We attended a workplace satisfaction and culture-building discussion this week between Scott Galloway and Adam Grant, two giant thought leaders in modern education. As they explored the relationship between culture and workplace, Galloway made a comment that resonated (and this is paraphrased)….he said something along the lines of “Facebook changing their name to ‘Meta’ in 2021 is like Netscape changing their name to ‘Internet’ in 1995.” His point, we believe, was to highlight (and reiterate) that the metaverse isn’t something any singular entity or organization can ‘own’ - in fact, it’s the exact opposite. Let’s dive in:
By definition
(of a creative work) referring to itself or to the conventions of its genre; self-referential.
met·a·phor /ˈmedəˌfôr,ˈmedəˌfər/
a thing regarded as representative or symbolic of something else, especially something abstract.
a virtual-reality space in which users can interact with a computer-generated environment and other users.
Because the metaverse is constantly evolving, let’s mash up the best from these three definitions to create our own: A self-referential, virtual, abstract thing - symbolic of something else - in which users can interact with other users in a computer-generated environment. Blah - the metaverse needs a marketing team, stat!
Prediction
The metaverse feels like the place where gamers go - it has a very VR feel - and will likely be the term used by marketers and metaphorical puppeteers. This is the ‘place’ where ‘people’ will wear headsets and explore - checking out virtual artwork (NFT’s) in virtual houses (NFT’s) and shop in brand-specific stores using brand-specific $TOKEN$ - all connected to their virtual wallets. The brands will build this network of shopping malls and entertainment venues. It’s a new world - and trillions of dollars will be made. Omni-channel retail gains another channel. Winners and losers are made and the beat goes on.
Real Estate
This new metaworld is an escape from the real world. We can’t live in it, but we can experience it in a real-world way. The question remains, can we own it?
This is the part where we start to call it web3. If web1 was read-only, and web2 was read/write (which allowed for commerce) then web3 is read/write and own. This is a widely accepted concept - and not unique to OrionGrowth. Reading and writing are fairly simple, ownership is not - especially in a decentralized, non-governed, global environment. This is where you move out of your last college apartment and into your first house. It gets ‘real.’
the state or fact of legal possession and control over property, which may be an asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties.
Ownership is complex - and mastery of the concept is specific to the place in which ownership is recognized. In the US, we understand the relationship we have with the ‘ownership’ of our property - usually boundary (metes and bounds) coupled with the registry of deed and underwritten by a financial institution through a promissory note paid back over time. Ownership in this case is a contract (or series of contracts) that confirms the identity of each entity and obliges multiple parties to specific requirements over time. There are several categories of real property ownership including residential, commercial, industrial, land, and special-use - each possessing ownership nuances. After you acquire property (in this case through the exchange of currency) it becomes an asset - subject to financial accounting practice henceforth.
To avoid that rabbit-hole, let’s pause at the exchange, where currency was used as the consideration. In real life - this is your metaphorical master’s degree in finance with a focus on lending. In web3 - this is your first step into the metaverse and cryptocurrencies. In either world, it’s very hard to own anything without access to money.
Re-learning
Each of us comes to this point from a different path. Some have advanced degrees in finance, others in law and economics. We bring with us our experiences and knowledge in a very organized/hierarchical way. When we decentralize that knowledge and strip away the relational metadata, we get abstraction. The best way to regain understanding might be through observation and orientation, which really means re-learning. We mentioned Adam Grant at the top of the article because we’re on a journey of perpetual learning here at OrionGrowth. His book, Think Again, was on the NYT Best Sellers list in 2021. He asks that we rethink and unlearn before we lead into the future. A new way of thinking, working, shopping, learning, lending, renting and owning is upon us. There are different ways - there are new paths. Legacy systems will continue to operate, but the seeds of the future have been sown. Maybe it’s time to trade in wingtips for workboots? The future is wide open. Let’s get to work.
NOTE -- the first cohort of TotalTenancy™ an online class that brings Office Tenant Reps, HR gurus, IT pros, and the world’s greatest Occupiers together to explore the future of tenancy - will be starting soon. Click the link to get on the list and we’ll keep you informed of dates and rates.
PhotoCred: Jason Ortego/UnSplash