Exploring the Metaverse
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.
A1(a): The #Metaverse is a digital world where you can meet clients, give presentations and sell products and services. Interactions include virtual and augmented reality all experienced through your headset, phone, tablet, laptop or desktop. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A1(b): We use and recommend platforms that are as easy to use as sharing a Zoom link and password. These include https://t.co/p8Cyh2k2Kd https://t.co/wiUNs1WqwM https://t.co/4rxeVkuc1g and https://t.co/la9BR87jOU #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A2(a): Just showing up with an avatar in the #metaverse isn’t going to cut it. You must remember how to use your arms, hands, facial expressions and work the space in the room for maximum impact. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A2(b): When communicating via your avatar, the key is to use effective storytelling techniques. Add voice inflection and metaphors. Compliment what you’re saying with pictures, videos and 3D objects. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A3(a): The first legal mistake I see people making is not respecting the intellectual property (IP) of others. If you didn’t create the content or get proper written permission, then don’t use it. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A3(b): Along the same lines, people and businesses in the metaverse and web3 worlds need to protect their own IP. Register your name, trademarks and other IP. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A3(c): Another legal "challenge" I see people make is failing to use proper written contracts to document what they do in the metaverse and #web3 platforms. Contracts avoid misunderstandings and buyers remorse. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A4(a): An #NFT is a unique item verified and secured by a hash on the blockchain. An NFT provides authenticity of origin, ownership, uniqueness (scarcity), and permanence for any particular item. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
As Alberto pointed out, an NFT is a certificate of authenticity for a piece of asset.
A4
NFT are tokens in the blockchain. In plain words, are authenticity certificates that allows people to own digital (or real) Assets like land, content, art, domains, etc. #TwitterSmarter https://t.co/5rUpJPb5jN
— Alberto Gómez (@alberMoire) April 21, 2022
Our guest recommended reading The NFT Handbook – How to Create, Sell and Buy Non-Fungible Tokens to learn more about navigating the NFT world.
A4(b): If you want to learn more about NFTs, a great book that I recommend is “The NFT Handbook- How to Create, Sell and Buy Non-Fungible Tokens” by @mattfortnow and @quharrison https://t.co/FV4lQ5agoN #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
You can also subscribe to Mitch’s weekly newsletter on LinkedIn where he talks about Web3 as it relates to legal and business matters.
A4(c): I also recommend that you get my weekly LinkedIn newsletter that focuses on everything Web3, including NFTs, with a biz/legal element in each issue. Here’s the link https://t.co/XDWlk7ha5R #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A5(a): The best tip I can give everyone is to use a “cold” wallet. This is a secure device that you can detach from the internet. I use the Ledger Nano X https://t.co/l3wCtMPCMr #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A5(b): Another important tip is to NOT put your digital wallet passphrase (pass words) on your phone or other electronic devices. Write them down, make copies, and store them safely offline. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A5(c): Also, do not click on incoming private messages (DMs), especially in Discord or on Twitter. Do not give anyone access to your private wallet information. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A6(a): First, what is the blockchain? A Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
Those assets could be both physical and intangible. A physical house to a dog collar, to a trademark.
A6(b) The assets on the Blockchain can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
A smart contract is a way to trace each asset you purchase, to ensure that it’s a unique and verifiable item.
A6(c): What is a smart contract? My definition is as follows- smart contracts are packets of code that are connected to a digital asset that confirms the asset or transaction as individually unique, traceable and verifiable. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A6(d): Embrace and leverage the power of unlockable NFTs on the blockchain and via smart contracts. Bundle in new products, services and discounts within NFTs you give or sell to your clients and customers. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A7(a): A decentralized autonomous organization (DAO), is an organization or community represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central platform, entity or government. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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…
A7(b): A DAO's financial transaction record and program rules are maintained on a blockchain. The precise legal status of this type of business organization is unclear. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A7(c): What I want everyone to pay attention to is that the legal status of a DAO is unclear. Unlike corporations and limited liability companies which are recognized by state statutory and case law, this is not the case with DAOs. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A7(d): You don’t want to spend the time and money to be the first test case in court to see if your DAO will do what you want it to do. Right now in most situations, we’re still recommending traditional corporations and LLCs to our clients. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A8(a): There are a lot of exciting things happening almost daily in the Web3 spaces. I’m keeping my eye on AI technology resulting in instant translations in the metaverse. People speaking different languages can understand each other in real time. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A8(b): I’m also looking for better integration between web3 and metaverse platforms. Assets we create in one platform will easily be transferable to another platform. Right now that’s not always the case. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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.
A8(c): Ease of use with web3 platforms is also something that gets better and better each month. Just like web browsers made the Internet easy for all of us to use, easier secure click and use options in the web3 spaces will result in more users. #TwitterSmarter
— Mitch Jackson, Esq. (@mitchjackson) April 21, 2022
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!
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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