Innovation in Compliance with Tom Fox Enter The Metaverse with James Shannon
James Shannon is the founder and CEO of Xone, a mixed reality platform that makes it easy to build, share and interact inside virtual worlds. Their mission is to create a bridge into the metaverse using familiar social media interfaces and immersive environments, to onboard creators into Web 3.0. He and Tom Fox talk about Xone, and its place in the current technological sphere and metaverse.
Defining Web 3.0 Terminology
James defines key Web 3.0 terms, including NFT, metaverse, and augmented reality social media platforms. NFTs or non-fungible tokens are attached to digital assets to make them scarce using blockchain technology. The metaverse, he says, is “an interconnected series of virtual worlds that can be accessed through mixed reality devices and blockchain technology”. He explains that “augmented reality is overlaying digital information on top of the physical world”. Thus augmented reality social media will be a combination of augmented reality and social media interfaces.
Bridging the Gap
Tom asks James how Xone integrates NFTs, the metaverse, Web 3.0, and augmented reality social media in a coherent framework. James responds that the biggest challenge with the Web 3.0 world is its newness: only 1% of internet users are familiar with it, and it's quite difficult to use. He wants to make Web 3.0 more accessible and suggests that developers should help new users adopt this new technology through applications they already use, such as TikTok. “Xone is trying to bridge the gap between those social media platforms we know so well and the Web 3.0 technology that we don't,” he tells Tom. “It merges the familiar interfaces that we’re used to on current social media apps with immersive and blockchain technology.”
Are NFTs the Future?
James believes that NFTs would always have a place in Web 3.0 as they are the “gateway to the metaverse”. However, users aren't going to have the same relationship with NFTs as they do now. “In the next 2 to 5 years, NFTs will have evolved dramatically,” he predicts. Companies, brands, and strategies would combine the NFT token with a use case. For example, musicians could sell them to fans and they would provide access to an exclusive fan club that unlocks special content, backstage passes, and discounts on future shows.
Resources
James Shannon | LinkedIn | Twitter