Will the metaverse transform #jobsofthefuture?
When Facebook rebranded as Meta, it formalised a shift into the metaverse – a shift that has been taking place in big tech companies for a while.
Some call it the dawn of a new era; some think the hype won’t last five years; yet others struggle to dissociate it from the dystopian science-fiction world from which the term was derived. One thing however seems clear – like it or not, the concept of the metaverse is not only rapidly evolving, but gaining so much momentum that it is impossible to ignore.
Should you consider a career in Metaverse companies? Two early adopters and thought leaders weigh in on the risk and rewards.
The Head of Ecosystem at Multiverse Labs, Soh Wan Wei’s role is to expand the multiple universe of the Multiverse movement and evangelise for the new Web3.0 era. Her company is now the official solution partner of The Possibilist, which includes more than 10,000 NGO founders from The Obama Foundation, Ashoka, The Diana’s Award and ChangemakersXchange.
Head of Business Development at Mintable, Fiona Soh is responsible for revenue and B2B partnerships. She also spearheaded the creation of the Mintable Go! Fund, which invests in early-stage blockchain projects in the Non-fungible Token (NFT) space.
What is the metaverse and what could it potentially become?
“it can be understood as a social space beyond just the physical universe that we are all born into. “
- Wan Wei, The Head of Ecosystem at Multiverse Labs
Wan Wei: “Meta” stems from the Greek prefix “beyond”, and “verse” comes from the word “universe”. Literally interpreted, it can be understood as a social space beyond just the physical universe that we are all born into. The term came from Neal Stephenson’s 1992 sci-fi novel Snow Crash, where it refers to a persistent, “live” digital universe that allows people a sense of agency, shared experiences, and the ability to participate and contribute towards a seamless virtual economy.
Multiverse, where I work for instance, is a metaverse where people can build and grow things that attract them regardless of their geographical location, education qualifications or economic situation. It is a Web3.0 collective of founders, and a virtual universe where people can found or fund projects, socialise with a community, have an identity (mv wallet address) and be part of the AI/planetary token economy.
Many such changes are happening as we speak. I was doing my Christmas shopping at Paragon and saw an augmented reality (AR) footage of a metavers-y show casted on the walls of a hotel by luxury watch brand Tudor which completely changed the landscape of brand storytelling. Indeed, the metaverse is a paradigm shift because it is revolutionising how people communicate with one another.
Why is the metaverse the future?
Fiona: It is the dawn of a new era – the birth of a cultural revolution, the creation of a new economic system, and will result in a new world order. Based on history, revolutionary technology has always created similar outcomes – first industrialism, then the internet. The internet was created in the 1980s and the first internet boom was in the 1990s. If we take a similar view in time horizon, the metaverse revolution could be anytime now. In fact, as we see today, people are increasingly less loyal to corporations and states, which are systemic to the human identity. The metaverse is the new place they call home – where their identity lies, where their communities are.
Could you weigh out the risks and rewards of being an early adopter and pursuing a career in the metaverse or #industriesofthefuture?
Fiona: Think of it in terms of lifetime employability as opposed to lifetime employment.
When I first got curious about crypto, I never thought about it as something I would do full-time. It was a hobby that turned into a hobby that makes some money on the side. And before I knew it, I saw the market explode in front of my eyes and these companies, whose tools I used as an early adopter, were raising money and aggressively growing and hiring people.
I think the risk-reward for the metaverse is pretty enticing at this point where the reward far outweighs the risk. Adoption is clearly imminent and Facebook’s announcement and rebranding to Meta is clearly taking a strong stance that this is the future.
Speaking of which, what is your opinion of Facebook’s strategy?
Fiona: I don’t think Facebook is doing anything different from big tech. All founder-led big tech companies have reacted in similar ways – I think partly because founders have a nose for game-changing technologies, since they were the disruptors in the last cycle, and know the importance of embracing it early.
Wan Wei: Fundamentally, Facebook is doing a closed version of the metaverse. Facebook Reality Labs is also set up to – and I quote – “build the future of connection and communities within virtual and augmented reality”.
I guess Facebook’s strategy is good for the Web3.0 and metaverse community in general because it brings awareness to the masses. Having said that, its version of the metaverse is not something I’m excited about in ideological terms because it seems to imply that more people will be addicted to one man’s version of the new era via a closed metaverse. It’s pretty top-down. Also, it makes the assumption that VR/AR are prerequisites for a metaverse, which is not necessarily valid.
I personally prefer an open metaverse with open governance, which people have open access to and have a say in. This is our chance for change in the new Web3.0 digital era, and we should not be giving up our individual freedom to any corporation easily.
What jobs could the metaverse create in future that don’t exist today?
Fiona: Non-fungible tokens (NFT) artist-in-residence, chief meme officer, head of yield farming… But beyond that, it is also important to be cognizant of the bigger movement around Decentralised Autonomous Organisation (DAOs), whereby the concept of jobs may shift completely and people no longer work for simple companies, but are sovereign contributors of multiple DAOs.
Wan Wei: Frankly speaking I don’t even see “jobs” as fully relevant in the metaverse. Instead, your community and authentic self are your true currency.
What skills or mindset does someone need to join these companies?
Wan Wei: A growth mindset, a serious attitude about your craft, and tons of sincerity and humility.
Fiona: This space changes 24/7 and learning never stops – new networks, new projects, new announcements. Flexibility is key.
What do you say to people who envision a dystopian world alongside the rise of the metaverse?
Wan Wei: Their perspectives are absolutely valid. I worry about my young nephews sometimes. Kids these days are already hanging out with their friends on Roblox. In five years, they will be spending more time online and less time on physical sports. Also, do you think closed metaverses that are well-funded will not attempt to engineer addiction into such behaviour? Do we really want to have our kids spending most of their waking hours online?
I think we should definitely pay attention to the development of the metaverse, especially its impact on the next generation. Instead of going all defensive, it is important to listen.
The metaverse can change the world in positive ways because human beings can finally explore different sides to themselves that are usually constrained by financial, physical, social or environmental factors in real life.
Fiona: Indeed, the internet as we know it today, for all that it has given us – information at our fingertips, hot food delivered within a button’s click – has also created cyber bullying, cancel culture and more. I think if the metaverse continues to allow people to be creative with their pursuits, continually creates economic opportunities and allows communities to congregate, it is already giving the world a lot.
What would you say to those with reservations about joining metaverse companies or start-ups?
“Remember how when the internet first came about, or credit cards for that matter, everyone thought these were scams? Before passing judgement, perhaps try to understand why we remain bullish on the growth of this space.”
- Fiona, Head of Business Development at Mintable
Fiona: Keep an open mind. Remember how when the internet first came about, or credit cards for that matter, everyone thought these were scams? Before passing judgement, perhaps try to understand why we remain bullish on the growth of this space.
Will this be an industry that will create new jobs and skills that we should be mindful of? We don’t yet have the answers to that. But bear in mind that according to the World Economic Forum, 65 per cent of kids will work in jobs that don’t yet exist. So, stay open and intentional as we watch the developments in the metaverse.