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Speaker 1: Welcome to tex Stuff, a production from I Heart Radio.

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Speaker 1: Hey there, and welcome to tech Stuff. I'm your host,

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Speaker 1: John Than Strickland. I'm an executive producer with I Heart

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Speaker 1: Radio and how the tech are you today? We're going

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Speaker 1: to talk about the future, and I've got jokes about that,

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Speaker 1: because the future is where you and I will spend

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Speaker 1: the rest of our lives. For those plan nine from

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Speaker 1: other space fans out there that shout out as to you,

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Speaker 1: this episode is sponsored by Nissan. Nissan asked me if

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Speaker 1: I could talk about the future, and it was really

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Speaker 1: exciting to get that opportunity and I'm happy to seize

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Speaker 1: it now. I've talked a lot in recent episodes about

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Speaker 1: stuff like the metaverse, uh, the concept of web three

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Speaker 1: some people call it web three point oh, and the

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Speaker 1: controversial subject of n f T S. And I've been

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Speaker 1: pretty critical of how things are going so far. But

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Speaker 1: I thought this is a good opportunity for me to

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Speaker 1: take a step back, try and take a more objective look,

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Speaker 1: talk about what the premise is behind all of these

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Speaker 1: semi related topics, and to get an idea of what

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Speaker 1: could be. Because again we're going to talk about the future,

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Speaker 1: We're also going to talk about how things are going

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Speaker 1: right now and give some unfortunate examples of fumbling the bag,

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Speaker 1: because that has happened. It tends to happen whenever there's

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Speaker 1: a massive transition in tech. So this is not me saying, hey,

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Speaker 1: remember all that stuff I said that was critical of

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Speaker 1: these technologies, forget it. This is saying, all right, there

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Speaker 1: are problems right now, but what could we expect assuming

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Speaker 1: we work out all the problems, what could be the

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Speaker 1: future now? In order to do that, we're gonna have

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Speaker 1: to talk about a lot of different cons ups. One

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Speaker 1: of those a big important one is the blockchain, which

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Speaker 1: of course was made famous by cryptocurrency. One of the

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Speaker 1: earliest descriptions of blockchain came out of a white paper

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Speaker 1: written by someone who was going by the name of

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Speaker 1: Satoshi Nakamoto. So this was the same white paper that

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Speaker 1: first introduced the concept of bitcoin. So what is a

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Speaker 1: block chain? Well, as simply as I can put it,

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Speaker 1: it is a shared ledger that is made up of

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Speaker 1: blocks of transactions or other data. Transactions don't have to

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Speaker 1: be you know, I spent as much money to buy

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Speaker 1: that thing. Transactions can be I sent a message to

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Speaker 1: this other person but they are blocks of transactions that

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Speaker 1: are arranged in a chain, with the earliest transactions at

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Speaker 1: the far end or beginning of the chain, and the

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Speaker 1: most recent transactions being in a block that's at the

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Speaker 1: end of the chain. Each block along that chain depends

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Speaker 1: in part upon the values of the blocks that came

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Speaker 1: before it. This is really important because it means you

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Speaker 1: cannot make a change to an earlier block in the

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Speaker 1: chain without affecting all the blocks that come after it.

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Speaker 1: So I'll use an example. Let's say that I was

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Speaker 1: one of the first folks in on bitcoin. I wasn't,

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Speaker 1: or else i'd be a bazillionaire. But let's say that

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Speaker 1: I was, and I get some bitcoin one way or another.

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Speaker 1: We don't really have to go into cryptocurrency mining or

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Speaker 1: crypto exchanges in this episode. And I use that bitcoin

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Speaker 1: to buy something like a pizza. And at the time,

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Speaker 1: because bitcoin are worth practically nothing, it takes thousands of

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Speaker 1: bitcoin for me to buy this pizza. And I'm so

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Speaker 1: early in the bitcoin days that this transaction takes place,

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Speaker 1: and say just the third block on the chain, which

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Speaker 1: means within thirty minutes of bitcoin hitting the scene, I

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Speaker 1: have been part of it. Now flash forward a few years.

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Speaker 1: All right, it's several years since my eventful pizza purchase

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Speaker 1: with bitcoin, and I'm reflecting on how I spent I

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Speaker 1: don't know, like fifty thousand bitcoin to buy a pizza,

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Speaker 1: but now a single bitcoin is worth thousands of dollars.

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Speaker 1: Back then, it was worth a fraction of a penny.

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Speaker 1: So I'm sitting there thinking, Hey, if I had just

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Speaker 1: held onto those bitcoin that I owned, I'd be so

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Speaker 1: dang wealthy. Now i'd be I'd be crazy rich. So

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Speaker 1: maybe I want to be all sneaky and I want

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Speaker 1: to go back and delete my pizza transaction that I

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Speaker 1: did so many years ago so that I can repossess

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Speaker 1: the money that I had spent. Well, that would mean

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Speaker 1: I'd have to go into this public ledger and change

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Speaker 1: block number three in the chain. And now there are

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Speaker 1: hundreds and hundreds and hundreds of blocks that are after

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Speaker 1: number three. So the big problem, of course, is that

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Speaker 1: block number four and every block after it depends in

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Speaker 1: part on the value represented by block number three. So

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Speaker 1: if I make a change in block three, it affects

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Speaker 1: the whole chain after that. And because the chain is

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Speaker 1: a ledger and this ledger is shared with everyone in

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Speaker 1: the system. Everybody can see that the ledger has been changed,

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Speaker 1: that someone has tried to alter it, so the system

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Speaker 1: can then be corrected and my nefarious crypto heist will

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Speaker 1: be thwarted. So one thing that makes block chains useful

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Speaker 1: is that they represent a trustworthy chain of custody. If

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Speaker 1: the data in a system is in the form of

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Speaker 1: a block chain, it is effectively immutable, unchangeable. This could

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Speaker 1: be useful for all sorts of transactions. Imagine real estate

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Speaker 1: deeds that are stored on a block chain. It would

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Speaker 1: be clear who owned the rights to any particular estate.

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Speaker 1: If the deed were to change hands, it would be

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Speaker 1: reflected in this ledger. You could avoid situations where you

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Speaker 1: have multiple parties all claiming ownership of the same thing.

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Speaker 1: Because the record of transactions would be viewable and unchangeable,

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Speaker 1: you would know for sure who has ownership of it.

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Speaker 1: Of course, there's still other things you have to worry about,

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Speaker 1: like people tricking each other into giving up access to

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Speaker 1: their digital wallets that's where digital assets live, like cryptocurrency,

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Speaker 1: for example. So while the blockchain itself is secure, that

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Speaker 1: doesn't mean the system as a whole is secure. You've

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Speaker 1: still got weak points that batties can target. This is

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Speaker 1: why we hear about stuff like hackers stealing bitcoins and

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Speaker 1: n f t s and stuff like that, because the

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Speaker 1: hackers typically target either individual users or they target cryptocurrency exchanges,

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Speaker 1: but the chain itself remains steady. Okay, now I just

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Speaker 1: mentioned n f t s, so let's really get into

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Speaker 1: that because the way people have behaved around n f

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Speaker 1: t s people and companies has given n f t

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Speaker 1: S really bad name, So we're gonna talk about that too.

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Speaker 1: N f T stands for non fungible token. Fungible means

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Speaker 1: something that is interchangeable, Like if you have one of them,

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Speaker 1: you can interchange it with any other one of those

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Speaker 1: things and you walk away with the same value. Uh.

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Speaker 1: Here's a here's a simple example. Let's say that I

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Speaker 1: buy a toy, but the toy doesn't work out of

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Speaker 1: the box, so I take the malfunctioning toy back to

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Speaker 1: where I bought it and exchange it for a new

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Speaker 1: working one. The two toys are essentially identical, ignoring that

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Speaker 1: one works in one doesn't, and so from the store's

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Speaker 1: point of view, they're interchangeable as long as I have

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Speaker 1: proof that I bought it from there, I can switch

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Speaker 1: it out. This is getting close to fungible. It's not

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Speaker 1: quite because you couldn't just exchange your broken toy for

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Speaker 1: a working toy with anybody, because they'd say, no, it's

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Speaker 1: not the same thing. You just doesn't work. So it's

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Speaker 1: not truly fungible. Uh. However, a dollar is fungible. So

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Speaker 1: let's say that I've got a five dollar bill. I

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Speaker 1: can swap my dingy, tattered five dollar bill at a

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Speaker 1: bank for a crisp, new five dollar bill. In fact,

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Speaker 1: banks do this all the time, where they will take

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Speaker 1: cruddy money out of circulation. It's a way of getting

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Speaker 1: rid of dollars that are falling apart. So I bring

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Speaker 1: my ratty five dollar bill into the bank and I

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Speaker 1: exchange it for a nice, crisp five dollar bill. Even

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Speaker 1: though my five dollars is ratty and the other ones crisp. There,

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Speaker 1: they both represent the same value that are interchangeable. They

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Speaker 1: are fungible. I can also switch that five dollar bill

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Speaker 1: for five one dollar bills and that would be the

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Speaker 1: same thing. It remains fungible across all these variations. Now,

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Speaker 1: let's say that I have a classic rare baseball card,

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Speaker 1: and my baseball card a bit beat up. It's you know,

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Speaker 1: it's in good condition, but it's not perfect. Well, I

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Speaker 1: can't just take my good condition, rare baseball card and

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Speaker 1: go exchange it for the same baseball card that's in

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Speaker 1: mint condition, because the actual condition of the cards affects

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Speaker 1: their value. The baseball cards are non fungible. They are

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Speaker 1: not interchangeable. Non fungible tokens are also not interchangeable. Uh,

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Speaker 1: they represent something unique, or really, I should say they

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Speaker 1: represent a unique instance of something. Essentially, an n f

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Speaker 1: T is a digital token that represents some other digital information. Now,

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Speaker 1: a lot of n f t s that we've been

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Speaker 1: hearing about involves stuff like digital art, where people are

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Speaker 1: sometimes spending tens of thousands of dollars to acquire a

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Speaker 1: digital token representing some form of image or maybe it's

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Speaker 1: a tweet or what ever, and the token represents ownership.

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Speaker 1: But what about beyond that? What does it mean beyond that?

