Is The Metaverse Worth All The Hype?


By Melanie Fine, Contributor

Consider a conversation one might have had about the internet in the 70s.

What is it?

Well, it doesn’t really exist right now, but when it does we’ll be able to connect with people and businesses all over the world.

That’s what phones are for.

But this is different. You’ll be able to find information just by typing in a question.

I can get information by dialing 411 on my phone. Or, ask a librarian.

Yeah, but, people will have stores on the internet and you could buy things without ever having to leave your house.

Why would we want to never leave our houses?

The internet has evolved to solve needs that we didn’t know we had and to create opportunities for commerce we never knew we wanted.

Similarly, when people talk about the metaverse, it can be just as confusing.

What is it?

Well, it will be a fully-interactive version of the web where you can virtually walk into stores and try on merchandise, attend concerts, meet up with people at virtual clubs.

That’s what Amazon is for. And Zoom.

But this is different. You’ll be able to talk to others in real-time.

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I can do that now.

Yeah, but, the stores you currently shop at online are two-dimensional. This will be three-dimensional and you can walk through them just as if you were at the mall. All without ever leaving your house.

Will I have to wear one of those VR headsets? They’re so bulky and uncomfortable.

For many of us, imagining a three-dimensional virtual space on the internet presents a solution to a problem we don’t know we have. So why is it that companies like Meta formerly known as Facebook and Microsoft are investing heavily in this world of the future?

Perhaps, they know something we don’t.

Serial entrepreneur Kate Hancock is certain they do. And she’s put her money and attention behind it. Kate launched the MetaVerse Collective to fulfill her vision of empowering and educating one million entrepreneurs on how to join the metaverse. While the population of the metaverse’s early adopters is currently heavy on techies and coders, Kate believes there is a big need for entrepreneurs who know how to run successful businesses to help build the future of the internet.

Kate Hancock is known as the “Pivot Queen” for her innate ability to capitalize on emerging opportunities. She most recently jumped in at the right time on the social media audio app Clubhouse, hosting the longest-running, most successful room marathon for 20 straight days, hosted by 1,500 mediators globally, and featuring world-renowned speakers such as Shark Tank’s Daymond John, and beauty mogul Patrick Starrr. In just one day, her clubhouse room drew 50,000 listeners.

Kate Hancock got her start as an entrepreneur by growing her first e-commerce Amazon business from just US$20 to over US$1 million in just a year and US$15 million in the first four years. Since then, she has built globally successful brands in the hotel and business industries.

Her facial spa was named one of INC’s 5000 fastest-growing private companies in 2017 and 2018. Additionally, Kate was named one of Tripadvisor’s Top 8 Asian American Influencers to Follow in 2021.

And, she wants to impact 100 million entrepreneurs by sharing what she’s learned. To date, she has helped over 7.5 million entrepreneurs through her clubhouse room, “What it takes to run a 1 million dollar biz.”

The metaverse presents especially promising opportunities for women, artists, and people in developing countries to build life-changing success. We’ve already seen examples like the Indonesian student who sold his selfies as non-fungible tokens (NFTs) for the equivalent of $1 million, and 12-year-old artist Nyla Hayes who made nearly US$4 million selling her Long Neckie Ladies NFT collection and went on to be TIMEPieces’ first artist in residence.

Beyond the opportunity to sell art as NFTs, many brands are beginning to attach NFTs to goods and services. For example, MetaVerse Collective’s first NFT gives buyers access to their “How to Scale a Business” mastermind.

Additionally, women from developing nations who may not have the right to own property or the freedom to acquire wealth could have opportunities in the democratized metaverse and cryptocurrencies. For example, a woman in a remote part of the world who would usually only make the equivalent of US$10 per month could sell something in the metaverse for US$100 and drastically increase her earnings.

One way that Kate is hoping to dive deeper into democratizing the money-making opportunities in the metaverse is by launching a gaming guild for kids in her home country of the Philippines.

“Play to earn” NFT games are very popular among kids in the Philippines. By building a gaming guild she hopes to help kids monetize their passions for gaming to help support their families while going to school. She is even planning the largest Metaverse and gaming conference in Asia this year to help bring more awareness to the opportunities for those who live in Southeast Asia.

The opportunities in the metaverse go far beyond gaming and NFTs, however. Some entrepreneurs are already purchasing and “flipping” virtual property in the metaverse. Some are renting out their virtual property, while others are putting billboards on their land to earn more money. In many ways, the metaverse is mimicking standard development practices in the real world.

Kate says getting involved with the metaverse gives her the same excitement she felt when she started her first major business venture. The opportunity to learn now and be among the first wave of adopters is similar to when the internet was just beginning. As Kate says, “The metaverse is the next generation of the internet and there’s no way of stopping it.”


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