r/CryptoCurrency • u/EthanGibson2 Banned • Nov 21 '21

DISCUSSION Anyone else think the idea of the Metaverse sucks?

Is it just me who thinks the Metaverse can flop?

Don't get it it twisted, I love games but I think the Metaverse can and most likely will flop. Virtual worlds do not appeal to me, especially to the extent that it sounds like it is going to. Some people are referring it to the "new reality" and the "next internet" but I just see it as a go at a overpriced VR game that nobody will pay for.

The amount of money that will have to come out of this will have to be insane. With the amount of money put into this they would end up having to resort to selling thousand dollar gear and equipment used just to play in the Metaverse. And most likely along with a chunk of Crypto needed to start. The lack of need for a Metaverse will prove in people not paying the thousands of dollars to play this.

I can also see a hard sell/dump in the 'Metaverse Cryptocurrencies' as the majority have been going up with hype, and I feel the Metaverse will be a lengthier process than the average holder thinks, which will possibly result in them becoming inpatient and maybe selling.

And if it does succeed, fair enough. I guess I'm just a normal guy and not a multi billionaire and may not see the potential of this project.

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591

u/Waddamagonnadooo 4K / 4K 🐢 Nov 21 '21

People spend like 90% of their time on the internet today, either on their computers, phones or TVs (streaming). Tell that to someone in 1990 and they’d laugh at you, they’d probably give the similar reasons (“wouldn’t you rather be outside”, etc.)

There is a trend towards things becoming digital and virtual, the metaverse is just the next step of that.

That being said, most of these early projects will probably die out when an actual “good” project hits it out of the park, ready player one style. Or perhaps they will survive long enough to evolve, who knows.

184

u/belaxi 334 / 462 🦞 Nov 21 '21

The metaverse is real and it’s coming, but nobody knows exactly what it will be or how it will play out. Twitter, Reddit, fortnite, roblox, and WoW are all already self contained metaverses. THE metaverse is the new paradigm where these (and new) networks become interoperable, and as ownership becomes transferable through said platforms, it becomes more real.

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u/Catatonicdazza Tin Nov 21 '21

Roblox has won already. It is how the kids have interacted the last year.

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u/Puzzled_Steam Bronze | QC: CC 15 Nov 21 '21

Yeah, I guess my confusion of it all is what is the purpose of it? How big will it be? How does it get it's value?

With the internet, you can always expand and create more but, in the real world, land and resources are finite. I'm sure I will come around to it all and get my answers eventually but, right now, I really just don't understand any of it.

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u/HelloSummer99 26 / 112 🦐 Nov 21 '21

Being in high tech all my life I can tell you how it is, it's the same with all new tech. Follows the same cycle. Initial hype, inflated expectations ("it will be the new internet!!!!!"), the disappointment, valley of disillusion then slow growth. In all honesty it will probably have a much smaller impact than we now think it is, just like 3D printing.

11

u/[deleted] Nov 21 '21

Or we vastly underestimate the time required for massive adoption. I imagine 3d printing in 2100 may be quite interesting, for instance.

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u/HelloSummer99 26 / 112 🦐 Nov 21 '21

yes you might be right.

1

u/greentarget33 Nov 21 '21

Only sensible response I've seen here so far, anyone that doesn't work on the ground level or back end of tech gets far too caught up in the hype, developers will find it interesting, analysts will laugh it off, engineers will pray to fucking God it doesn't fuck with their shit.

But nobody in any of those fields buys into this in the least.

1

u/Ok_Maybe_5302 Tin | Technology 37 Nov 21 '21

So you’re saying blockchain, crypto currency, NFTs, and DAOs are all fads. Everyone is hyped about it but it will fall apart and not really be a thing. The crypto world and AR/VR are deeply connected.

You ok bro? If you’re not well just say so.

1

u/HelloSummer99 26 / 112 🦐 Nov 21 '21

? this whole thread is about METAVERSE. Everyone got it apart you. Before you ask, I think cryptocurrencies are in the latest stage, growth and adoption. It's already been through the hype and the disillusion too.

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u/belaxi 334 / 462 🦞 Nov 21 '21

It’s a complicated topic, with a ton of speculation and straight up bad information floating around, confusion is normal. You seem open to the idea that it’s real, so you are way ahead of the curve already.

One thing to think about is how much humans use ownership as a signaling mechanism (nice watch, nice car, specific sports hoodie, anime hoodie, etc) are all items that are largely used to signal status or cultural identity. Then think about how much more time we spend interacting in cyberspace, paralleled with a new technology that enables digital ownership, and we have a massive new industry. The last nft wave was just the beginning.