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Speaker 1: Because I've often said n f t s are kind

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Speaker 1: of like a digital receipt, that it's not the thing itself,

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Speaker 1: it's the receipt showing you own the thing. So on

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Speaker 1: its own, a digital token just means you own that

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Speaker 1: instance of that digital asset. Nothing stops someone from minting

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Speaker 1: multiple digital tokens for the same asset. They can do that,

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Speaker 1: but this is kind of like someone creating a limited

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Speaker 1: edition item. If you've ever shopped around for limited edition stuff,

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Speaker 1: you know a lot of them are numbered, right, You'll

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Speaker 1: have a lot of limited edition items and each one

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Speaker 1: will be individually numbered. So you might see that you

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Speaker 1: have like number four hundred twenty eight out of a

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Speaker 1: run of one thousand of whatever it is. Well, you

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Speaker 1: happen to know that there are nine other instances of

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Speaker 1: the same thing that you own, and each of those

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Speaker 1: has a number from on to one thousand, excluding number

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Speaker 1: because that's the one you own. And n f T

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Speaker 1: s can be the same way. Owning an n f

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Speaker 1: T doesn't mean you are the sole owner of a

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Speaker 1: piece of digital art. You are the sole owner of

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Speaker 1: one instance of that digital art. And it gets a

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Speaker 1: bit mind bindy right now. You can buy and sell

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Speaker 1: n f T s and the transactions are on top

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Speaker 1: of a block chain, So again, by referencing a blockchain,

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Speaker 1: you can see when and how often an n f

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Speaker 1: T changes hands. This also prevents someone from trying to

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Speaker 1: sell the same n f T multiple times. N f

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Speaker 1: T s also confused people a lot. There was a

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Speaker 1: lot of uncertainty about what an n f T actually

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Speaker 1: allows you to do with the thing you purchased. I mean, sure,

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Speaker 1: there's a record on a ledger that shows you are

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Speaker 1: the person who owns that digital token, which in turn

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Speaker 1: represents some digital asset. But what good does that do?

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Speaker 1: What does that give you the right to do? Does

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Speaker 1: that mean you have the right to start putting up

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Speaker 1: like T shirts featuring the artwork you bought? Right, maybe

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Speaker 1: you bought n f T representing a piece of digital art,

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Speaker 1: does that mean now you can merchandise that art? Or

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Speaker 1: if you purchased an n f T representing digital audio,

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Speaker 1: does that mean you can charge licensing fees for people

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Speaker 1: playing that audio? Now? The answer to those questions is

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Speaker 1: not necessarily, and typically they fall into probably not. There

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Speaker 1: are ways to include licensing rights and other i P

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Speaker 1: rights in an n f T transaction, so that is possible,

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Speaker 1: but it's not mandatory, it is not standard. A basic

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Speaker 1: n f T transaction just represents a simple purchase of

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Speaker 1: an instance, if I went out to a bookstore and

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Speaker 1: I bought a copy of the book The Hobbit. That

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Speaker 1: doesn't mean that I now own the publishing rights and

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Speaker 1: other i P rights to the Hobbit. Right, I can't

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Speaker 1: sell Hobbit merchandise. I can't print copies of the Hobbit myself.

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Speaker 1: I just own a copy of The Hobbit. And a

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Speaker 1: basic n f T is like that. It's just a

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Speaker 1: record of a transaction. But it is possible to include

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Speaker 1: stuff like merchandizing rights in an n f T, and

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Speaker 1: some n f T artists do this. They sell their

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Speaker 1: n f t s and they include the rights so

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Speaker 1: that whomever buys that n f T will actually have

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Speaker 1: the right to produce merchandise featuring that art if they

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Speaker 1: so choose. Also, because n f t s exist on

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Speaker 1: a blockchain, it is possible to build into n f

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Speaker 1: T s a feature in which the person who originally

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Speaker 1: minted that n f T in the first place will

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Speaker 1: get a cut every single time that n f T

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Speaker 1: is sold to someone else. So the artist creates an

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Speaker 1: n f T to represent a digital piece of art.

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Speaker 1: They sell that n f T to Person number one,

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Speaker 1: and they collect money from that transaction. Person one sells

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Speaker 1: that n f T to person too, well, some money

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Speaker 1: from that transaction still goes back to the creator, and

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Speaker 1: if I minted an n f T representing this very

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Speaker 1: episode and then sold that n f T to someone,

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Speaker 1: I could potentially get a cut of every subsequent deal

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Speaker 1: in which the n f T changed hands from that

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Speaker 1: point on out. If I so designed my n f

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Speaker 1: T minting process that way, that's actually pretty cool because

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Speaker 1: it represents a way for digital creators to receive long

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Speaker 1: tail compensation for their work. Now, early on, n f

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Speaker 1: T has got a really bad rap, and justifiably so,

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Speaker 1: because there was just so much speculation around them. People

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Speaker 1: were treating n f t s like they were commodities

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Speaker 1: or stocks. Uh, there was no real concept of actual value.

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Speaker 1: The speculation just inflated everything. The hype was driving prices

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Speaker 1: way up, which was really confounding some people and then

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Speaker 1: exciting others, and it soured a lot of folks on

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Speaker 1: the concept right away. Now we're going to take a break,

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Speaker 1: but when we come back, I'll talk a little bit

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Speaker 1: more about some of the issues with n f t

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Speaker 1: s and then some of the ways that n f

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Speaker 1: T s could be used in ways that I view

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Speaker 1: as positive. But first, let's take a quick break Okay,

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Speaker 1: so before the break I talked about how hype and

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Speaker 1: speculation really gave n f T s a black eye.

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Speaker 1: But on top of that, you also had n f

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Speaker 1: T scams to deal with. People were minting n f

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Speaker 1: T s for properties they didn't actually own, which is

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Speaker 1: fraud right, Like if you don't own something and you

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Speaker 1: sell it, you're you're being fraudulent. Uh. This is essentially

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Speaker 1: the high tech equivalent of walking up to a tourist

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Speaker 1: in New York and trying to sell them the Brooklyn Bridge.

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Speaker 1: It's the same sort of thing. Uh. In other cases

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Speaker 1: you had people selling valid n f T s, but

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Speaker 1: they were using other methods to artificially pump up enthusiasm

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Speaker 1: around on those n f t s, and a classic

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Speaker 1: pump and dump scheme. That's just when you weren't to

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Speaker 1: inflate the value of something that you possess. Then you

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Speaker 1: sell that stuff off when it's at the highest price

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Speaker 1: you think it can get, and you get the heck

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Speaker 1: out of dodge while the price comes back down to

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Speaker 1: reality once people realize that the the perceived value of

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Speaker 1: that thing is much higher than its actual value value.

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Speaker 1: By the way, it gets super tricky to talk about

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Speaker 1: because really, when it boils down to it, value is

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Speaker 1: whatever people are willing to pay for something. Right If

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Speaker 1: they're not willing to pay for something, then the you

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Speaker 1: would argue that someone is trying to price something above

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Speaker 1: its value. But it's very fuzzy. It's not like it's

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Speaker 1: a hard and fast number that you can point to. Now,

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Speaker 1: on top of all that, you had a lot of

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Speaker 1: big companies that were really getting into n f t

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Speaker 1: s very quickly, sometimes without really considering why they were

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Speaker 1: doing it. Yawned it being no more than say, a

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Speaker 1: cynical cash grab. That that's tricky, right like, And in

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Speaker 1: some cases it probably wasn't a cynical cash grab, but

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Speaker 1: that's how it came across, and people reacted very poorly

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Speaker 1: to that. Even in cases where n f t s

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Speaker 1: could arguably make sense, such as for in game assets

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Speaker 1: for video games, there's been a huge backlash When you

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Speaker 1: hear about games that are considering using n f t

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Speaker 1: s for in game purchases. You're a lot of gamers

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Speaker 1: getting upset about that, and I think part of that

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Speaker 1: is because of how n f t s have performed

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Speaker 1: up to this point. But I also don't think it's

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Speaker 1: necessarily a bad thing, depending on how it's handled. That's

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Speaker 1: what is key, because it's absolutely and how it's handled.

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Speaker 1: So let's talk about a way of using n f

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Speaker 1: T s in a video game that could potentially work. Now,

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Speaker 1: a lot of video games out there offer up DLC,

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Speaker 1: or downloadable content, and this is content that is supplementary

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Speaker 1: to whatever the main core of the game is, and

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Speaker 1: players have varying opinions about DLC. I think generally speaking,

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Speaker 1: most folks think that an expansion to an original game

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Speaker 1: can be absolutely fine unless they find out that that

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Speaker 1: expansion was always in the game and the DLC was

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Speaker 1: just to unlock what was already there. That tends to

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Speaker 1: take gamers off because what that tells gamers is, oh,

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Speaker 1: you always had this content. What you did was you

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Speaker 1: sold me an incomplete game, and I have to pay

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Speaker 1: in order to get the complete game. That's kind of

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Speaker 1: how the perspective goes from the gamer's side. If in fact,

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Speaker 1: the DLC was always part of the core game and

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Speaker 1: you had to pay to unlock it. Now, if the

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Speaker 1: DLC isn't more gameplay content, let's say it's just cosmetic features,

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Speaker 1: such as a new character skin for the character you

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Speaker 1: play in the game. I think most gamers are actually

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Speaker 1: okay with that, because if they want the cosmetics stuff,

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Speaker 1: they can purchase a skin that they like for their

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Speaker 1: character or for their in game items or for whatever.

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Speaker 1: And if they don't want it, they just don't buy

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Speaker 1: the stuff and they continue to play the game. And

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Speaker 1: then you have DLC that includes in game features that

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Speaker 1: change how the game plays to some extent. This has

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Speaker 1: a much more shaky reputation among gamers because it can

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Speaker 1: lead to players spending money in order to get an

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Speaker 1: in game advantage, and gamers will often call this pay

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Speaker 1: to win, and generally speaking, it's looked down upon. If

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Speaker 1: your DLC includes stuff like special weapons that you cannot

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Speaker 1: get in any other way in the game, and those

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Speaker 1: weapons give you an incredible advantage, that is frowned upon

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Speaker 1: in the gamer community generally speaking. But all right, let's

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Speaker 1: say that you are a video game publisher and you've

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Speaker 1: created a franchise of games, and there's a long history

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Speaker 1: of these and they're all kind of connected together, at

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Speaker 1: least thematically, and let's say you start offering cosmetic DLC

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Speaker 1: in the form of n f t s for the

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Speaker 1: latest title in your franchise. Now, if a player buys

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Speaker 1: that cosmetic upgrade, they get an n f T, a

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Speaker 1: digital token representing their purchase. And this means that maybe

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Speaker 1: in future games that you create in the series, that

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Speaker 1: same player will still have access to that cosmetic upgrade

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Speaker 1: only within the new game because they have the n

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Speaker 1: f T that shows that they've purchased it. It's they

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Speaker 1: don't have to buy it again, They've already got it

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Speaker 1: and it can be applied to the new game. There's

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Speaker 1: there's nothing, by the way set in stone that says

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Speaker 1: this would ever be the way this would work, but

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Speaker 1: it's one potential way it could work. And also they

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Speaker 1: could potentially even sell their n f T to someone

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Speaker 1: else and sell the cosmetic asset to some other player.

