Expert Takes: Herman Narula
What cultural and social potential and opportunities does the metaverse hold?
Imagine a global stage where every brand, influencer, artist, and individual can genuinely connect with audiences and people worldwide. This is what the metaverse unlocks. Such rich connections are not just beneficial but vital to our wellbeing. In my book, Virtual Society, I delve into self-determination theory, which emphasizes our inherent need for fulfilment. This fulfilment fuels our purpose, drives growth, and helps us realize our potential, make meaningful choices, and matter to others. The metaverse expands on this idea, bringing mass-scale virtual experiences that enrich us profoundly.
When hundreds or thousands of people gather simultaneously within a virtual world, new types of cultural value emerge. People can co-create in real time. Just as individuals have long worked together to found cities in the real world, we’ll see communities build metaversal worlds that capture the genuine essence of what makes human culture exciting.
The metaverse transcends being merely a reflection or evolution of our current culture; it transforms into a thriving economy of participatory experiences that go beyond geographical limitations. This brings the prospect of entirely new jobs, fuelled by passion and purpose, and spaces that nurture equality where individuals can be their authentic selves. These vibrant, dynamic worlds will form the foundation for new cultures and communities. Young people will forge connections, and isolated communities will find a voice. Through decentralized, bottom-up approaches, we can replace the negativity that plagues social media with the power of unprecedented shared experiences.
This transformation will reshape industries, unlock new avenues for exploration and growth, and enable a more inclusive and interconnected world. It will foster new relationships and communities, providing accessibility for individuals bound by location or disabilities, creating inclusive social spaces and activities previously unimaginable in the physical world.
For the metaverse and beyond, what do you see as the impact of AI and blockchain technologies for society?
Current technological revolutions point to a radical democratization of technology, an increase in user empowerment, a newfound focus on collaboration, and a surge in digital ownership. The rapid evolution of large language models and generative AI, combined with a boom in digital assets, is revolutionizing how people spend their time and resources. Open-source movements continue to democratize technology, stimulating innovation and competition.
The metaverse, particularly its large-scale immersive experiences, relies heavily on generative AI. This allows us, and developer communities, to scale up, streamline production, and build products and experiences that would otherwise be impossible. Understanding the advantages AI brings to content creation is crucial.
I strongly believe that AI will augment – not replace – human creativity. AI’s role is to enhance quality and reduce iteration, accelerating the creation of new metaverse experiences. Creative minds will be able to unleash their potential in unprecedented ways.
Sharing value between virtual worlds is of paramount importance. Interoperability standards based on next-generation blockchains will form the backbone of a new economy within an open metaverse ecosystem of connected worlds. No longer trapped within walled gardens, users will own their digital goods and identities and take them from world to world. Creators will be empowered to build viable businesses within the metaverse. Competing parties will be able to share users, data, and value in a collectively profitable and mutually beneficial way. Existing digital assets will gain utility beyond entertainment, serving as co-ownership in the value created in these worlds.
As technologists, thought leaders, and regulators, it is our responsibility to ensure the development of technologies that empower individuals, foster innovation, and uphold principles of fairness and safety while nurturing a thriving economy with fair competition. Exploring the social and economic impact of these technologies is crucial, as they will reshape industries and open doors to innovation and inclusivity. Engaging in constructive dialogue with regulators is essential to strike a balance between fostering business growth and ensuring this development benefits the greater number.
This is what The Metaverse Society is all about, exploring what makes the right foundations for a virtual society.
This interview is from our first opus, released in June 2024. You can read the full opus here on our website.