So, thank you for t taking the time today. Uh, my name is Jay Steinbeck. I am the current CEO and founder of a group called Y Wales. So, real quick, I am not a journalist. So, everything you're about to hear is from the eyes of a business professional.
Everything that you're about to hear is coming through thousands of hours of interviews, hundreds of podcasts, and a true desire for a business professional over the last really decade to understand where web 3 is today and where it's going in the future. So we have taken the time and interviewed hundreds of the top developers, the top entrepreneurs in the web 3 space, producing hundreds of hours of podcasts designed to do one thing and that's to gain global adoption by the business professionals today into web 3 today and tomorrow. So let's start off with what is the metaverse? And that's a really broad question, but at the very base at at the the current author of the metaverse, it's a massively scaled interoperable network of real time. Let's go from there.
Maybe 3D, maybe 2D, but it needs to be immersive. So, let's talk about the current state and what we've been hearing from again our guests, our entrepreneurs that are in our network. So right now this is a group of probably the some of the top professionals that are active in the field heads down building in the space. You may recognize some of these names and the list is quite more extensive than just this. So let's hear from them really what they are saying today in the last few months on our podcast.
We'll save you the time of watching all the clips. How are you during COVID there was this kind of moment for me where young people lost their jobs at three to five times the rate of every other age group and they were already in low pay their hours you know they weren't getting furoughed you know to bake banana bread at home um and at the same time in the hiring market big major employers were screaming out for project managers, you know, software developers, engineers, you know, you know, a lot of people say, hey, you know, the metaverse is is uh is going to replace the internet. It's the next internet, right? Um I actually see it is a little bit differently. Essentially, what what I what I think is that it the metaverse expands the internet.
Is metaverse going to replace um the real world? It's not as good as the real world, but it's much better than what we have today like Zoom, like uh Google Meet, like Teams when we're only in 2D. the 2D now you have uh we will have 3DS technologies you can see like you said people moving around the pain point that's always been young people's is now employers and everybody else's because you know there's a billion new tech roles needed by 2030 um that's one in seven people on the planet you know give or take and that's not from 2030 that's by so it's now there's a long way to go where a lot of the stuff that comprises what we believe the metaverse is going to require hasn't yet reached that meg force standard quality where we know that avatars need to be nearly a thousand times smaller than they current maybe not thousand but at least 100 times smaller than they currently are and a lot of graphics and a lot of applications and other things need to fit into a format that is streamable. I think the biggest misconception is, hey, this is a way to make money. And yes, by the way, it is a way to make money if you do it the right way and you design the right campaign um and you design the right way to engage and reward your community.
It was very easy for all tides to to all ships to rise if the tide is very high in a bull market. But the games that are sustaining themselves today in what is arguably, you know, one of the worst markets in crypto in a long time are the ones that can probably sustain themselves for the long term and also have the strongest communities behind them as well. So, switching back over to this audio, thank you. Um, so what you just saw was a combination of hardware, software, and also uh business engagement. So, we're really hearing from all the different professionals that we're trying to say everyone's building in this space.
Everyone believes like I don't need to sit in front of you guys and say the metaverse is going to be happening or not. Every one of you believe the core issue that why Wales is trying to solve is how do we all build in the same direction? How do we gather all this energy, all this time that people are spending and move it down the path where the bridges interconnect, that the highways are running in parallel? And that's where we spend a lot of time and take the time to interview these people that are heads down. They're not attending the conferences because they're trying to build they're trying to understand and they're building the the base layers from that.
So what we're going to talk about real quick is four topics that we talk about all the time on YW Whales at our on our podcast and our live our live events. Gaming, socialization, uh education, and commerce. Gaming. Again, there's so many people that have been on the stage that just kill it on gaming. So we're just going to take a quick second and I give you a point of alpha.
This is one of our community members. It's a game called Silks.io. Um that is a a digital twin of a reallife racehorse to a virtual racehorse in a metaverse. And this is actually brand new.
Uh in fact uh the CEO said he's never shown it anywhere. So this is the first uh visualization of today a metaverse getting to launch here very very shortly. [Music] I'm going to I'm going to drive the poor AV. V guy wild with the back and forth on all the uh stuff here. So Silks is a really cool utility-based real world asset.
So they're trying to say not only can we make it really cool online, but we can also have real world value of which somebody that owns this racehorse theoretically can go to uh any of the tracks and see their horse and they're collaborating already with racetracks. And so we're seeing this blend of real world and meta right off the bat. Socializing. This is a big one. And again, there's so many people that have stood up on stage and just crushed it on this topic.
And I'm just going to say here's the biggest gaps that we are seeing. Number one, no one's going to say that web 3 is userfriendly today. We get it. We totally understand. Interoperability.
And it has to be more than just my NFT or my avatar can go back and forth. There's a lot of data that's being generated in these games. And we have to create a conduit from game to game that it's not just the visualization going through. It's all the data, the memories and the and the uh really the kind of the essence of why you're on one metaverse and bridge it into another. And most importantly guys, make it fun.
Make really focus on the game first. And we heard that quite a bit from the other from the other developers that they want things to be fun first and web 3 a little bit in the background. So Alvin is uh he's the president of HTC's uh you know hardware and he really says in HTC's mind a lot of you have their phones and they're they have AR VR glasses everything else that the metaverse needs to expand not replace the internet and a lot of times we're saying throw away web two web 2 is great 2 has a lot of great features and it works we can expand on that with web 3 jumping into education so we truly already know and you guys have seen it during the pandemic IC Zoom suddenly went crazy. We can have the best professors, the best educators in the world connected to students anywhere in the world in real time. That's powerful.
But they need the tools. They need the they need the ability to communicate with things that are not just Zoom and Teams. They need to be able to facilitate data back and forth the same way. So, we have to be a little more inclusive of those thirdparty things that are needed such as screen sharing and also being able to do homework right off the bat. Um, quick slide.