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Speaker 1: Let's say that it's a game franchise where they created

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Speaker 1: a cool cosmetic three games back, but now they don't

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Speaker 1: sell that cosmetic anymore. They don't they don't really that

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Speaker 1: that game that's three games old isn't really heavily supported

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Speaker 1: by the publisher. You still have access to that cosmetic

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Speaker 1: skin because you purchased it three games ago as an

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Speaker 1: n f T, and it's supported in the most recent

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Speaker 1: version of the game, but you can't buy that new

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Speaker 1: cosmetic skin from the publisher. Well, because you have an

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Speaker 1: n f T, you might be able to sell that

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Speaker 1: n f T on a on a market in the

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Speaker 1: game or even outside the game, to someone else who

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Speaker 1: really wants that cosmetic Maybe you make money off of it.

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Speaker 1: That's a possibility and one that I don't think is

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Speaker 1: necessarily bad. It could work, but it would have to

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Speaker 1: be done well, and unfortunately, in the early days of

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Speaker 1: n f T S things weren't done very well, and

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Speaker 1: they have cast a pretty dark shadow on the concept

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Speaker 1: in general. But let me present another possible use of

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Speaker 1: n f T S. This is one that could potentially

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Speaker 1: be transformational. Let's say that you are a developer, you're

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Speaker 1: a programmer, and you write some really cool code, and

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Speaker 1: that code is useful. It could be adapted for lots

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Speaker 1: of stuff, and traditionally it's pretty darn hard to ascribe

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Speaker 1: credit two lines of code, particularly for projects in which

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Speaker 1: you have a lot of different people programming code for

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Speaker 1: that project. But if you could mint an n f

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Speaker 1: T representing the code you created, now you have credit

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Speaker 1: for that code. Of course, for that to work, you

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Speaker 1: would also need a system in place to verify that

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Speaker 1: the person minting the n f T actually has ownership

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Speaker 1: of the code itself, and it might not be the programmer.

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Speaker 1: In fact, for really big projects, I imagine that this

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Speaker 1: would be kind of the company behind that project. That

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Speaker 1: would meant the n f T not the programmer themselves,

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Speaker 1: unless we saw a massive change. But it still could

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Speaker 1: be a big benefit in the programm or community if

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Speaker 1: it were deployed properly. There are a lot of qualifiers

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Speaker 1: for this. So my point is n f t s

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Speaker 1: aren't inherently bad, but the way that companies and people

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Speaker 1: have been treating them hasn't really been that great, and

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Speaker 1: so they have a bad reputation understandably so, I mean,

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Speaker 1: I have been one of the people critical of the

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Speaker 1: way n f t s have been handled so far,

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Speaker 1: But I think n f t s will eventually settle

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Speaker 1: down at some point and potentially become really useful. It's

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Speaker 1: just gonna take some time, and this often happens in tech.

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Speaker 1: We see it happen in tech all the time. In fact,

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Speaker 1: back in the nineties, we saw it happened with the

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Speaker 1: dot com bubble, right we saw all these companies spring up,

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Speaker 1: these web based companies. We saw crazy speculation which ultimately

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Speaker 1: drove unsustainable business practices, and then the whole thing came

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Speaker 1: crashing down when the bubble burst. But after the crash

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Speaker 1: it was an instant but after the crash there was

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Speaker 1: recovery and slowly we established the web that we know today.

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Speaker 1: I think n f T S could potentially be on

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Speaker 1: a similar path as long as folks layoff the speculation,

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Speaker 1: the crass cash grabs, and people are more alert to

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Speaker 1: things like n f T scams. So not a ringing

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Speaker 1: endorsement for n f T S, I understand, But I'm

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Speaker 1: saying like the technology makes sense if it's properly used.

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Speaker 1: We just haven't seen very many cases of that as

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Speaker 1: of yet. All right, now, let's switch gears from n

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Speaker 1: f T S and talk about Web three. So the

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Speaker 1: concept of Web three is one that sounds interesting and

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Speaker 1: appealing on the surface. Uh. It's about a decentralized version

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Speaker 1: of the web built on top of the blockchain. Data

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Speaker 1: exchanges will be transactions which themselves will be part of

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Speaker 1: a public ledger. It will allow for direct communication without

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Speaker 1: the use of an intermediary, so you can communicate with

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Speaker 1: your friends without going through a platform like Facebook, or

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Speaker 1: you can send someone money directly without it passing through

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Speaker 1: a payment services app, that kind of thing. The argument

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Speaker 1: here is that Web two point oh, which used to

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Speaker 1: be defined as UH websites that had user generated content,

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Speaker 1: they had dynamic elements in them, they were changeable, that

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Speaker 1: kind of thing. The way Web three views Web two

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Speaker 1: is that it's an It's a web where massive companies

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Speaker 1: like Meta and Google absolutely dominate the experience because these

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Speaker 1: are the companies that gather user information to modify it,

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Speaker 1: sell it off to advertisers, target those users with advertising,

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Speaker 1: and so it's companies like Google and Meta that determine

433
00:25:57,040 --> 00:26:00,800
Speaker 1: what you see when you're on the web. That that's

434
00:26:00,840 --> 00:26:04,080
Speaker 1: why you see the ads that you see. It's why

435
00:26:04,200 --> 00:26:07,040
Speaker 1: when you go to Facebook, it's why your your news

436
00:26:07,280 --> 00:26:10,399
Speaker 1: feed is the way it is. When you and a

437
00:26:10,440 --> 00:26:14,120
Speaker 1: friend who might have very similar interests compare your news feeds,

438
00:26:14,160 --> 00:26:17,200
Speaker 1: they could look totally different because of all the data

439
00:26:17,760 --> 00:26:21,560
Speaker 1: that Meta is gathering and then using to determine what

440
00:26:21,760 --> 00:26:26,280
Speaker 1: to feed you and win and how that's the concept

441
00:26:26,320 --> 00:26:29,840
Speaker 1: Web three says about Web two, and that Web three

442
00:26:30,320 --> 00:26:32,879
Speaker 1: will not be that you will not be going through

443
00:26:33,200 --> 00:26:36,719
Speaker 1: these massive companies. They will not be the entities that

444
00:26:36,800 --> 00:26:40,960
Speaker 1: dictate what your experiences and what you see. Now this

445
00:26:41,000 --> 00:26:45,240
Speaker 1: is all hypothetical. There are actually conflicting visions of what

446
00:26:45,320 --> 00:26:48,480
Speaker 1: Web three point oh will be and how it will manifest.

447
00:26:49,040 --> 00:26:53,520
Speaker 1: So we don't have a set in stone definition of

448
00:26:53,560 --> 00:26:58,320
Speaker 1: Web three. But generally the idea is that these ledgers,

449
00:26:58,400 --> 00:27:01,280
Speaker 1: these blockchains, which would i there be public, or they

450
00:27:01,320 --> 00:27:04,679
Speaker 1: would be viewable by some designated group of entities. A

451
00:27:04,720 --> 00:27:07,320
Speaker 1: blockchain does not have to be public, by the way,

452
00:27:07,560 --> 00:27:10,280
Speaker 1: it does have to be viewable by all the parties

453
00:27:10,320 --> 00:27:15,320
Speaker 1: that are part of the not a regulatory but oversight board.

454
00:27:15,359 --> 00:27:18,000
Speaker 1: You might say it has to be viewable by all

455
00:27:18,040 --> 00:27:20,920
Speaker 1: those parties, but it doesn't have to be for everyone

456
00:27:20,960 --> 00:27:26,000
Speaker 1: in the system. In fact, Meta was proposing a blockchain

457
00:27:26,119 --> 00:27:29,960
Speaker 1: based currency that would have only been viewable by the

458
00:27:30,040 --> 00:27:36,320
Speaker 1: partners of that project. That all fell apart. Moreover, all

459
00:27:36,640 --> 00:27:40,800
Speaker 1: people would have equal access to Web three. There'd be

460
00:27:40,840 --> 00:27:45,040
Speaker 1: no gatekeeping, so there'd be no censorship in the sense

461
00:27:45,080 --> 00:27:48,240
Speaker 1: of people being prevented from being on there. So Web

462
00:27:48,280 --> 00:27:52,159
Speaker 1: three proponents are saying that platforms like Twitter and Facebook,

463
00:27:52,640 --> 00:27:57,639
Speaker 1: which occasionally do ban people, would not have the authority

464
00:27:57,720 --> 00:28:01,640
Speaker 1: to do that on Web three. So I'm sure that

465
00:28:01,760 --> 00:28:04,359
Speaker 1: a lot of you have already seen some potential problems

466
00:28:04,480 --> 00:28:09,320
Speaker 1: with this vision. One is that while idealistically it's great

467
00:28:09,760 --> 00:28:12,960
Speaker 1: that everyone has access and no one has denied, it

468
00:28:13,040 --> 00:28:16,879
Speaker 1: can very clearly lead to situations in which bad actors

469
00:28:17,080 --> 00:28:21,560
Speaker 1: use such a platform such a Web three philosophy to

470
00:28:21,920 --> 00:28:27,680
Speaker 1: ramp up misinformation or disinformation campaigns, or hate speech harassment,

471
00:28:27,840 --> 00:28:30,520
Speaker 1: that kind of thing. You can easily see where this

472
00:28:30,600 --> 00:28:36,080
Speaker 1: would be abused. Uh, and that is a big issue

473
00:28:36,200 --> 00:28:39,920
Speaker 1: that would have to be worked out because, uh, it

474
00:28:39,960 --> 00:28:43,480
Speaker 1: would just it would get too chaotic, and anyone who

