Outsider’s newest episode of Uncut with Jay Cutler released earlier today, and the former Chicago Bears quarterback is finally getting to the bottom of what exactly the Metaverse is and how it works. Cutler welcomed Metaverse investor Jessica Stocker to the show this week who’s worked as a real estate agent in Beverly Hills for the last five years. She also became a real estate agent in Decentraland, which sells virtual plots of land. If you’re as confused as we were about the Metaverse, Jay Cutler and Jessica Stocker have you covered in this week’s episode.
For the last three to four years, Stocker has followed the evolution of the Metaverse, and began selling virtual real estate in 2020. Early on in the pair’s conversation, Cutler simply asked what all of us are wondering: “What in the hell is the Metaverse?”
“The Metaverse is basically, to simplify it, a decentralized digital world where people go to escape reality. And they can interact with other avatars and live another life in the digital world,” Stocker explained. “So I would say the definition is a 3D immersive world where you can go in and interact with other avatars in a decentralized digital world.”
Host Jay Cutler Gets a Crash Course In How the Metaverse Works
Jessica Stocker went on to share an example of the Metaverse’s potential in the years to come. One of the first steps is getting larger corporations to buy into the digital world. She shared the example of Nike storefronts and how the real world shops can be brought into the Metaverse.
Using your avatar, you could walk around digital retail stores or even entire malls as you shop. You can pick up items, try them on your avatar, and get details about products the same as browsing a brand’s website. However, it would be a much more immersive and interactive experience like shopping in real life, but all from the convenience of your computer. Once you find something you like, you buy it and it’s shipped to your residence like any other online purchase.
Similar to the real world, business owners who want to open stores in the Metaverse will have to find a location for their digital shops. The Metaverse contains parcels, or blocks of digital land, that have skyrocketed in value in recent years. Stocker told host Jay Cutler that when she started out working in Decentraland, a single parcel cost around $400. Today, a single parcel in Decentraland costs a minimum of $35,000. As of now, Decentraland only has 90,000 parcels available. At the current rates per parcel, the digital world’s total available land is worth more than $3 billion.
For now though, the Metaverse is still in its infancy and is a work in progress. As Stocker shares on the show, there’s only around 1,000 users in Decentraland right now. Also, the graphics in the Metaverse aren’t exactly life-like quite yet. Think PlayStation 1 graphics, but they hope to be at current PlayStation 5 graphics in the future. Over time, similar to video game advancements, the digital world will become more and more realistic and therefore more attractive to experience for the common user.
The Metaverse Could Help Keep Us Stay Connected
As Jessica Stocker and Jay Cutler continued their Metaverse discussion, she opened up about possible benefits of the digital world. In fact, the Metaverse queen thinks that the Covid-19 pandemic proved how useful it could be for staying in touch with friends and family. Since we were all separated in the real world, gathering in a digital space could’ve helped us stay connected and not feel so isolated.
Concerts, sporting events, festivals, movie theaters, and all forms of shared entertainment came to a screeching halt in 2020. But what if we could meet up with our loved ones in a digital space and take in a virtual version of those events together? The Metaverse is the next step past just FaceTiming your friends or family. Instead, your avatars could interact with each other and the virtual environment you take in. It may not be real life, but it would be the next best thing.
Even past the pandemic, when separated by long distances, users can get together in an immersive world and stay connected. Stocker used the example of a relative who lived far away or who might be sick and you can’t visit. But it could go far beyond just spending time together. You could go to a concert together, play a game of chess, visit museums, and countless other activities. In such a new world, the possibilities almost seem endless.
Stocker Shares Educational Benefits To a Digital World
In addition, Stocker shared that Metaverse users could benefit from an educational standpoint as well. Educators could create schools that provide access to those who may not have the means in their region. Whether in underfunded areas of America or in other countries, the Metaverse could provide an immersive educational experience.
“It’s giving access to people that wouldn’t normally have access,” Stocker said to Jay Cutler. “I think we’re very privileged sometimes. And we forget that there’s not always people that have access to go to concerts. Or there’s people that don’t always have access to go to schools that they’ve always wanted to go to. Maybe we can replicate that in a 3D world and that can be not reality, that can’t be a physical reality for them, but that can be the next best option.”
The Metaverse is still relatively new and its full capabilities are untapped so far. The digital world’s growth in recent years along with other digital entities, like NFTs, highlight where technology is headed. As technology continues to evolve, it also shapes the world as we know it. The Metaverse may just change the way we live in the near future.
To hear further details about the Metaverse and where it’s heading, make sure to watch the entire interview above. You can also tune into Uncut with Jay Cutler on Spotify, Apple, or wherever you listen to your favorite podcasts.