You guys know the opportunity. They're massive. They're huge. Uh, we can we could throw numbers at you all day, but this is the fun one. So, you're talking to the business guy.
The business guy is going to talk about commerce. So we really are seeing what is happening where we're entering a userdriven economy where we can have direct feedback through technologies that you guys have today very similar to Dows and and other voting metrics that we can absolutely hear feedback and then iterate much faster than any web one or web 2 company can. But first off I got to get a better UI UX experience. It's just not good today. We know if every one of you guys around here is working on it and we really really need to spend the time to make sure that it's it's on point and it's easy for every generation.
Um I like to say this, this is one of my quotes. Blockchain is built for machines. Immersive experiences are built for humans. And that's what we're building for is the blockchain should be automated. We got all the bots and everything else that can manage it.
The UIUX with immersive technology like Metaverse absolutely needs to just be flawless. So, um, e-commerce, you have so many more opportunities, and I just don't feel like we're seeing much taken advantage of that, uh, in metaverses today. So, here's a couple good quotes. I'll give the a guy a second to switch back for a video about where they think things are going. We believe that the technology is more fundamental um and something that will be uh underpinning a number of creative community um you know brand activations and executions instead of being vendor specific and using our IDs and profiles we're going to go to universal IDs universal avatars right and that also may be an area where where NFTs will will play a role it's like if we can figure the codec out if you can figure out the operating system for for metaverses, it's going to have the same effect where suddenly we're going to go from, you know, a niche thing that a couple people are using, but it's a struggle and it's hard to really the floodgates of innovation, exploration.
And when people say that they will never spend like 10 hours a day in a metaverse, I reply that they already do. When you spend 10 hours a day on Google Meet, you're just spending time in a poor version of a metaverse. What you'll see coming out of Vayner in the next couple of months is a lot of programs that are free, are open access, are really meant to be more sort of um building that early community without these financial incentives, which I also think um does preclude a lot of the more mainstream people from participating. Spend four to five hours and maybe it's more to your point in the in a more of a work environment, social environment where during the day, you know, we'll do that. uh at night, you know, or during the day, we might, you know, we might go out for lunch with our with our friends or peers or whatever it may be.
You're going to continue to wear those AR glasses, and that's where you're going to get information about phone calls, emails, all that type of stuff. And and it's just going to become intertwined in with your day-to-day life. So, there's a lot of different questions, you know, that we ask in the near term, but it really is about, you know, how do we make this experience fun for everyone? So, oh there we go. We'll we'll blow out those speakers here eventually.
So, what's most important is these are all well-funded companies. These are all like very in-depth founders that in most cases have had multiple successes and exits. They understand business and they're coming now to web 3. And I think one of the most important parts that you heard is it's about the underlying technology till today and that's what each and every one of you guys is working on and really focusing on. And then same in parallel, we need to make it fun.
We need to make it inclusive and we need to make it available. So the RP1 quote was to me one of the most important ones talking about getting the codec and the streaming right. Being able to deliver amazing full quality experiences that aren't sacrificing the UIUX or the user experience for the sake of bandwidth. Years ago we could barely stream 480 480i. Today we can stream 4K no problem to a cell phone anywhere in the world.
We have to get that same level of adoption on the base level of the OSS prior to any metaverse being able to succeed. So what does it look like? And this is where we spend a lot of time, same as every one of you, saying we want to skate to where the puck is going and not focus on making another Dententraland clone like so many have. So this is an amazing quote that just came out recently and and again I think this really explains how hard this is. We want global adoption.
I spend 80 hours a week with a massive team around the world focused on how do we take the businesses and institutions of today and onboarding them onto web 3 over the next decade. It has to be good and it has to be easy. So we believe web 3 is essentially the modular internet and right now what we're seeing from metverse deployments is it takes tens of thousands to hundreds of thousands of dollars with weeks to months of time to make a deployment. We have to get that down to hundreds of dollars and minutes to hours for deployment. Same as you can spin up a website on Squarespace in minutes, we've got to get the same thing happening for web 3.
So, we have a belief in a modular internet, a modular web 3, and a modular uh metaverse. And so, what we'll do real quick is we're going to show you what we believe is the future of YW Whales. This is the first time we've ever shown this publicly. This is our metaverse that's due to come out. What you're seeing is an MVP representation of an OS that sits underneath it that allows for us to reconfigure this entire space within minutes.
Each booth has built-in commerce that allows for all the plug-andplay to happen. And each one of these pods is a single instance that connects both the visual and the uh and the commerce as well as all the API pipes. So this is Y1. [Music] You know, the thought of these nonpunchable tokens, we understand kind of, but the the door that that opens for smart that smart contracts can can be visualized through analysis. We haven't really heard from miners on this topic.
Well, I think we take a slightly different perspective on the simple fact that the Senate and now the House of Representatives and legislators are looking at crypto. With I can invest in stocks with zero commission but I want to those opinions he was not his head is probably the most important protocol built on top of Ethereum itself I should say so wherever that is a really great opportunity for you to work on there that's the ACC you having you know inside what what happened in your brain you saw Best technology. So we know that it's possible. This entire model you guys saw is already live. It lives in Unity.
We're going through deployment now. Uh we have again dozens and dozens of strategic partners, thousands of entrepreneurs around the world helping us with this. If if this speech resonated with any of you, we'd love to spend the time and really work with each and every one of you to explain our thesis of how we think, what we're building, and why. But most importantly, we're about being inclusive. If you guys are working on a project that you believe it resonates with what we just talked about, we'd love to talk to you.
I'll be waiting over here for you guys. Thank you so much.
Automatic transcript — names and jargon may be misspelled.