475
00:28:43,560 --> 00:28:48,760
Speaker 1: was from any kind of vulnerable population would be at

476
00:28:48,960 --> 00:28:52,680
Speaker 1: very high risk of being abused in some way or

477
00:28:52,800 --> 00:28:57,320
Speaker 1: multiple ways. Another Web three's features is that it gets

478
00:28:57,320 --> 00:29:00,200
Speaker 1: away from those massive companies have been dominating the web

479
00:29:00,280 --> 00:29:03,880
Speaker 1: so far, like I mentioned companies like Meta, Amazon, Google,

480
00:29:04,680 --> 00:29:07,720
Speaker 1: and so you wouldn't have the data intermediaries anymore. The

481
00:29:07,760 --> 00:29:10,840
Speaker 1: idea being that if you're on Web three, you own

482
00:29:11,120 --> 00:29:15,160
Speaker 1: your data. You can choose to share your data or

483
00:29:15,240 --> 00:29:18,000
Speaker 1: sell your data, but it is your data, you have

484
00:29:18,040 --> 00:29:21,920
Speaker 1: control of it, and theoretically, if you're able to put

485
00:29:21,960 --> 00:29:25,160
Speaker 1: something up, you're able to take it down. That's easier

486
00:29:25,160 --> 00:29:28,400
Speaker 1: said than done. More likely than not, you put something

487
00:29:28,480 --> 00:29:31,480
Speaker 1: up and it stays up, because otherwise you have a

488
00:29:31,600 --> 00:29:37,280
Speaker 1: very fractured and unstable platform there. But the concept is

489
00:29:37,320 --> 00:29:40,160
Speaker 1: that you have that ownership, it does not go through

490
00:29:40,200 --> 00:29:42,640
Speaker 1: anyone else, and that is one of the big things

491
00:29:42,680 --> 00:29:46,800
Speaker 1: that appeals to a lot of Web three point oh advocates.

492
00:29:48,160 --> 00:29:51,880
Speaker 1: I've got more to say about Web three, including some

493
00:29:51,960 --> 00:29:55,080
Speaker 1: other potential consequences, but before we get into all of that,

494
00:29:55,160 --> 00:30:06,320
Speaker 1: let's take a quick break. So before we went to break,

495
00:30:06,360 --> 00:30:09,680
Speaker 1: I talked about how Web three one of the big

496
00:30:09,720 --> 00:30:13,000
Speaker 1: selling points is that it is not beholden to these

497
00:30:13,040 --> 00:30:17,160
Speaker 1: massive companies like Google and Amazon and Meta and that

498
00:30:17,280 --> 00:30:22,520
Speaker 1: sort of thing. Some people have pointed out that the

499
00:30:22,520 --> 00:30:26,680
Speaker 1: the fact that this quote unquote decentralized is only decentralized

500
00:30:26,680 --> 00:30:30,720
Speaker 1: to a certain extent, like kind of gets into a

501
00:30:30,760 --> 00:30:34,720
Speaker 1: George Orwell animal farm kind of thing, like, yeah, it's decentralized,

502
00:30:34,800 --> 00:30:38,960
Speaker 1: but some platforms are more decentralized than others. People have

503
00:30:39,040 --> 00:30:43,000
Speaker 1: pointed out that the owners of the blockchain, that the

504
00:30:43,000 --> 00:30:46,160
Speaker 1: the the exchange is not really owners, but the exchanges

505
00:30:46,200 --> 00:30:50,920
Speaker 1: that exist that uh, that are facilitating these kinds of things.

506
00:30:51,560 --> 00:30:56,000
Speaker 1: Will end up effectively taking a similar place to these

507
00:30:56,040 --> 00:31:00,120
Speaker 1: massive companies. That really all you're doing is replacing the

508
00:31:00,200 --> 00:31:03,360
Speaker 1: overlords for a new set of overlords. That's one of

509
00:31:03,360 --> 00:31:07,080
Speaker 1: the criticisms. Of course, these things don't really exist yet,

510
00:31:07,160 --> 00:31:10,480
Speaker 1: so it's it's hard to say whether that criticism is merited.

511
00:31:10,880 --> 00:31:15,240
Speaker 1: It's simply been raised. Another big downside is that currently

512
00:31:16,240 --> 00:31:22,640
Speaker 1: blockchain transactions are typically pretty slow. For example, Well in

513
00:31:22,720 --> 00:31:24,720
Speaker 1: order for a transaction to go through, it has to

514
00:31:24,720 --> 00:31:28,840
Speaker 1: be verified first, and on the Bitcoin blockchain, a transaction

515
00:31:28,960 --> 00:31:33,880
Speaker 1: on average takes about ten minutes to verify. This is

516
00:31:34,680 --> 00:31:39,520
Speaker 1: closely related with the crypto mining process for Bitcoin, but

517
00:31:39,720 --> 00:31:43,120
Speaker 1: it's not the case across every blockchain. On on Ethereum,

518
00:31:43,280 --> 00:31:47,000
Speaker 1: the average length of time actually varies widely, between fifteen

519
00:31:47,080 --> 00:31:50,960
Speaker 1: seconds on the short end to verify a transaction up

520
00:31:51,000 --> 00:31:55,280
Speaker 1: to five minutes on the long end of it. Uh.

521
00:31:55,360 --> 00:31:57,760
Speaker 1: The amount of time it takes depends on lots of

522
00:31:57,800 --> 00:32:01,320
Speaker 1: different factors, including network contolution, So the busier it is,

523
00:32:01,400 --> 00:32:05,840
Speaker 1: the longer it's going to take for things to really complete.

524
00:32:06,400 --> 00:32:10,680
Speaker 1: A web three that's built on top of blockchain transactions

525
00:32:11,360 --> 00:32:14,320
Speaker 1: is going to need to solve some serious scaling issues

526
00:32:14,360 --> 00:32:18,000
Speaker 1: to allow for faster verification or else we would see

527
00:32:18,000 --> 00:32:21,760
Speaker 1: the experience of using Web three platforms as being far

528
00:32:21,880 --> 00:32:25,920
Speaker 1: too clunky and clumsy and slow for people to see

529
00:32:25,920 --> 00:32:29,640
Speaker 1: it as being worthwhile. Um. Anytime you encounter any kind

530
00:32:29,640 --> 00:32:33,080
Speaker 1: of lag, people start to lose patients quickly. Like I'm

531
00:32:33,120 --> 00:32:36,520
Speaker 1: sure you can all remember a time when accessing the

532
00:32:36,560 --> 00:32:40,400
Speaker 1: Internet required more patients, right that you had to wait

533
00:32:40,440 --> 00:32:43,000
Speaker 1: longer for a page to load, or for a video

534
00:32:43,040 --> 00:32:46,360
Speaker 1: to buffer, or things of that nature. And then as

535
00:32:47,040 --> 00:32:51,400
Speaker 1: connections improve and our access to those connections improve, we

536
00:32:51,520 --> 00:32:54,240
Speaker 1: become used to being able to access things much more quickly,

537
00:32:54,760 --> 00:32:58,320
Speaker 1: and if we ever encounter a situation where we can't

538
00:32:58,440 --> 00:33:03,040
Speaker 1: do that is in credibly frustrating. That's one of the

539
00:33:03,360 --> 00:33:07,520
Speaker 1: downsides to Web three is that right now blockchain transactions

540
00:33:07,520 --> 00:33:10,200
Speaker 1: are slow, and I think a lot of people would

541
00:33:10,240 --> 00:33:13,560
Speaker 1: find it very off putting to have an online experience

542
00:33:13,600 --> 00:33:17,040
Speaker 1: that requires that much waiting. Um. But that's not to

543
00:33:17,080 --> 00:33:21,320
Speaker 1: say that these are problems that are unsurmountable. So we

544
00:33:21,400 --> 00:33:24,200
Speaker 1: might find solutions to these problems, and Web three may

545
00:33:24,280 --> 00:33:28,240
Speaker 1: well be the future of the Web. I have my doubts,

546
00:33:28,480 --> 00:33:31,320
Speaker 1: largely because I worry about some of the consequences of

547
00:33:31,320 --> 00:33:33,960
Speaker 1: Web three, particularly when it comes to things like keeping

548
00:33:34,000 --> 00:33:36,920
Speaker 1: a handle on hate speech. But that's not to say

549
00:33:36,920 --> 00:33:40,160
Speaker 1: that by the time we actually start seeing real Web

550
00:33:40,200 --> 00:33:45,240
Speaker 1: three factors emerging beyond just the theoretical and the pilot programs,

551
00:33:45,760 --> 00:33:48,480
Speaker 1: maybe by then we'll have an approach to dealing with

552
00:33:48,520 --> 00:33:50,920
Speaker 1: this sort of stuff. So it's it's too early to

553
00:33:50,960 --> 00:33:55,800
Speaker 1: pass judgment. In other words, I have my concerns, but

554
00:33:55,880 --> 00:33:58,720
Speaker 1: that doesn't mean that those concerns won't be met. Right

555
00:33:58,760 --> 00:34:03,240
Speaker 1: we might be able to address them, So I'm trying

556
00:34:03,240 --> 00:34:07,600
Speaker 1: to keep an open mind. Now, let's talk about the metaverse. Okay.

557
00:34:07,640 --> 00:34:13,200
Speaker 1: Generally speaking, a metaverse is a persistent online world in

558
00:34:13,239 --> 00:34:15,360
Speaker 1: which you can do pretty much all the stuff you

559
00:34:15,360 --> 00:34:19,520
Speaker 1: can do in the real world plus more. Or it's

560
00:34:19,560 --> 00:34:25,440
Speaker 1: an it's an online series of touch points that can

561
00:34:25,480 --> 00:34:28,400
Speaker 1: spill over into the real world if you're using something

562
00:34:28,440 --> 00:34:33,640
Speaker 1: like augmented reality glasses. Now, there are examples of limited

563
00:34:33,680 --> 00:34:38,719
Speaker 1: metaverses today right now. One that's been around for ages

564
00:34:38,960 --> 00:34:41,960
Speaker 1: is Second Life. That's a virtual world in which people

565
00:34:42,080 --> 00:34:45,920
Speaker 1: can own virtual real estate, they can interact with one another.