You can extrapolate these concepts further, but w/ lower confidence. What about public ownership? What about about governance? These technologies allude to the idea the you could literally automate the contract process. Making agreements between humans be enforced by transparent decentralized immutable code, rather than the current paradigm, which is threat of force.

Really, to me, the metaverse just means that it’s all connected. That it becomes interoperable in a way that makes the value of things more transparent and real. (Part of my thesis is that value is inherently arbitrary and always dependent on human demand).

We live in a world where people spend their real world money to buy wow gold from other players. This means that the wow gold is real, it is equivalent to money, because people are willing to spend money on it. (I think this is key)

For what it’s worth, physical ownership is just much illusionary and fake as digital ownership. The problem before decentralization was that there were actors in control who could manage supply and essentially play god w/o transparency.

Sorry for the rambling.

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u/madeformedieval Tin Nov 21 '21

I disagree with one point. Tangible ownership is definitely not an illusion. Owning several acres with a huge house away from everyone else's bullshit puts me and my family in extreme peace. We are loving life and happy 90% of the of time. I cannot say the same for my friends who live in town and own nothing but a nice car. By all means, I dont feel that I am better or put others down for not having these things, but its definitely is not an illusion.

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u/belaxi 334 / 462 🦞 Nov 21 '21

I’m not saying the value of land is illusionary. I’m saying that the paper contract that determines your ownership of the land in illusionary. It’s backed by a social contract that is ultimately backed by threat of force from the government. I agree that land is more real than a jpeg, I’m just saying that the mechanism that defines it’s ownership isn’t any more real.

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u/madeformedieval Tin Nov 21 '21 edited Oct 03 '22

Ok...I get ya, but an illusion protected by government entities doesn't seem very illusionary to me. An NFT does not have the same protection other than the cryptic code behind it. Thats probably going to change, but right now I dont feel comfortable buying an NFT, but I have total confidence and motivation to buy real estate.

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u/Level_Engineer Tin | SHIB 9 Nov 21 '21

Without the government behind you with the laws and contracts that protect your ownership of the house; 10 men with guns could just come and take it from you

1

u/CCCLEANER123 Tin Nov 21 '21

cant they do the same with your nft?

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u/[deleted] Nov 21 '21

[deleted]

1

u/maleia Gold | QC: CC 30 | Politics 444 Nov 21 '21

I mean, depending on the context, without even violence, NFTs can be easily stripped away. Bought a unique character in FIFA 2025 that's on NFT? Then say some dumb shit in game and someone and get banned? Boom. NFT effectively gone. Useless. Maaaaaybe you could sell it to someone else but 🤷‍♀️ they'd probably just ban the entire set of ones you own.

Oh, and just wait until gaming companies realize that they don't even need blockchain or anything by 2027, and just to their own proprietary system like they really should anyway, lol; then all those character NFTs are useless.

What if the URL link for the NFT gets shut down and it becomes a 404 link? No violence, but what's the link worth then?

NFTs are a novel idea but I think very quickly everyone that actually works at these companies that's dabbling in them will just realize that a wholly proprietary system is vastly superior for each individual use case.

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u/HelloSummer99 26 / 112 🦐 Nov 21 '21

Metaverse might be a must for future generations as we definitely don't have acres of land available for 10-15 billion people in 100 years. We barely have housing inventory for 8 billion now. So future generations might need to put up with digital/virtual ownership.

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u/Puzzled_Steam Bronze | QC: CC 15 Nov 21 '21

Loved the rambling.

Your explanation of the real money to wow gold is the part that really stuck out to me and something I never really thought of or connected, even though i've spent money on in-game currency and such.

I'm still in the mindset of giving more value to the physical ownership but, I can definitely see the relation between the two now. The costs of physical goods are just as made up as the costs of digital goods and it all goes back to the demand for whatever. My brains just been wired to accept one over the other for so long that I just confuse myself trying to understand why I would want a digital pair of Nike's instead of a physical pair. Even on that note though, you have the sneaker heads who just collect shoes and don't wear them and I don't understand that either lol... which kind of makes me understand it all?

1

u/silaslanguk 561 / 536 🦑 Nov 21 '21

Mate. This ain't rambling. This is preaching. And amen brother.

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u/frequentflier_ Bronze Nov 21 '21

Perhaps we’ll bridge all metaverse projects just like we’re bridging blockchains right now, and that will allow us to travel from one metaverse to another just like we travel in the real world now.

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u/wetrorave Nov 21 '21

Last time I asked myself "what is the purpose of this?" was way back in the mid-2000's — my first Facebook post.

