Would you go down the metaverse rabbit hole?

You take the blue pill and the story ends, so says rebel leader Morpheus in The Matrix. “You take the red pill, you stay in Wonderland and I’ll show you how deep the rabbit hole goes.”

The Matrix, the rabbit hole, perceived worlds, and humans unknowingly trapped in a simulated reality, may be useful metaphors to describe this dizzying craze called metaverse, but minus the dystopian society described in The Matrix because the metaverse, the hottest topic in 2021, is supposed to be fun.

I wonder if more Filipinos will join the craze; if our telcos are ready with their infrastructure if we all enter the metaverse; if local banks will offer banking services in this digital world; if Philippine property developers will start selling digital real estate here; if corporates will start advertising in the metaverse; if the country’s billionaires will move their rivalry and proxy wars into this parallel universe. Big question marks to all these and more.

Indeed, the questions are endless, as they are varied, because it seems there are no limits to the possibilities this digital world can offer.

‘Being within the computer’

A metaverse, in case anyone is wondering, is defined as a shared virtual space that is hyper realistic, immersive and interactive, thanks to the use of augmented reality and virtual reality technology, according to Sensoriumxr.com.

“It’s about being within the computer rather than accessing the computer. It’s about being always online rather than always having access to an online world,” said Matthew Ball, a venture capitalist, in an article in The New York Times.

Others define it as the future of the internet.

It is, to put it simply, a virtual world where people can engage in a wide range of activities just like in our normal, real day-to-day lives. And because there is a virtual world, there is a virtual economy.

As technology company Sensorium said, crypto makes the metaverse go round.

To experience the metaverse, one can use a smartphone and download a metaverse app. Sensorium Galaxy’s mobile app is one example.

But if you want a more immersive and spectacular experience, you can use a virtual reality headset or augmented reality smart glasses. With these devices, you’ll surely fall deeper into the rabbit hole.

Kiddie parties, concerts, fashion shows

It’s an amazing world, this metaverse, so say tech experts. Last year, video gaming platform Roblox hosted Gucci’s 100th anniversary with the launch of a virtual Gucci Garden space that allowed visitors to immerse themselves into the Gucci experience, including purchasing and wearing exclusive Gucci virtual items.

You can also take virtual vacations, buy and sell digital real estate, meet new friends, attend concerts, etc. Some teenagers are now opting to celebrate their birthdays with their friends on the metaverse – it’s strange, it’s interesting, it’s fun.

Nasdaq-listed Agora, a live interactive streaming platform, conducted a survey about metaverse and results showed that many believe the metaverse will become popular in the coming years.

‘57 percent of respondents think that the metaverse will become the most popular place to buy, store and trade cryptocurrency, while 18 percent disagree and 25 percent feel neutral.”

‘$13 trillion opportunity’

Global banking giant Citi, in a recent report titled “Metaverse and Money: Decrypting the Future,” believes that metaverse will be the next generation of the internet, with the potential metaverse economy estimated at up to $13 trillion.

It said that “a device-agnostic metaverse accessible via PCs, game consoles, and smartphones could result in a very large ecosystem.”

“We estimate the total addressable market for the metaverse economy could grow to between $8 trillion and $13 trillion by 2030,” Citi said.

Corporate giants are now looking to hitch a ride on the growing metaverse craze.

Singapore’s DBS Group, for instance, is looking for ways to bring banking services to the metaverse while Coca-Cola said it is launching a gaming-inspired drink in the metaverse.

Indeed, the possibility of e-commerce is real and it is already happening. There’s now a growing population of mostly young people making money in this parallel universe with the use of crypto, NFTs, etc. – while having fun. Some parents may not know, but their teenagers may already be hooked on play-to-earn games, exchanging this thing called Small Love Potion into crypto and then to real money.

There could be issues on cyber security, privacy, regulations, and the loss of human connection, but these may not be enough to stop the metaverse craze.

It could even be bigger in the coming years. Others call it the next evolution of the internet until perhaps, another craze is born and everyone forgets this as they have forgotten about FarmVille.

It’s interesting really and I’m curious to see how the metaverse will shape our future.

As for me, I could join the craze and go down the rabbit hole; play virtual games and earn money. I could have everything – from digital real estate, to a virtual night in a Gucci fashion show. I could meet new friends, enjoy my own avatar, invest in virtual art or concepts. I could go on virtual vacations, kiss the sun in Monte Carlo, watch an F1 race; or pop some champagne on a virtual dream yacht.

But if I do, I need to remind myself that while I could experience anything and everything, in the end, I really won’t.

Iris Gonzales’ email address is [email protected].

Follow her on Twitter @eyesgonzales. Column archives at eyesgonzales.com