566
00:34:46,719 --> 00:34:49,120
Speaker 1: At one time, there was this kind of general belief

567
00:34:49,320 --> 00:34:52,879
Speaker 1: that businesses we're going to go all in on Second Life,

568
00:34:52,880 --> 00:34:54,920
Speaker 1: and a few actually really did spend quite a bit

569
00:34:54,920 --> 00:34:58,960
Speaker 1: of money to establish a presence in Second Life, building

570
00:34:58,960 --> 00:35:03,920
Speaker 1: out a virtue will storefront, or virtual customer experiences, so

571
00:35:04,040 --> 00:35:08,400
Speaker 1: Second Life users could visit these these companies presence in

572
00:35:08,440 --> 00:35:11,919
Speaker 1: Second Life and then interact with the business in some

573
00:35:12,320 --> 00:35:16,000
Speaker 1: presumably meaningful way. You can do things like go to

574
00:35:16,080 --> 00:35:19,960
Speaker 1: concerts in Second Life, or you could hold business meetings,

575
00:35:20,040 --> 00:35:21,680
Speaker 1: or you know, just hang out with your friends. You

576
00:35:21,719 --> 00:35:24,360
Speaker 1: could do all sorts of stuff, at least in theory,

577
00:35:25,080 --> 00:35:28,040
Speaker 1: and Second Life got a lot of interest, but it

578
00:35:28,120 --> 00:35:31,120
Speaker 1: wasn't able to sustain it, at least not on a

579
00:35:31,160 --> 00:35:34,760
Speaker 1: wide scale. I mean, Second Life still exists, people still

580
00:35:34,880 --> 00:35:37,960
Speaker 1: use it, but it never took off to become the

581
00:35:38,000 --> 00:35:42,719
Speaker 1: future of business, communications, socialization, the Internet. Like a lot

582
00:35:42,760 --> 00:35:44,959
Speaker 1: of people were predicting that back in the early days

583
00:35:45,000 --> 00:35:49,720
Speaker 1: of Second Life, it did not achieve that by any means.

584
00:35:50,640 --> 00:35:53,640
Speaker 1: And some people will point to stuff like Roadblocks as

585
00:35:53,680 --> 00:35:57,839
Speaker 1: a type of metaverse. Roadblocks is an online game platform,

586
00:35:57,920 --> 00:36:01,720
Speaker 1: and really the appeal of Roadblocks is that it lets

587
00:36:01,960 --> 00:36:05,960
Speaker 1: users create and play games of all sorts within this

588
00:36:06,080 --> 00:36:11,640
Speaker 1: online world, and those games can be really sophisticated, and

589
00:36:11,760 --> 00:36:15,840
Speaker 1: they can have complicated rules and incentives for play, or

590
00:36:15,920 --> 00:36:18,520
Speaker 1: they can be way more loosey goosey. It can turn

591
00:36:18,560 --> 00:36:21,879
Speaker 1: into essentially like a giant game of Make believes, sort

592
00:36:21,920 --> 00:36:24,160
Speaker 1: of the the sort of stuff you would encounter if

593
00:36:24,200 --> 00:36:28,239
Speaker 1: you were to, uh watch kids play on a playground

594
00:36:28,400 --> 00:36:31,359
Speaker 1: and watch them makeup games on the fly. That can

595
00:36:31,400 --> 00:36:34,920
Speaker 1: happen on Roadblocks as well. And Roadblocks has tools available

596
00:36:34,960 --> 00:36:37,239
Speaker 1: for people to create stuff, and it serves as a

597
00:36:37,239 --> 00:36:40,760
Speaker 1: place where those creations can then be experienced by other people.

598
00:36:41,360 --> 00:36:46,080
Speaker 1: So it's a sort of unorganized metaverse in a way

599
00:36:46,120 --> 00:36:50,120
Speaker 1: that is determined by its users. Uh. In a similar way,

600
00:36:50,160 --> 00:36:53,960
Speaker 1: there are Minecraft servers that do something that's you know,

601
00:36:54,239 --> 00:36:57,399
Speaker 1: similar to what you find in Roadblocks. Uh. There are

602
00:36:57,400 --> 00:37:00,400
Speaker 1: people who play Fortnite who have gone to call SERTs.

603
00:37:00,480 --> 00:37:04,640
Speaker 1: Within Fortnite, there are folks who like to role play

604
00:37:04,719 --> 00:37:07,960
Speaker 1: in a grand Theft Auto five server, turning it from

605
00:37:07,960 --> 00:37:13,200
Speaker 1: a game that's all about committing crimes into simulacrum of society.

606
00:37:13,280 --> 00:37:15,719
Speaker 1: It's just an online society. Maybe you play the part

607
00:37:15,719 --> 00:37:19,000
Speaker 1: of a shopkeeper or a cop or something, or just

608
00:37:19,120 --> 00:37:22,399
Speaker 1: a you know, an average citizen. There are role play

609
00:37:22,400 --> 00:37:26,520
Speaker 1: service for that which blows my mind. But the metaverse

610
00:37:26,560 --> 00:37:31,600
Speaker 1: concept goes beyond these fairly narrow manifestations. You could you

611
00:37:31,600 --> 00:37:33,160
Speaker 1: could point in these and say like this, this is

612
00:37:33,200 --> 00:37:38,680
Speaker 1: almost more like a proto metaverse. Often the metaverse concept

613
00:37:38,760 --> 00:37:43,880
Speaker 1: will incorporate technologies like mixed reality. That includes virtual reality.

614
00:37:44,120 --> 00:37:47,319
Speaker 1: That's a system where a computer creates everything you see

615
00:37:47,360 --> 00:37:51,000
Speaker 1: and interact with, and you use something like a headset

616
00:37:51,040 --> 00:37:55,200
Speaker 1: in order to access it. And it also includes augmented reality.

617
00:37:55,320 --> 00:37:59,560
Speaker 1: This is where a computer system overlays digital information on

618
00:37:59,640 --> 00:38:03,440
Speaker 1: top of your actual real world experience. So the classic

619
00:38:03,480 --> 00:38:07,000
Speaker 1: example is a pair of a R glasses that will

620
00:38:07,040 --> 00:38:09,920
Speaker 1: overlay information as you look at the world around you.

621
00:38:10,040 --> 00:38:13,040
Speaker 1: So you look at a building and it lists out

622
00:38:13,080 --> 00:38:15,800
Speaker 1: the businesses that are in that building. That's an example

623
00:38:15,840 --> 00:38:19,839
Speaker 1: of augmented reality. So imagine that you pop on a

624
00:38:20,000 --> 00:38:23,800
Speaker 1: VR headset at home and you jump into a virtual

625
00:38:23,880 --> 00:38:27,560
Speaker 1: environment and you meet up with your friends who similarly

626
00:38:27,600 --> 00:38:30,919
Speaker 1: are there virtually, and you all spend time hanging out

627
00:38:30,960 --> 00:38:33,880
Speaker 1: together and you maybe you play some games, maybe you

628
00:38:33,960 --> 00:38:37,040
Speaker 1: shoot the breeze with each other, maybe you sing some karaoke,

629
00:38:37,400 --> 00:38:39,520
Speaker 1: Maybe you decide to put on a virtual sketch show

630
00:38:39,840 --> 00:38:42,880
Speaker 1: like you actually put on a play in this virtual environment,

631
00:38:42,960 --> 00:38:47,399
Speaker 1: with each person playing other characters. Really, the possibilities are

632
00:38:47,480 --> 00:38:51,640
Speaker 1: only limited by whatever the platform can support, and even

633
00:38:51,680 --> 00:38:55,880
Speaker 1: in cases where a platform can't natively support whatever it

634
00:38:55,920 --> 00:38:58,520
Speaker 1: is you're trying to do, people tend to be creative

635
00:38:58,640 --> 00:39:00,719
Speaker 1: enough to find ways to make it work by kind

636
00:39:00,719 --> 00:39:03,120
Speaker 1: of jerry rigging a solution. We see this happen all

637
00:39:03,160 --> 00:39:05,960
Speaker 1: the time. The g t A five role playing servers

638
00:39:06,000 --> 00:39:08,960
Speaker 1: are a great example of that. It was not meant

639
00:39:09,000 --> 00:39:12,440
Speaker 1: to be a role playing game, but people turned it

640
00:39:12,520 --> 00:39:14,840
Speaker 1: into that. That's the same sort of thing we should

641
00:39:14,840 --> 00:39:20,400
Speaker 1: expect with the emergence of more robust beta versus. Maybe

642
00:39:20,760 --> 00:39:23,280
Speaker 1: you'll use your VR headset so that you can virtually

643
00:39:23,280 --> 00:39:26,880
Speaker 1: attend a huge concert. So imagine being able to go

644
00:39:26,960 --> 00:39:30,880
Speaker 1: to an enormous venue with thousands of other people, but

645
00:39:30,920 --> 00:39:35,240
Speaker 1: in reality you're at home, sitting in a air conditioned room,

646
00:39:35,280 --> 00:39:37,319
Speaker 1: maybe standing in it if you want to be up

647
00:39:37,320 --> 00:39:40,080
Speaker 1: on your feet, depending on the band. Um. I used

648
00:39:40,120 --> 00:39:42,680
Speaker 1: to think that this was a really goofy use of technology,

649
00:39:42,719 --> 00:39:44,440
Speaker 1: but the more I think about it, the more it

650
00:39:44,560 --> 00:39:49,080
Speaker 1: actually appeals to me. See, I'm not comfortable in large crowds,

651
00:39:49,160 --> 00:39:52,359
Speaker 1: I I get a little agoraphobic. Um, if I'm not

652
00:39:52,640 --> 00:39:54,760
Speaker 1: near the edge of the crowd, I start to feel

653
00:39:54,840 --> 00:39:58,480
Speaker 1: very trapped and my anxiety starts to rank way high.

654
00:39:58,880 --> 00:40:00,920
Speaker 1: I don't quite get to the point I can't function,

655
00:40:01,320 --> 00:40:05,080
Speaker 1: but I am very uncomfortable and I rarely enjoy myself.

656
00:40:05,120 --> 00:40:10,200
Speaker 1: So I actively avoid big concerts for that reason. I

657
00:40:10,239 --> 00:40:12,640
Speaker 1: do not go to them. I'll go to smaller ones,

658
00:40:13,160 --> 00:40:15,839
Speaker 1: but I can't like big outdoor venues things like that.