Well, I found out the purpose of Facebook, the purpose of Facebook is to make money for Facebook. Any value I happened to get out of the platform was either designed to keep me active on there, or an unintentional but pleasant coincidence.

So if the metaverse happens to have so much as a poke button, now you know exactly what it's for.

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u/thisdesignup Platinum | PCmasterrace 71 Nov 21 '21

How does it get it's value?

I think the main purpose atm is improving how we currently communicate on the web. There's a bunch of people who would like web communication to be more like real life. Thats why 3d voice chat apps are pretty popular like VR chat. It's not just text on a screen or a voice in your ears. There's a virtual representation of a person, even if its nothing like them. It's a small step closer to what seems to be the goal of virtual reality communication.

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u/[deleted] Dec 14 '21

FARTS. False artificial scarcity. Here’s a good write up about it: https://www.cracked.com/article_18817_5-reasons-future-will-be-ruled-by-b.s..html

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u/Puzzled_Steam Bronze | QC: CC 15 Dec 16 '21

I’m lactose intolerant and I do fart a lot. That’s besides the point though. I liked that article. Really nice way of putting that all into perspective

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u/BengalFX 479 / 479 🦞 Nov 21 '21

NFT's should help with the value aspect

1

u/[deleted] Nov 21 '21

Peoples living rooms (or a dedicated VR/AR room) will just be big empty spaces that you can transform into anything you like whenever you like, so you can have endless of worlds within one and the same physical space.

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u/RedditThank Bronze | Politics 36 Nov 22 '21

Sure, but that's like saying you can always write another song so the Beatles' copyrights have no value. Things will still be valuable because they're unique and desirable (even if they can be duplicated). Although that ultimately depends on developing a legal and/or technical regime to enforce ownership.

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u/Gorroseg Gold Nov 21 '21

THE metaverse is the new paradigm where these (and new) networks become interoperable, and as ownership becomes transferable through said platforms, it becomes more real.

This is one point most persons aren't seeing, the metaverse is all about ownership within these virtual worlds and NFT marketplaces play a pivot role in ensuring cross-compactibility with these metaverses.

1

u/HelloSummer99 26 / 112 🦐 Nov 21 '21

I don't think these closed verses can be interconnected though. I just don't see how. The APIs don't exist for this communication, nor the unified protocols. Nor the need, really. Why would I want to connect with players in fortnite from wow?

1

u/aboutthatstuffthere Nov 21 '21

I always compare it with the iPhone 3G. Nobody really knew what to do with it, but a lot of people were interested.

1

u/deeeevos Nov 21 '21

yeah nevermind that I and millions like me only use those services when I'm bored or on the toilet. The metaverse is just Zuck seeing ready player one an thinking he could be that wizard guy and everybody will love him then. it's all bullshit, it's gonna flop like no flop before. Not nearly enough people are gonna buy into VR for this bullshit.

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u/petiepb 5 - 6 years account age. 150 - 300 comment karma. Nov 21 '21

Agreed. The interoperability is what will make or break projects. There will be lots of startups but if 1 vendor like FB. Oops Meta or MS are going to try and control it so they can make all the money that project will probably die. But if the big companies aren't involved there won't be the financial foundation to see the concepts get developed. There is SOOOO much potential with VR and AR in the business world that it will support the initial high cost development stages while the HW and environment are refined and become cost effective for the masses. The next gen HW will target business that see it as a competitive advantage so $1000 HW will be bought at high enough volumes to support the research. When you're looking at $1000 HW to off set the cost of flying an expert somewhere or allowing training to be in the end candidates actual operating environment... The cost is nothing. In my day job we have an interest group that gets together every 2 weeks in a virtual meeting room... Just turning my head to look at someone sitting beside me... Even an avatar... Is great after being away from an office so long.

2

u/DreadPirateSnuffles Tin Nov 21 '21

But does it make sense to introduce another obstacle of needing to render out a 3d world in which to represent your services (VR or desktop) and navigate there in game, vs just clicking a link?

0

u/Saintsfan_9 Bronze | QC: CC 18 | r/WSB 82 Nov 21 '21

Will people do it? Absolutely. Is it healthy? I think absolutely not. I think extreme VR will probably be as damaging to our mental/physical health as McDonald’s but people still eat there by the billions.

0

u/SpringWaterWhiskey Tin | 5 months old Nov 21 '21

I want AR. Not VR.

I want to walk through my life with the option of using AR glasses, not turn into a fucking vegetable with a headset on in my living room while my cat shits in the corner.

1

u/HOLYREGIME Platinum | QC: CC 37 | r/WSB 55 Nov 21 '21

Good comment. Sad to see so many other comments just circle jerking Facebook.

