Ready For Digital Innovation And The Metaverse?

So many aspects of our lives have changed the past 2 years that I now think of life as pre-Covid and since Covid. Though the outbreak is somewhat under control, the pace of change is forever altered, coming fast and furious, far-reaching and touching all aspects of our lives. 

Change

Visiting my parents in Singapore after being away for a year-and-a-half, I see these changes more starkly than in Europe. Asia is a region characterised by speed where a younger demography embraces change and all things new. Asian countries are also less burdened by legacy systems, thus hastening the adoption of new technologies. 

The biggest change is no doubt on the technology front, a major megatrend driving the way we will live. For example, many restaurants now require customers to scan a QR code for the menu instead of handing out printed ones.

Digital payment is the other aspect that has seen significant uptake. Contactless payment the likes of mobile wallets, direct bank transfers, QR codes and credit/debit cards are increasingly prevalent. Some new establishments even reject cash outright, accepting only e-payment. According to FIS Global, cash will constitute only a little over a tenth of all payments by 2024. Cash is surely and not-so-slowly being dethroned as king. 

While this development has many advantages – less cumbersome, more convenient, better security – older folks who are less tech savvy will find it difficult to adapt beyond debit/credit cards, like my parents. My dad, being a little more tech-savvy, is learning to make mobile payments with QR codes, mobile wallet but my mum can only handle cash and debit cards. My dad likes to joke that he is the only man whose wife is not able to handle credit cards 🙂

According to The Asian Banker, mobile wallets have already overtaken cash transactions and is on track to become the most popular payment mode worldwide by 2024. I am concerned that my parents may become marginalised if they do not adapt, especially as Singapore leads ASEAN in the growth of mobile wallets. 

Telehealth

I witnessed telehealth first hand when my mum had an online consultation with a doctor when she contracted Covid recently. While convenient, it requires stable internet connection, a smart phone and some level of tech literacy in order to activate the session, luckily for which I was around to help her. 

Those who are less technologically inclined or who have yet to embrace internet will not be able to enjoy the convenience of telehealth, perhaps the segment that needs it most. Like my husband’s 95-year-old godfather who has neither an internet subscription or a smartphone. Because of this, he lives increasingly in isolation despite still mentally sharp. His only interaction with the outside world is through the house phone with a few remaining friends, his cleaner and a home nurse, both of whom come once a week. Visits are limited to church elders, a couple of his ex-students (he was a University professor before) and us, as he has no family left.

Digital Readiness

These instances highlight the need to stay abreast with new knowledge in order not to be sidelined in a modern society.  The speed of technological advancement and its increasing pervasiveness in our lives make it almost mandatory to follow relevant developments and adopt new ways of doing things. Continuous learning is no longer a cliche but a survival skill. 

And this learning will become more intensified as innovation and technology become more complex, sophisticated and harder to grasp. While Baby Boomer and generations preceding them struggle with social media and going online, Generation X onwards have to grabble with new innovation like artificial intelligence, blockchain and non-fungible tokens (NFTs) – rather mind-blowing concepts. 

And some of these new technologies are combining to bring about a heightened phenomenon, like the Metaverse, touted as the most exciting development since the invention of internet.  It is in the spirit of continuous learning that I start to read up all I can lay my hands (and eyes) on.

The Metaverse

The Metaverse is the next phase of internet that will revoluntionalise society and the way we live. It has so much potential that Facebook rebranded itself to Meta in Oct 2021. It is envisaged as a place where people will increasingly spend more time and money.

This is why tech giants like Amazon, Apple, Meta, Microsoft, Tencent are investing billions to set up a presence in it. Given that these tech giants already dictate our lives now, it makes sense to sit up and pay serious attention. So what is all this hype about? 

The name ‘Metaverse’ means the ‘next’ or ‘beyond’ universe. For those curious enough, the movie ‘Ready Player One’ gives a pretty good representation of what the Metaverse offers. 

It is a digital platform where multiple technologies such as Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR) and Extended Reality (XR) amalgamate seamlessly, supported by token-based transactions, to create a personalised parallel reality that is real-time and hyper interactive. 

Evolving from the gaming world, the Metaverse presents participants (for want of a better word) to climb into the internet that we now access through a monitor screen or smart device, for a 3D experience and to interact with other participants, and in real time. It is a virtual world where we can hangout through an avatar or a VR headset, discover and explore digital experiences such as travel, create a digital life, interact with existing and new friends, shop, learn and entertain ourselves. 

Life In The Metaverse

Imagine what our digital life could be like in the Metaverse:

• Have a round of tennis with friends half way around the world 
• Plan a family vacation together in Disneyland, complete with meeting famous characters and taking gravity-defying roller coaster rides 
• Shop at Nikeland to dress up our avatar
• Immersive learning by jetting into space to see Earth and visit the moon 
• Learn a new language and practice with class participants in other countries
• Own a digital storefront and run a business, fulfilling a lifetime entrepreneurial ambition

In other words, we will have a digital identity parallel to the physical world where the digital realm offers more possibilities, less limitation. We will be more bold, have bigger ambitions since space, distance and physical constraint are removed, with complete sensory enjoyment. Physical and digital worlds will collide as transactions in the latter are supported by blockchain enabled digital tokens bought with fiat currency, where ownership is validated (or certified) by NFTs. Now you see how the amalgamation morphs?

There is currently no 1 single Metaverse like a planet Earth. Instead there are several Metaverse spaces, each offering its own experiences like Fortnite (concerts), Sandbox, Roblox, Decentraland (digital art gallery), Horizon to name a few. 

Stay Curious, Stay Relevant

From QR menu scan, digital payment, telehealth to the nascent Metaverse, the future is indeed exciting if we choose to ride on its crest. Ticking off the bucket list to visit the Grand Canyon in one’s 70’s or 80’s will be digitally possible since physical condition is no longer relevant in the digital realm. Life as we know it will be filled with so much more possibilities and mind-boggling experiences that feel so real.

To learn and experiment is the way to flourish now and in the (not too distant) future. This trait is especially crucial in retirement as physical impediment and distance are transcended. Embracing relevant technology enables one to stay engaged, remain as part of society, stave off loneliness, social isolation and possibly onset of dementia. Staying in-the-know and constant adaptation reduce the chance of being ‘obsolete’. For LIFE is all about:

L – Learn

I – Implement

F– Follow through

E – Evolve 

 

Viva la Vida!

Savvy Maverick

(Main image: Greg Rakozy, Unsplash)

Disclaimer: The views expressed here are drawn from my own experiences and do not constitute financial advice in any way. Nothing published here constitutes an investment recommendation, nor should any data or content be relied upon for any investment activities. It is strongly recommended that independent and thorough research is undertaken before making any financial decisions, including consulting a qualified professional.