Let us demystify the metaverse and highlight the endless possibilities for us and our counterparts in the African diaspora. In this article, we will understand what the hype is truly about and highlight possible opportunities in this digital world. Ready? Let’s go.

What do we really know about the metaverse?

A metaverse is a network of 3D virtual worlds that you can experience as avatars and it crosses over to crypto, social media, digital fashion and more. It is often described as a hypothetical iteration of the Internet as a single, universal virtual world.

Essentially it is a world that exists “after”, “besides” or simply “beyond” our world. – a virtual world where you can be anything you want to be.  But wait a minute – why should we care about a virtual world of odd avatars with blocky bodies inhabiting an arguably unrealistic environment and transacting with in-game currencies within mini economies for “digital goods” and experiences? Surely we can have more fun scrolling through a 2D Instagram interface watching “real” life happen?  

Who’s building these metaverses & how do they work?

Companies that have built metaverses of their own such as Roblox, a metaverse where people can build mini-games, meet up with friends, customize and buy merch and products using robux (an in-game currency) are now public and securing serious bags. Roblox was valued at $38 billion with 45,5 million daily users in 2021. Proving that at the very least, there is a lot of activity that is helping human beings connect, interact, spend and make racks while having fun in a digital world. These experiences essentially augment our “real life” and ultimately bring the world a bit closer to everyone’s fingertips through the internet.

This is the land of the free, a land of opportunities for many to make products, games and worlds within worlds where communities with similar interests can enjoy themselves from anywhere. The metaverse is tipped to supplant the web browser and mobile apps in how we will stroll through the internet while wearing our limited edition digital drip. The Metaverse has opened up many opportunities for people in real life to create and sell products digitally from NFTs such as digital artworks, digital clothes or digital experiences, to events and concerts from the comfort of your own home.

Think of metaverses as The SIMS, only in this version you can create and sell characters, clothes, property, products and experiences for like-minded individuals.

Platforms such as Decentraland, a virtual world where you can sign up as an avatar and explore the world, were built with the aim of decentralisation – meaning it should be owned entirely by users who have the power to make decisions about what happens, when it happens and how it happens.  It’s almost like the age-old story of settlers who got dibs on your forefather’s land when it was worth a fraction of its potential. The owners of this platform created limited land and the early adopters bought it up for millions of dollars and started developing on it – ok, ok maybe not that deep but you follow right? It’s like virtual real-estate… insane, isn’t it?… But hold your Zed run horses, it’s not THAT crazy. 

Owners of the land can rent it out for digital activations, product advertising, shopping malls/ markets, concerts and more enhanced digital experiences for their audience. There’s even a casino where your avatar can play the casino games and make money in the form of in-game currency which can then be converted to cryptocurrency and ultimately real money.

Opportunities of the metaverse.

The metaverse real estate market is quite exciting, full of potential and boundless. “Imagine if you came to New York when it was farmland and you had the option to get a block of SoHo,” said the co-founder of digital real estate company Metaverse Group, Michael Gord, in an interview with the New York Times.  These words echo a similar message as Jay-Z’s regrets on The Story of O.J. where he raps “I could’a bought a place in Dumbo before it was Dumbo for like 2 million. That same building today is worth 25 million. Guess how I’m feelin’? Dumbo.”

In addition to Decentraland, you can now buy digital land in metaverses with names like Somnium Space, the Sandbox, and Upland.

On the more professional side, there are great opportunities within the metaverse, for instance, Bill Gates predicts that virtual meetings will move to the metaverse – as quickly as within three years – workers will most likely rely on using VR headsets and avatars for work purposes.  Creators from across the globe can collaborate to make digital products and experiences within a selected metaverse in order to connect and interact with their audience. 

The “black Metaverse” and it’s possibilities

School and social life too will evolve. Roblox is planning to bring educational video games to classrooms. This could open up interactive spaces for people of African descent within the diaspora to learn more about their history, customs and any other building blocks that can cement and amplify their existence/experiences within and of the world. Another example is AltspaceVR, a platform that enables community-based experiences in the metaverse which allows people to gather for live virtual events such as comedy shows and bar nights. Roblox sees itself as a future hub for metaverse experiences beyond virtual games and towards virtual concerts. We’ve seen how effective these unfathomable ideas have come to life in instances such as the  Marshmello concert in Fortnite which upon writing this article, attracted 10 million people and over 60 million views on Youtube. In a virtual world, we could see global African musicians host a festival of biblical proportions online, it would allow us to experience the greatness of African music and its influence whilst connecting with our 3D friends over chats and games in a virtually “safe” environment.

A new era for commerce may dawn, with stores selling anything from digital pets (Tamagotchi on steroids) to digital fashion for your avatars.  For instance, Nike has filed trademarks for virtual gear, shoes and accessories, and luxury labels such as Gucci, Balenciaga and Luis Vuitton are beginning to sell digital clothes and digital bags.  Meta-malls are starting to pop up, allowing you to shop in VR stores and stock up on outfits for your avatar and for yourself in real life. Imagine rocking your favourite pair of Bathu or Drip sneakers, amaXhosa, Thebe magugu or even Rich Mnisi luxury gear while floating about and minding your business in the metaverse, another possible way that Africans and people of the African diaspora within the fashion industry can fast track racial inclusion in this space while making an additional income for their business.

Why would you possibly want to be a part of such a world? Well, it’s simple, this is how the future is shaping up to be and we need to adapt and seek opportunities in order for our businesses and creativity to thrive through this space. Just like we never saw the importance of Facebook, Instagram and online shopping at some point in time – look how many people can’t live without, as well as make a living off of these platforms.

With the right infrastructure Africa could create a globally impactful information highway between the continent and its counterparts across the globe; creating a digital haven for our stories to be told and experienced in a way that would be otherwise limited in the physical world. Imagine a digital Wakanda, if you may, where we could trade, entertain, connect and interact from all corners of the globe… Imagine what we could create. A New Black History and a fresh perspective on the future by us and for us!