticking to traditional LLCs and corporations.

Q8: What are some exciting developments in the Web3 world?

Our guest was excited about the advancement of AI in the metaverse. It can instantly translate conversations into multiple languages, facilitating real-time discussions.

Another development he’s keeping an eye on is the integration of Web3 and metaverse platforms. It’s still a fairly new space and there’s unsurprisingly some teething problems.

Of course, like the best things, the not-so-great things get better over time. As Mitch said, Web3 services and platforms are becoming easier and safer to use by the day.

Well folks, that’s all from me this week. Thanks a lot for reading through and for more great insights from our chat with Mitch, have a look at this Twitter thread. If you think this summary is pretty good, you’ll love the real-time chat. Join us every Thursday at 1pm ET on #TwitterSmarter. We also hang out on Twitter Spaces at 5pm ET to continue our chat. Catch you there!

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About me, Narmadhaa

I write all the things—marketing stuff so I can pay the bills; haiku and short stories so I feel wholesome. A social media enthusiast, I hang out with the #TwitterSmarter chat crew, and am always happy to take on writing gigs.

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