659
00:40:15,920 --> 00:40:18,840
Speaker 1: I just can't do them. However, if I could attend

660
00:40:18,960 --> 00:40:22,439
Speaker 1: virtually where I'd be able to see the act and

661
00:40:22,560 --> 00:40:24,759
Speaker 1: the audio that's being fed to me would be from

662
00:40:24,960 --> 00:40:27,280
Speaker 1: a soundboard, so the audio is going to be great

663
00:40:27,320 --> 00:40:31,320
Speaker 1: no matter where I am in virtual virtually in relation

664
00:40:31,360 --> 00:40:34,600
Speaker 1: to the act, that would be a big appeal to me. Like,

665
00:40:34,640 --> 00:40:36,719
Speaker 1: I don't even know how I would handle that. From

666
00:40:36,760 --> 00:40:40,719
Speaker 1: a programming standpoint, what I program it so that wherever

667
00:40:40,880 --> 00:40:45,080
Speaker 1: I am virtually in relation to the stage, I get

668
00:40:45,280 --> 00:40:48,719
Speaker 1: sound that reflects that. Like, if I'm further away, would

669
00:40:48,719 --> 00:40:51,400
Speaker 1: it be quiet if I'm closer to the left side,

670
00:40:51,400 --> 00:40:53,640
Speaker 1: would the left side speakers be louder to me than

671
00:40:53,680 --> 00:40:56,239
Speaker 1: the right side? I don't know, I would probably just

672
00:40:56,360 --> 00:41:02,000
Speaker 1: want to have the cleanest audio possible from the live performance.

673
00:41:02,520 --> 00:41:05,399
Speaker 1: That would be my own personal preference, but I don't

674
00:41:05,400 --> 00:41:09,480
Speaker 1: know if that's how it would ever feed out anyway.

675
00:41:09,480 --> 00:41:11,799
Speaker 1: To me, that is a little bit more exciting than

676
00:41:11,840 --> 00:41:16,960
Speaker 1: just watching a flat video of a concert online, right

677
00:41:17,040 --> 00:41:20,320
Speaker 1: being able to see a virtual representation of it, and

678
00:41:20,360 --> 00:41:23,160
Speaker 1: in fact, like we have the technology where the act

679
00:41:23,440 --> 00:41:28,279
Speaker 1: could be appearing as actual video representations as opposed to

680
00:41:28,360 --> 00:41:31,600
Speaker 1: say a cartoonish avatar. Like I think of being able

681
00:41:31,640 --> 00:41:34,960
Speaker 1: to see the struts Um perform live. I've seen them

682
00:41:34,960 --> 00:41:38,480
Speaker 1: perform lives several times, really really enjoy their live shows.

683
00:41:39,000 --> 00:41:42,280
Speaker 1: I would much prefer to see them perform live as video.

684
00:41:42,600 --> 00:41:45,000
Speaker 1: Then I don't know now that I think about it,

685
00:41:45,120 --> 00:41:47,759
Speaker 1: if they were appearing as like Roadblock style characters, that

686
00:41:47,800 --> 00:41:50,520
Speaker 1: has its own kind of charm too, But anyway, you

687
00:41:50,560 --> 00:41:53,440
Speaker 1: would have lots of options, uh, And that that would

688
00:41:53,440 --> 00:41:56,200
Speaker 1: mean that you would be able to kind of be

689
00:41:56,320 --> 00:41:59,560
Speaker 1: there virtually in person and be able to see the

690
00:41:59,600 --> 00:42:03,279
Speaker 1: interactctions between the act and the crowd. To me, that's

691
00:42:03,280 --> 00:42:05,080
Speaker 1: a big part of the fun of going to live

692
00:42:05,160 --> 00:42:09,600
Speaker 1: events and seeing that interactivity or heck, imagine using VR

693
00:42:09,680 --> 00:42:12,640
Speaker 1: to explore places that you would otherwise never be able

694
00:42:12,719 --> 00:42:16,600
Speaker 1: to go to. Not just like other places around the

695
00:42:16,600 --> 00:42:19,399
Speaker 1: world right now, you could go to places that no

696
00:42:19,440 --> 00:42:23,920
Speaker 1: longer exist, like a virtual recreation of historic sites that

697
00:42:24,000 --> 00:42:28,080
Speaker 1: have long since been demolished. Being able to explore those

698
00:42:28,120 --> 00:42:31,359
Speaker 1: would be amazing. Or maybe you could visit the Moon

699
00:42:31,840 --> 00:42:35,320
Speaker 1: or Mars, or maybe a fantasy setting that never existed

700
00:42:35,320 --> 00:42:39,000
Speaker 1: in the first place. All of these are possibilities in

701
00:42:39,320 --> 00:42:44,000
Speaker 1: a metaverse. Meanwhile, you still have the opportunity to incorporate

702
00:42:44,080 --> 00:42:48,759
Speaker 1: commerce into this experience. Companies could establish an existence in

703
00:42:48,800 --> 00:42:52,480
Speaker 1: the metaverse, giving you the chance to interact virtually with products.

704
00:42:52,880 --> 00:42:56,600
Speaker 1: You could purchase virtual replications of stuff so that you

705
00:42:56,880 --> 00:43:00,880
Speaker 1: can use it in your in metaverse avatar. Like you

706
00:43:00,920 --> 00:43:06,120
Speaker 1: know Nike has made sneakers this way, virtual sneakers. I

707
00:43:06,160 --> 00:43:08,800
Speaker 1: don't know that to me is gets a little silly,

708
00:43:08,840 --> 00:43:11,479
Speaker 1: but then it might just not be for me that part.

709
00:43:12,120 --> 00:43:15,560
Speaker 1: Or maybe you could actually order real goods and services

710
00:43:15,600 --> 00:43:18,680
Speaker 1: through virtual storefronts to get a chance to see what

711
00:43:18,800 --> 00:43:22,360
Speaker 1: something looks like in person or virtually in person, and

712
00:43:22,360 --> 00:43:25,000
Speaker 1: then order it without having to seek out a store.

713
00:43:25,000 --> 00:43:27,759
Speaker 1: This would be really useful for stores that don't have

714
00:43:27,800 --> 00:43:32,640
Speaker 1: a presence in your particular region. Right There's some stores

715
00:43:32,680 --> 00:43:34,840
Speaker 1: I hear about that I would love to visit, but

716
00:43:34,920 --> 00:43:37,840
Speaker 1: there aren't any close to me. So being able to

717
00:43:37,880 --> 00:43:40,000
Speaker 1: do that virtually and being able to get like a

718
00:43:40,040 --> 00:43:43,759
Speaker 1: good feel for what the product looks like within a

719
00:43:43,840 --> 00:43:47,359
Speaker 1: virtual world that could be really useful. So that's something

720
00:43:47,400 --> 00:43:49,399
Speaker 1: that has a lot of companies really excited right now.

721
00:43:49,440 --> 00:43:51,359
Speaker 1: And it's also a place where we're seeing n f

722
00:43:51,360 --> 00:43:54,200
Speaker 1: t s come up in conversation. Again, so a n

723
00:43:54,239 --> 00:43:56,680
Speaker 1: f T could represent a purchase of a digital item,

724
00:43:56,719 --> 00:43:58,759
Speaker 1: giving you the use of that item as long as

725
00:43:58,800 --> 00:44:01,640
Speaker 1: you possess the n f T or maybe you then

726
00:44:01,680 --> 00:44:05,200
Speaker 1: decide to sell that on the market later on. You

727
00:44:05,239 --> 00:44:08,400
Speaker 1: can do that in an n f T marketplace. You know,

728
00:44:08,440 --> 00:44:10,759
Speaker 1: we just have to get through all the nonsense with

729
00:44:10,920 --> 00:44:13,239
Speaker 1: n f t s right now that are giving the

730
00:44:13,239 --> 00:44:16,840
Speaker 1: tech a bad name. And again, it will all depend

731
00:44:16,880 --> 00:44:19,680
Speaker 1: on how it is deployed. It can still be deployed

732
00:44:19,680 --> 00:44:22,320
Speaker 1: in a way that's just terrible, and n f T

733
00:44:22,520 --> 00:44:26,120
Speaker 1: s never live up to their potential. That's dependent upon

734
00:44:26,400 --> 00:44:29,360
Speaker 1: us making systems where the n f T s makes sense.

735
00:44:29,719 --> 00:44:32,440
Speaker 1: They're not a scam and they don't become just a

736
00:44:32,560 --> 00:44:37,360
Speaker 1: speculative investment pump and dump. And because there's this general

737
00:44:37,400 --> 00:44:39,640
Speaker 1: notion that Web three could be the future of the

738
00:44:39,680 --> 00:44:42,279
Speaker 1: web and the metaverse could be the future of how

739
00:44:42,360 --> 00:44:46,280
Speaker 1: people interact with each other online, there's a real rush

740
00:44:46,719 --> 00:44:50,160
Speaker 1: in these spaces to establish footholds there. And this is

741
00:44:50,200 --> 00:44:52,120
Speaker 1: where we're seeing a lot of the stuff that's giving

742
00:44:52,160 --> 00:44:56,480
Speaker 1: people a bad feeling about where things are going, because

743
00:44:57,560 --> 00:44:59,959
Speaker 1: there's a lot of sloppy decisions that are being made

744
00:45:00,239 --> 00:45:04,680
Speaker 1: on the way. So Meta slash Facebook has really pushed

745
00:45:04,840 --> 00:45:08,120
Speaker 1: for the metaverse. You know, they've famously sunk billions of

746
00:45:08,160 --> 00:45:14,040
Speaker 1: dollars into it already, and the company's reputation is you know, tarnished, right,

747
00:45:14,040 --> 00:45:16,879
Speaker 1: I mean, that's that's arguably one of the reasons why

748
00:45:16,920 --> 00:45:21,399
Speaker 1: Facebook changed its name to Meta because Facebook has got

749
00:45:21,400 --> 00:45:24,239
Speaker 1: a bit of a stigma against it, so naturally a

750
00:45:24,280 --> 00:45:27,680
Speaker 1: lot of people are wary of any metaverse that is

751
00:45:27,719 --> 00:45:31,760
Speaker 1: spearheaded by Meta. And I think what Meta and several

752
00:45:31,800 --> 00:45:34,520
Speaker 1: other companies are hoping for is to be the first

753
00:45:34,560 --> 00:45:38,600
Speaker 1: to really establish a robust metaverse. Because if they can

754
00:45:38,640 --> 00:45:40,680
Speaker 1: be the first to do it, and if they can

755
00:45:40,719 --> 00:45:44,240
Speaker 1: prove they already have a large installed base of users

756
00:45:44,320 --> 00:45:47,960
Speaker 1: interested in it, then they can attract all the other

757
00:45:48,080 --> 00:45:51,239
Speaker 1: parties to join that particular metaverse. And by parties, i'm

758
00:45:51,280 --> 00:45:54,360
Speaker 1: talking about like major companies and stuff. So if Meta

759
00:45:54,400 --> 00:45:57,799
Speaker 1: can say, hey, we've got the metaverse platform and we

760
00:45:57,880 --> 00:46:01,520
Speaker 1: already have three billion users be as they have accounts

761
00:46:01,520 --> 00:46:04,960
Speaker 1: set Facebook, then that is a powerful selling point to

762
00:46:05,080 --> 00:46:07,719
Speaker 1: get other parties on board. I mean, it sends a

763
00:46:07,760 --> 00:46:10,920
Speaker 1: message to a company that they can't afford to ignore

764
00:46:11,000 --> 00:46:14,479
Speaker 1: this place where everybody is already, they need to be there.

