WEBVTT - Land Ownership Platform in the Metaverse

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well. Meta Platforms.

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<v Speaker 1>The company is formally known as Facebook. I think it

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<v Speaker 1>was a big deal obviously when it changed its name

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<v Speaker 1>from Facebook to meta Platforms, signaling that it was going

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<v Speaker 1>all in on the metaverse. But what is what exactly

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<v Speaker 1>is the metaverse? For a lot of people, it's still

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<v Speaker 1>a really new concept. Somebody who knows a ton about

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<v Speaker 1>the meta versus David Taylor, who's chief operating officer and

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<v Speaker 1>token architect at next Earth. Next Earth is a metaverse

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<v Speaker 1>platform that calls itself the third largest metaverse. It has

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<v Speaker 1>virtual landowners. It's got two and thirty thousand registered users.

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<v Speaker 1>David It joins us via zoom from Hungary. David, how

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<v Speaker 1>are you. I'm good? Thank you so much. We're just

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<v Speaker 1>about to close up. Eased their holiday here. Oh well,

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<v Speaker 1>thank you so much for taking the time and joining us.

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<v Speaker 1>Let's talk a little bit about how how did you

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<v Speaker 1>become the third largest metaverse out there right now? And

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<v Speaker 1>what does it mean to be the third largest? Is

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<v Speaker 1>the central and bigger? I mean, he's bigger out there

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<v Speaker 1>at this point. Well, it depends on what you're looking at,

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<v Speaker 1>but when we're looking at the revenue growth and user growth,

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<v Speaker 1>we are actually um or disurpassing the second. But obviously

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<v Speaker 1>the trio of this market is us, the central End

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<v Speaker 1>and Sandbox, and there are a couple of others are

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<v Speaker 1>out there in the web three space, but we're certainly

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<v Speaker 1>the first and only Earth based mataverse that is on

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<v Speaker 1>the blockchain. We'll talk a little bit about what people

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<v Speaker 1>get when they become a member of Next Earth, when

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<v Speaker 1>they become a landowner in Next Earth, because I gotta

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<v Speaker 1>tell you, I think it's fair to say a lot

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<v Speaker 1>of people listening right now, or a portion of people

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<v Speaker 1>listening right now, might say to themselves, why would I

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<v Speaker 1>actually pay money for something that is called land but

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<v Speaker 1>only exists in the metaverse right now? I think that

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<v Speaker 1>there are two answers to that question. The first question

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<v Speaker 1>is what is the mataverse it self? Because I think

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<v Speaker 1>that's what confuses many people, and the way we're looking

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<v Speaker 1>at it is the metaverse is a virtual space right

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<v Speaker 1>where consumers can interact with digital digital environment, with services

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<v Speaker 1>and each other. So in other words, it's kind of

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<v Speaker 1>like an Internet, but it also has a spatial dimension.

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<v Speaker 1>And once you add the spatial dimension to the Internet,

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<v Speaker 1>the whole term and concept of virtual land and virtual

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<v Speaker 1>real estate starts making sense. So, um, the way you will,

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<v Speaker 1>I would like to put it to our users, and

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<v Speaker 1>this is what we'll give virtual land utility is that

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<v Speaker 1>in a in a web environment that also has a

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<v Speaker 1>spatial dimensional spatial web. In a sense, virtual land is

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<v Speaker 1>basically the new Facebook page for small businesses. I'm curious.

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<v Speaker 1>There's there's kind of been two narratives of the of

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<v Speaker 1>the metaverse when it comes to the creation of it.

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<v Speaker 1>You have, um, we're going to use prominent names here,

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<v Speaker 1>I'm gonna we have Metal platforms are formerly known as

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<v Speaker 1>Facebook's vision of it, which is you go to inside

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<v Speaker 1>the metaverse, you're able to buy a T shirt, um,

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<v Speaker 1>go to concert virtually and then where you know that

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<v Speaker 1>concert t shirt to work the next day and and

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<v Speaker 1>that kind of becomes your your metaverse life very much

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<v Speaker 1>as much a social platform similar to likes of Facebook, Instagram, etcetera.

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<v Speaker 1>Then you have the other version, which I think Microsoft

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<v Speaker 1>kind of came out with, which is this is more

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<v Speaker 1>of a work platform, a remote work platform where you

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<v Speaker 1>use the metaverse to communicate with work colleagues. Which one

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<v Speaker 1>is the right metaverse? Ha ha, that's a pretty good question,

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<v Speaker 1>and the answer is neither and both. The metaverse is

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<v Speaker 1>a new industry that is currently being born out of

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<v Speaker 1>Web two and the metaverse is technically a merger of

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<v Speaker 1>three core industries. One would be social media, the second

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<v Speaker 1>would be gaming and gamification and all that comes with it,

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<v Speaker 1>and the third is finance. And that's why you can

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<v Speaker 1>start seeing companies like Facebook or meta um competing with

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<v Speaker 1>the companies like Big Games with Fortnite like that that

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<v Speaker 1>couldn't have happened in years ago. David, when you when

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<v Speaker 1>you want to go back to something that you said

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<v Speaker 1>a little earlier, the idea of having a Facebook page

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<v Speaker 1>in the metaverse, the idea of small business having a

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<v Speaker 1>piece of land is like having a Facebook page in

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<v Speaker 1>the world that we know Web two point. Now, how

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<v Speaker 1>do you know which which horse to bet on? Here?

