Second Life, Google Glass, Papervision, Augmented Reality, Virtual Reality, Metaverse, Crypto, Blockchain, NFT’s, AI, Chat GPT. “I’m going all in”.

Over the years, numerous “game-changing” technologies and innovative breakthroughs have been developed, paving the way for further advancements. It’s easy to get caught up in the hype when something new and exciting is introduced and grabs the headlines. However, it’s crucial to exercise caution and carefully evaluate the potential benefits and drawbacks before committing to a new technology. 

Just like prospectors would rush to stake their claim and mine for gold, early adopters of new technologies often rush to be the first to invest, develop, and utilize the technology to gain a competitive advantage. However, just like the gold rush, not everyone who jumps on the bandwagon will succeed, and there may be risks and challenges associated with the adoption of new technology. Don’t let this stop you investing, just invest wisely and understand the investment.

The Metaverse emerged on the scene long after the Second Life craze, which coincided with the seemingly rapid adoption of Virtual Reality. The Metaverse promised limitless revenue opportunities, but as quickly as the hype began, it has taken a backseat to later headlines of Machine Learning and AI technologies. This is not to suggest that Virtual Reality and the Metaverse have no value, as they can be tremendously beneficial in the medical industry and engineering fields. However, as a social landscape, one may question whether the hype is truly justified.

Cryptocurrency has resulted in both significant gains and losses. I myself was somewhat caught up in the hype and I recognize the appeal of a more democratic and transparent financial system. However, the high volatility and lack of regulation surrounding cryptocurrencies leave them in an uncertain position. While I am willing to take some risks in investing a small amount, I am more interested in the underlying technology, which I will also try and dissect.

Blockchain technology offers numerous opportunities, but are the derivative applications truly justified? NFTs, which utilize blockchain technology, have been making headlines and have garnered significant investments from both artists and the technology industry. This has created a gold rush of sorts, with many people making substantial wealth, while others are left holding NFTs that may not hold much value.

While I do not necessarily believe that investing in NFTs for the sole purpose of ownership is worthwhile, I do see value in using them to track ownership and ensure authenticity. NFTs can be used to protect copyright and act as a “ticket” to gain access to exclusive opportunities.

Although the larger vision of a technology may seem lacking, there are often subset features that can still be valuable. For instance, We have integrated public/private key encryption into many applications and is proving to be quite powerful, even if the original vision for the technology falls short. On the other hand, while blockchain networks may have been hyped up, databases often suffice for many use cases.

The most recent headlines in technology revolve around Artificial Intelligence, Machine Learning, Neural Networks, and Chat GPT. These technologies are currently seeing significant investments, but businesses must consider when it makes sense to adopt them in their day-to-day operations.

Building your own AI network can be expensive and difficult to justify without a valid use case or access to massive amounts of data. Collecting data and training the model can lead to significant expenses, however, integrating open-source tools into your business could be very powerful. For instance, replacing predefined surveys with Chat GPT conversational models could capture unexpected and more valuable data. Collecting data on customer inquiries could provide businesses with valuable insights into customer needs, inform business decisions, and help improve products and services.

Before adopting or investing in any new and emerging technology, it’s essential to ask yourself whether it will benefit your business, your customers, or pave the way for the next generation of technologies. It’s important not to go “all in” on a technology but instead try to understand which parts of the technology may be beneficial and whether the return on investment is valid.

As the growth of the technologies discussed in this article continues, there will be many new toys to play with, so play wisely and do let me know about any of the fun and interesting applications you are investigating. I am always interested in practical applications of new technologies and to better understand how you are benefiting from the adoption in your industry.