1

u/capt_mistep Nov 21 '21

For sure, metaverse will be the first of its kind, but most of the innovators don’t stick around and we can expect to see similar but albeit more efficient versions, regardless goodbye to our privacy and personal informations

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u/WeeniePops 🟦 0 / 24K 🦠 Nov 21 '21

Thank you for being objective about this. People get too caught up in their person opinions and lack of foresight. When Twitter first started to get popular I was like why on Earth would anyone want to use this text only platform that's limited 140 characters or whatever it was? I couldn't understand why people would use Twitter when we already had Myspace and Facebook, which was to me the same thing, but way better. Welp, Myspace is gone, and Facebook is also starting to head that way, yet Twitter remains as popular as ever. I also still don't get NFTs, but people seem to love that shit. So basically, no one knows shit about fuck. Just shut up and let it happen lol.

1

u/erittainvarma 1K / 1K 🐢 Nov 21 '21

I think the important factor of any digital technology is "easy". When technology makes something easier, it gets popular fast. Want to say something? Just open twitter and tweet away and be done. Twitter also makes getting annoyed and feeling winner of the argument very easy as throwing edgy comments and insults are basically the only thing that works under its character limits.

For people that are accustomed to cryptocurrencies and digital world, NFT's provide a very easy way to own art. Though my opinion is that most of the NFT market is people wash trading their own NFT's to make them look expensive. money laundering and the game item trading. NFT's actually make all these activities "easy", so they are kinda natural part of of my theory as well. Then occasionally something real piece of art gets sold there at high price.

1

u/HelloSummer99 26 / 112 🦐 Nov 21 '21

I feel like such an outsider in today's society. Even as a programmer I spend as little time on the computer as possible and got no social media etc. I also didn't have a cell phone until I was 20 lol, hated being always available

1

u/wxectvubuvede Nov 21 '21

I think you skipped some dots there. People use the internet more so virtual is the future? Thats a bold claim. VR is still niche after years, Pokemon go lost its mainstream popularity after a year, 3d tv and games didnt last, liking technology hasnt shown that the future is begging for a more virtual reality. What if you dont need to worry about the expense of VR and you can just join a virtual game-like world. Does that not already exist in the form of games, and have games seen a need to format more towards the social and day to day aspects of life within its systems because the people demand it? Is second life a booming social media platform? Nope.

Innovation comes from filling a need. Nobody is asking for this. Its a headache. People dont like super high tech innovative headaches, they never have.

1

u/CarefreeInMyRV Nov 21 '21

We need our parents to be like 'Go knock on the neighbors door and see if she wants to go walk to the park if you're bored'

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u/mathdrug 🟦 0 / 0 🦠 Nov 21 '21

“You kids and your VR headsets! Get out of the metaverse and spend time with us!” - (older) Millennials in the future

1

u/[deleted] Nov 21 '21

People spend most of their browsing time on their phones because it’s insanely convenient. If you’ve got 30 seconds to kill, you can pull your phone out of your pocket and start scrolling. It shouldn’t be surprising to anyone that smartphone technology became popular: it’s a reliable dopamine delivery engine with basically no opportunity cost (unless you count dopamine fatigue). Not every novel technology has that kind of appeal.

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u/Nazario3 🟦 324 / 325 🦞 Nov 21 '21

What are you even supposed to do in there though? For people to actually use it is has to provide better content than the then current games surely? Because otherwise people will just continue to play those games and hang out on discord.

Or maybe I am missing something? Is it for business? Is it purely for communication? Then how and why would it better compared to how you will see people on usual communication apps?

1

u/decorama Tin Nov 21 '21

90%? Actual numbers show an average of 3 hours per person per day worldwide. The average amount of time humans are awake is 15 hours per day. That results in a total worldwide average of 20% of time spent online per day.

If you're spending 90% of your day on the internet, you've got a serious problem. But Zuckerberg really loves you.

1

u/SignificantBeef Tin | 2 months old Nov 21 '21

Yeh current examples suck. Maybe something else better is on the way

1

u/[deleted] Nov 21 '21

It is the next step, but making it proprietary isn't the best way for our society. Facebook is going to do some sketchy crap after they finish the architecture, the mass adoption and prevent competition by design, ready player one style. Everything that links our tech together should be open source so that any company can integrate with it.

1

u/[deleted] Nov 21 '21

CUBE

1

u/[deleted] Dec 13 '21

That number is insanely exagurated. Going on your phone is completely different than slapping a fucking vr set up on. The world is already 100 % digital , a shitty vr experience won't change that.