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<v Speaker 1>How do you know which platform to bet on? Because

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<v Speaker 1>I know this is supposed to be decentralized and you're

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<v Speaker 1>supposed to be able to take stuff from one world

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<v Speaker 1>to another world. But if you're buying land in next Earth,

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<v Speaker 1>what happens if the central land is that has the

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<v Speaker 1>customers that your small business wants to reach. So here

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<v Speaker 1>is where our strategy differs from all the other Web

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<v Speaker 1>three and also all the other Web two platforms, because

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<v Speaker 1>we are not betting on any metavers We're betting on

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<v Speaker 1>the platform of the metaverse itself. We are aiming to

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<v Speaker 1>become the middlewere layer of the mataverse itself, which means

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<v Speaker 1>that new metaverse projects will be born out from Fortune

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<v Speaker 1>five hundred companies, from other Web three and blockchain and

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<v Speaker 1>decentralized projects, and we actually want to help them create

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<v Speaker 1>their own mataverse projects. We want to integrate with Sandbox

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<v Speaker 1>and with the central and make all of them interoperable.

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<v Speaker 1>And this is why we have decided that as next Earth,

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<v Speaker 1>we are going to build as a platform as a

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<v Speaker 1>service where through our suite of API, s our landowners

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<v Speaker 1>can actually access a myriad of different services from other

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<v Speaker 1>metaverses as well. What do the what do the services

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<v Speaker 1>look like? So you already mentioned a couple of them,

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<v Speaker 1>but what we can see as that obviously that the

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<v Speaker 1>low hanging fruit would be about entertainment, concert experiences or

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<v Speaker 1>other art galories in the mataverse. The whole sort of

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<v Speaker 1>gaming and three D aspect is coming into the metaverse

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<v Speaker 1>is a low hanging fruit and another quick opportunity to

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<v Speaker 1>win over new consumers would be coming from fashion or education.

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<v Speaker 1>We're already in talks with an education company that has

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<v Speaker 1>about over a hundred thousand educators within their network who

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<v Speaker 1>are working and collaborating with each other, and they are

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<v Speaker 1>coming to the metavers and guess what they're going to

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<v Speaker 1>be building their own metaverse solution using our own middlewhere

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<v Speaker 1>layer talk to us a little bit about demographics here.

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<v Speaker 1>Because you mentioned education, you mentioned kind of an uh

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<v Speaker 1>more social experience. We've also talked about the work experience.

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<v Speaker 1>Those are very different demographics. When I think about uh say,

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<v Speaker 1>someone going to the concert for the first time, I'm

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<v Speaker 1>thinking a twelve or thirteen year old teenage girl, right.

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<v Speaker 1>I think I was about my age when I went

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<v Speaker 1>to the first concert. Twelve their team, okay, yeah, with

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<v Speaker 1>a parent earlier with a parent, yeah, so twelve or

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<v Speaker 1>third teams, whereas for work is maybe twenty two right

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<v Speaker 1>when you graduate from college um and education can be

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<v Speaker 1>anywhere from pre K to graduate school. What is the

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<v Speaker 1>age demographic that the metaverse is targeting not necessarily about

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<v Speaker 1>just the age demographic, but if you look at how

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<v Speaker 1>the Internet itself people from a sort of small community

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<v Speaker 1>of hackers trying to do stuff on the Internet, to

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<v Speaker 1>a bunch of you know, millennials doing innovative stuff to actually,

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<v Speaker 1>uh me having conversations with my grandmother over Facebook, and

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<v Speaker 1>she is actually a lot more proficient in using Facebook

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<v Speaker 1>these days than I am. H That's that's the exact

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<v Speaker 1>same evolution that we're going to witness with the metavers

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<v Speaker 1>because just like in two thousand there were Internet companies

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<v Speaker 1>and normal companies, and today there are just companies and

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<v Speaker 1>every single one of those companies are on the Internet,

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<v Speaker 1>the same thing will happen with the metaverse. Today is

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<v Speaker 1>just a bunch of hackers from the crypto community space,

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<v Speaker 1>or or from the from from the likes of UH,

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<v Speaker 1>from from the uh the boiler rooms of Matter or Microsoft.

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<v Speaker 1>But then in ten years we're going to have entire families, businesses,

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<v Speaker 1>business chains operating within the mattervers and in fifteen twenty

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<v Speaker 1>years they're just gonna be businesses and being manavers is

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<v Speaker 1>actually gonna be quite the commodity. And who knows, maybe

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<v Speaker 1>we'll be doing this interview from the metaverse next Time.

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<v Speaker 1>David Taylor, chief operating officer and token architect at Next Earth,

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<v Speaker 1>joining us via Zume from Hungary