A Higher Purpose: The Metaverse as a Force for Good
Much has been written recently about the potential of the metaverse. A place where through virtual reality (VR) headsets, desktops or smartphones, we can navigate new worlds from the comfort of our homes or offices.
Companies are understandably eyeing its commercial potential. According to McKinsey & Company,[1] two thirds of consumers are excited to transition everyday activities to the metaverse, especially when it comes to connecting with people. Already, 60% of consumers prefer at least one activity in the virtual world[2] —with 79% of these people having already made a purchase in the metaverse.[3] Gartner further predicts that by 2026, one quarter of the world’s population will spend at least one hour each day in the metaverse.[4]
That’s why the likes of JP Morgan,[5] Nike,[6] Coca Cola[7] and Meta[8] are betting big on virtual worlds. In the first five months of 2022, more than $120 billion was invested in building out metaverse technology and infrastructure[9] —more than double the $57 billion invested in the entire year prior.[10]
A Realm of Change
Beyond the marketing dollars, there is also rich potential to fulfil a higher purpose by creating a force for good. This is the vision of Translucia, a new metaverse platform being created by T&B Media Global.
“The DNA of our company has always been to build businesses for good,” enthuses the company’s founder and CEO, Dr. Jwanwat Ahriyavraromp. Each year, T&B Media Global donates a percentage of its revenue to local charities, to ensure that those in need don’t suffer. “We see Translucia as a global vehicle that magnifies our support from regional causes to global causes: and a platform where people can join to help realize change, or see the benefits of it.”
The company’s new realm for good is one of more than 160 metaverses currently being built.[11] It is a feat whose sheer potential excites Ahriyavraromp. “Translucia is being built from the ground up as an infinite universe of interconnected metaverses—creating a platform with the capability to network to others. We see it becoming the perfect extension of what the internet is to us today.”
Information Access
As of now, the potential for the metaverse to create a more equitable and sustainable world remains largely overlooked. Yet in fact, it has the potential to excel in many areas.
One such area is enabling users to access opportunities and resources that are typically limited due to geographical restrictions. VR technologies can create virtual schools and classrooms, providing a sense of community for remote learners. And three-dimensional interactive displays can help bring to life complex ideas and perspectives, irrespective of language.
Other potential areas are recreation, entertainment and socialization. “Virtual spaces can be aided by artificial intelligence to break down cultural barriers,” explains Ahriyavraromp. “They allow people from all corners of the world to interact meaningfully, forge new friendships, and acquire greater cross-cultural understanding.”
Equity and Inclusivity
A further benefit is job creation. Given that we have already welcomed in the "work from anywhere" world, the metaverse can further deepen the remote working experience, through richer immersive virtual encounters.
Blockchain, one of the foundational technologies that the metaverse is built on, can play a part in the job application process. The technology allows for persistent ownership of assets in the digital space, and can be applied to personal accreditation, such as a diploma or degree, which can be digitally displayed and verified by its issuer. This ensures inherent value over traditional resumes or CVs—and potentially opens up a world of new employment openings for users, regardless of where they are based.
The metaverse is widely tipped to give rise to new industries and business models, which would otherwise not exist. It will also allow businesses to make and receive faster and safer low-cost payments through blockchain-powered digital currencies.
This potential could spur greater financial inclusion for both the unbanked and underbanked. “Translucia will be anchored by the Lightlink platform, a new digital currency ecosystem built upon the Ethereum Level 2 scaling solution,” explains Ahriyavraromp. “This allows for more flexibility in deployment. It is lightning fast. And most importantly, it has much lower fees, which should encourage mainstream adoption.”
Environmental Stewardship
Whether deployed for planning, education or preservation, the metaverse holds a multitude of capabilities that could benefit the environment. Many companies are already developing blockchain as the platform to buy and sell carbon credits that are independent of major exchanges. This will also enable SMEs to participate in this endeavor.
Similarly, digital twins or digital collectibles of endangered species, could be minted for their conservation as NFTs to collect and trade, creating much-needed revenue for conversation efforts, in a sustainable way that doesn’t solely rely on donations.
“Virtual ecommerce, whereby people shop for products and interact in 3D may reduce the need to build so many retail outlets,” adds Ahriyavraromp. “This can cut commuter, shopper and employee vehicle emissions, as well as saving on the energy and resources required to run a physical store.”
A Bright Future Awaits
Given such rich promise, a bright future awaits Translucia, especially over the longer term. Critically within the next decade, the market for wearables should grow tenfold.[12] This will allow for a more affordable, seamless and enhanced integration of the real and virtual worlds—and spur universal usage.
In addition, a large majority of the world will possess blockchain wallets where adoption by the underbanked could be higher than in traditional financial services. And increasingly, non-profits will use the metaverse to provide opportunities and services to those that can benefit from its capabilities.
“The metaverse isn’t a surrogate to the real world,” underlines Ahriyavraromp. “Rather, it’s a complement to it, by providing value and experiences that would otherwise be inaccessible.”