765
00:46:14,880 --> 00:46:18,080
Speaker 1: So my guess is that's really Meta's game plan to

766
00:46:18,200 --> 00:46:22,680
Speaker 1: establish a metaverse that effectively becomes the default. It's kind

767
00:46:22,719 --> 00:46:26,239
Speaker 1: of the anti web three because it would be as

768
00:46:26,239 --> 00:46:29,480
Speaker 1: if Meta owned the web, assuming, of course, that the

769
00:46:29,520 --> 00:46:34,000
Speaker 1: metaverse actually became the primary way that people interfaced online

770
00:46:34,000 --> 00:46:37,920
Speaker 1: with each other and with commerce. That's a big presumption, however,

771
00:46:38,320 --> 00:46:41,600
Speaker 1: but assuming that that did happen, then that's kind of

772
00:46:41,600 --> 00:46:44,439
Speaker 1: what Meta's goal is, just to be, you know, sort

773
00:46:44,480 --> 00:46:48,040
Speaker 1: of the gatekeeper for the whole thing. So the anti

774
00:46:48,040 --> 00:46:52,040
Speaker 1: web three. Meta is not the only company attempting to

775
00:46:52,080 --> 00:46:54,000
Speaker 1: do this. I've been calling them out a lot because

776
00:46:54,040 --> 00:46:56,840
Speaker 1: they're the most high profile company but there are lots

777
00:46:56,840 --> 00:46:58,640
Speaker 1: of companies that are involved in this, and then there

778
00:46:58,680 --> 00:47:01,040
Speaker 1: are some companies that are more interested in building out

779
00:47:01,080 --> 00:47:05,799
Speaker 1: things that could be a foundational element of a metaverse

780
00:47:05,920 --> 00:47:10,600
Speaker 1: rather than building out the whole metaverse themselves. Meanwhile, this

781
00:47:10,680 --> 00:47:12,920
Speaker 1: is still all under the assumption that this is the

782
00:47:12,920 --> 00:47:15,720
Speaker 1: future that people want and that people will be eager

783
00:47:15,760 --> 00:47:18,799
Speaker 1: to interact with and able to interact with. So for

784
00:47:18,840 --> 00:47:20,600
Speaker 1: all of that to happen, we're gonna need a lot

785
00:47:20,640 --> 00:47:23,080
Speaker 1: of other things to fall into place. One is that,

786
00:47:23,480 --> 00:47:27,040
Speaker 1: assuming the metaverse is going to require mixed reality hardware,

787
00:47:27,719 --> 00:47:31,440
Speaker 1: that hardware has to be available and affordable. You probably

788
00:47:31,480 --> 00:47:33,960
Speaker 1: also want it to be untethered. You know, you don't

789
00:47:33,960 --> 00:47:36,840
Speaker 1: want to have to be connected or physically anchored to

790
00:47:36,880 --> 00:47:39,759
Speaker 1: a computer in most of these cases. And for that

791
00:47:39,840 --> 00:47:43,759
Speaker 1: to work, you need really good wireless connectivity solutions, and

792
00:47:43,840 --> 00:47:47,560
Speaker 1: you need a strong edge computing system. We're gonna need

793
00:47:47,600 --> 00:47:49,560
Speaker 1: to take one more quick break. When we come back,

794
00:47:49,800 --> 00:47:52,400
Speaker 1: I'll talk a bit about what edge computing is and

795
00:47:52,480 --> 00:47:57,600
Speaker 1: why it's important. Okay, let's let's do a quick overview

796
00:47:57,640 --> 00:48:01,920
Speaker 1: of what edge computing is. Uh, it's related to cloud computing. Right.

797
00:48:02,000 --> 00:48:06,880
Speaker 1: With cloud computing, you have these networks that are doing computations,

798
00:48:06,960 --> 00:48:11,760
Speaker 1: maybe they're doing data storage, maybe they're hosting apps, maybe

799
00:48:11,800 --> 00:48:18,759
Speaker 1: they are running processes. With edge computing, you locate computation

800
00:48:18,800 --> 00:48:21,600
Speaker 1: and data storage systems as close to the end users

801
00:48:21,640 --> 00:48:25,720
Speaker 1: as you can to cut down on latency and transfer speeds.

802
00:48:25,800 --> 00:48:29,680
Speaker 1: So with edge computing, companies like Meta could use the

803
00:48:29,719 --> 00:48:32,839
Speaker 1: computer systems that are at the edge near the end

804
00:48:32,960 --> 00:48:36,919
Speaker 1: users to handle the bulk of computational work that would

805
00:48:36,960 --> 00:48:40,160
Speaker 1: otherwise have to fall to the user's own hardware or

806
00:48:40,239 --> 00:48:42,040
Speaker 1: it would be in the cloud. If it's just in

807
00:48:42,040 --> 00:48:45,240
Speaker 1: the cloud, then there's going to be a delay because

808
00:48:45,560 --> 00:48:49,319
Speaker 1: of the distance between user and cloud, and you don't

809
00:48:49,320 --> 00:48:52,520
Speaker 1: want to delay. If it's at the user, well, then

810
00:48:52,600 --> 00:48:54,600
Speaker 1: that means that you have just put the burden on

811
00:48:54,680 --> 00:48:58,840
Speaker 1: the user to have a computer powerful enough to process

812
00:48:58,920 --> 00:49:01,480
Speaker 1: whatever it is you're trying to do. So this is

813
00:49:01,480 --> 00:49:04,719
Speaker 1: why a lot of earlier virtual reality systems were these

814
00:49:04,800 --> 00:49:09,400
Speaker 1: tethered systems that required people to have a screaming fast

815
00:49:09,560 --> 00:49:14,040
Speaker 1: gaming PC if they wanted to use the VR system,

816
00:49:14,080 --> 00:49:18,240
Speaker 1: because all the hard work had to be done by

817
00:49:18,320 --> 00:49:22,200
Speaker 1: the local system. Edge computing a very strong edge computing

818
00:49:22,200 --> 00:49:27,839
Speaker 1: network paired with very fast wireless data transfers would allow

819
00:49:27,920 --> 00:49:30,799
Speaker 1: you to do the heavy lifting at the edge and

820
00:49:30,840 --> 00:49:35,120
Speaker 1: then beam that to the user with very low latency,

821
00:49:35,200 --> 00:49:39,320
Speaker 1: so that you don't have to have a massively powerful

822
00:49:39,440 --> 00:49:42,880
Speaker 1: VR system locally. You can have a lightweight v OUR

823
00:49:42,920 --> 00:49:47,799
Speaker 1: system that depends upon these edge computing networks. That's one

824
00:49:47,880 --> 00:49:51,279
Speaker 1: of the key components that will be necessary to make

825
00:49:51,320 --> 00:49:56,200
Speaker 1: a metaverse of this type a reality. And we definitely

826
00:49:56,239 --> 00:49:59,279
Speaker 1: have lots of examples of edge computing networks already. These

827
00:49:59,280 --> 00:50:03,360
Speaker 1: are not, you know, hypothetical or futuristic things. They exist now.

828
00:50:04,040 --> 00:50:07,640
Speaker 1: We're just gonna need a lot more of them. Now.

829
00:50:07,680 --> 00:50:09,960
Speaker 1: There are a lot of other components that we will

830
00:50:10,000 --> 00:50:12,640
Speaker 1: need to evolve for the metaverse to become a reality.

831
00:50:13,280 --> 00:50:18,600
Speaker 1: Intels Rajah Kaduri famously posted that he believed we are

832
00:50:18,640 --> 00:50:21,799
Speaker 1: going to need one thousand times the computing power we

833
00:50:21,880 --> 00:50:25,080
Speaker 1: currently have at our disposal in order to support a

834
00:50:25,120 --> 00:50:29,839
Speaker 1: truly robust, persistent metaverse in the way that people are

835
00:50:29,960 --> 00:50:33,200
Speaker 1: envisioning today. So we are talking about a future here,

836
00:50:33,600 --> 00:50:37,240
Speaker 1: and because it's a future, it is uncertain. We don't

837
00:50:37,400 --> 00:50:43,200
Speaker 1: really know how it will manifest or how many different

838
00:50:43,280 --> 00:50:47,400
Speaker 1: kinds we're going to get. While Meta is absolutely determined

839
00:50:47,440 --> 00:50:50,400
Speaker 1: to try and make it stamp the the one and

840
00:50:50,440 --> 00:50:53,920
Speaker 1: only Metaverse. We're likely to see a lot of different

841
00:50:54,600 --> 00:50:57,600
Speaker 1: versions of this, some of which will be much more modest. Right.

842
00:50:58,480 --> 00:51:00,440
Speaker 1: Many of them will probably be in the form of

843
00:51:00,480 --> 00:51:03,360
Speaker 1: the games that we've been talking about, like Minecraft and

844
00:51:03,440 --> 00:51:07,520
Speaker 1: Roadblocks and Fortnite. That we are going to see more

845
00:51:07,719 --> 00:51:14,680
Speaker 1: metaverse style concepts and features make their way into online games. Uh,

846
00:51:14,719 --> 00:51:17,360
Speaker 1: and we might not immediately call those online games a

847
00:51:17,520 --> 00:51:21,359
Speaker 1: metaverse in their own right, but rather say, these are

848
00:51:21,440 --> 00:51:26,879
Speaker 1: games that incorporate philosophies that are things we associate with

849
00:51:27,040 --> 00:51:31,799
Speaker 1: a metaverse. But you know, it may very well be

850
00:51:31,960 --> 00:51:34,640
Speaker 1: that the meta one that gets offered ends up being

851
00:51:34,760 --> 00:51:38,640
Speaker 1: the largely the one and only now that it really

852
00:51:38,719 --> 00:51:41,960
Speaker 1: is one and only, but that because of Meta's footprint,

853
00:51:42,239 --> 00:51:46,600
Speaker 1: because it has access to so many users, assuming that

854
00:51:46,680 --> 00:51:50,560
Speaker 1: it finds a way to make the hardware affordable, and

855
00:51:50,600 --> 00:51:53,560
Speaker 1: it may very well be that Meta's plan is to

856
00:51:54,120 --> 00:51:58,839
Speaker 1: make the hardware affordable by selling it below cost and

857
00:51:58,840 --> 00:52:01,160
Speaker 1: then making up the money the long run once it's

858
00:52:01,200 --> 00:52:05,920
Speaker 1: able to um to generate revenue off the metaverse. Something

859
00:52:05,960 --> 00:52:09,720
Speaker 1: that Mark Zuckerberg himself has said is years down the line.

860
00:52:10,680 --> 00:52:14,000
Speaker 1: Maybe that's how it all involds. We just don't know yet.

861
00:52:14,280 --> 00:52:17,400
Speaker 1: So will the metaverse really become how people interact online?

862
00:52:18,239 --> 00:52:21,120
Speaker 1: Will Web three replace the system we have now where

863
00:52:21,200 --> 00:52:24,319
Speaker 1: massive companies own most of the experience and determine what

864
00:52:24,440 --> 00:52:29,399
Speaker 1: we see and what we don't see. I honestly don't know.

865
00:52:29,920 --> 00:52:33,799
Speaker 1: It's certainly possible. Uh. There are people working very hard

866
00:52:33,920 --> 00:52:36,320
Speaker 1: to make that become a reality. But there are also

867
00:52:36,360 --> 00:52:38,759
Speaker 1: a lot of people who are very skeptical of it

868
00:52:38,880 --> 00:52:43,120
Speaker 1: and critical of it and concerned about it, who, while

869
00:52:43,120 --> 00:52:48,680
Speaker 1: not necessarily actively working against this possibility, or at least

870
00:52:48,760 --> 00:52:52,440
Speaker 1: raising questions that they're demanding answers to. Before we just

871
00:52:52,760 --> 00:52:56,560
Speaker 1: embrace this as the future, I'm sure we're gonna see

872
00:52:56,560 --> 00:53:00,520
Speaker 1: a lot more controversy and missteps along the way. You know,

873
00:53:00,800 --> 00:53:06,000
Speaker 1: reality is messy, and companies will often make terrible mistakes

874
00:53:06,200 --> 00:53:08,480
Speaker 1: because they'll they'll have a vision of what they want

875
00:53:08,520 --> 00:53:12,120
Speaker 1: to achieve and not have a full concept of what

876
00:53:12,200 --> 00:53:17,759
Speaker 1: the consequences are of achieving that vision. But this is

877
00:53:17,760 --> 00:53:21,520
Speaker 1: how technological revolutions happen. When you're in the middle of

878
00:53:21,520 --> 00:53:24,640
Speaker 1: a technological revolution, you can't see the end of it.

879
00:53:25,360 --> 00:53:27,799
Speaker 1: You can't see how it will work out, how it

880
00:53:27,840 --> 00:53:31,279
Speaker 1: will all settle down, or even if it will work out,

881
00:53:31,360 --> 00:53:33,799
Speaker 1: or if it will just be a failed experiment. You

882
00:53:33,840 --> 00:53:37,279
Speaker 1: can't tell when you're in it. It's only in hindsight

883
00:53:37,600 --> 00:53:40,440
Speaker 1: that we recognize what works. When we talk about Web

884
00:53:40,480 --> 00:53:43,520
Speaker 1: one and Web two. The reason we're even able to

885
00:53:43,560 --> 00:53:46,080
Speaker 1: talk about that is because we were able to stick

886
00:53:46,120 --> 00:53:49,640
Speaker 1: around long enough to see how the web changed from

887
00:53:49,680 --> 00:53:53,640
Speaker 1: the early days to post two thousand four or so.

888
00:53:54,480 --> 00:53:58,200
Speaker 1: And I'm sure that the process of getting to this

889
00:53:58,360 --> 00:54:01,440
Speaker 1: future is going to be very grad will so there

890
00:54:01,440 --> 00:54:04,359
Speaker 1: will be milestones that we will pass that we won't

891
00:54:04,400 --> 00:54:07,840
Speaker 1: recognize that we passed. It will only be in hindsight

892
00:54:07,880 --> 00:54:11,520
Speaker 1: when we look back and say, oh, yes, when this

893
00:54:11,920 --> 00:54:15,800
Speaker 1: product came out, that was the foundation for this critical

894
00:54:15,800 --> 00:54:17,880
Speaker 1: component of the metaverse. But we won't be able to

895
00:54:17,920 --> 00:54:20,680
Speaker 1: say that what it's happening, at least not in every case.

896
00:54:21,280 --> 00:54:24,279
Speaker 1: So if I had messages for all of you out

897
00:54:24,280 --> 00:54:27,480
Speaker 1: there when it comes to things like Web three, the metaverse,

898
00:54:27,520 --> 00:54:31,960
Speaker 1: and f t S all of that, it is all

899
00:54:32,040 --> 00:54:35,920
Speaker 1: right to be enthusiastic. It's okay to be enthusiastic, It's

900
00:54:35,920 --> 00:54:42,680
Speaker 1: okay to be excited, use critical thinking, ask questions. Learn

901
00:54:42,760 --> 00:54:46,520
Speaker 1: as much as you can before you start jumping into things,

902
00:54:47,120 --> 00:54:51,440
Speaker 1: because if it's anything where it's going to require an investment,

903
00:54:51,520 --> 00:54:54,839
Speaker 1: whether that's an investment of your money, of your resources,

904
00:54:54,880 --> 00:54:59,880
Speaker 1: of your time, of your efforts, you should satisfy as

905
00:55:00,040 --> 00:55:03,120
Speaker 1: much of your curiosity as you can that that investment

906
00:55:03,120 --> 00:55:07,279
Speaker 1: will be worthwhile. It may not work out, but you

907
00:55:07,280 --> 00:55:13,319
Speaker 1: should definitely be comfortable with the investment before you you

908
00:55:13,480 --> 00:55:16,399
Speaker 1: commit it. Uh. I think a lot of people fell

909
00:55:16,400 --> 00:55:20,120
Speaker 1: into a trap where they were making investments without fully

910
00:55:20,160 --> 00:55:23,560
Speaker 1: appreciating what they were investing in, and some of those

911
00:55:23,560 --> 00:55:26,680
Speaker 1: people got burned for that, and that's what has led

912
00:55:26,719 --> 00:55:31,160
Speaker 1: to this very critical view of these these basic concepts.

913
00:55:31,800 --> 00:55:34,719
Speaker 1: And plus we can't get around the fact that we've

914
00:55:34,760 --> 00:55:39,200
Speaker 1: got some big companies that have a shaky reputation that

915
00:55:39,400 --> 00:55:43,919
Speaker 1: um at least publicly, that also lead to that. So

916
00:55:45,520 --> 00:55:48,600
Speaker 1: this future, I'm not as down on it as I

917
00:55:48,719 --> 00:55:51,320
Speaker 1: used to be. I used to be really super critical

918
00:55:51,360 --> 00:55:55,320
Speaker 1: of it, but I actually see how if deployed properly,

919
00:55:55,360 --> 00:55:59,680
Speaker 1: it could be really really beneficial. But that's an if

920
00:55:59,719 --> 00:56:04,080
Speaker 1: we have to push for the proper implementation in order

921
00:56:04,080 --> 00:56:07,799
Speaker 1: for that reality to come to pass, that's it. For

922
00:56:07,800 --> 00:56:12,799
Speaker 1: this episode. Hope you enjoyed learning about these topics and

923
00:56:13,239 --> 00:56:16,600
Speaker 1: their implications. A lot of people say this is definitely

924
00:56:16,600 --> 00:56:19,520
Speaker 1: where we're headed, So it's good to educate ourselves as

925
00:56:19,560 --> 00:56:21,960
Speaker 1: best we can so that we can make sure that

926
00:56:22,040 --> 00:56:24,799
Speaker 1: the future we do create is the best one we

927
00:56:24,880 --> 00:56:27,960
Speaker 1: can possibly make, and the only way to do that

928
00:56:28,440 --> 00:56:32,360
Speaker 1: is by educating ourselves. If you have suggestions for topics

929
00:56:32,360 --> 00:56:34,719
Speaker 1: I should cover on future episodes of tech Stuff, I

930
00:56:34,840 --> 00:56:37,719
Speaker 1: welcome you to reach out and let me know. The

931
00:56:37,760 --> 00:56:40,680
Speaker 1: best way to do that is on Twitter. The handle

932
00:56:40,719 --> 00:56:44,120
Speaker 1: for the show is text stuff H s W. Thank

933
00:56:44,160 --> 00:56:47,399
Speaker 1: you again to Nissan for sponsoring this episode and giving

934
00:56:47,440 --> 00:56:52,440
Speaker 1: me the opportunity to really dive in to this future concept.

935
00:56:52,920 --> 00:56:56,400
Speaker 1: It is exciting. It is exciting both in the sense

936
00:56:56,480 --> 00:56:59,840
Speaker 1: that there is incredible potential and that we have to

937
00:56:59,840 --> 00:57:03,200
Speaker 1: be aware of possible drawbacks. To me, all of that

938
00:57:03,320 --> 00:57:06,160
Speaker 1: is exciting. I hope it is to YouTube and I'll

939
00:57:06,160 --> 00:57:14,320
Speaker 1: talk to you again really soon. Y. Text Stuff is

940
00:57:14,360 --> 00:57:17,480
Speaker 1: an I Heart Radio production. For more podcasts from my

941
00:57:17,600 --> 00:57:21,200
Speaker 1: Heart Radio, visit the i Heart Radio app, Apple Podcasts,

942
00:57:21,320 --> 00:57:23,320
Speaker 1: or wherever you listen to your favorite shows.