Cosmos, a half-century-old greasy spoon known for its house omelette with bacon, ham, salami and sausage, isn’t exactly synonymous with cutting-edge technology.
But the new owner, David Minicucci, wants to bring his Montreal restaurant into the fledgling three-dimensional realm of the metaverse.
Minicucci envisions customers in different cities using virtual reality headsets to get together in a 3D version of the restaurant – even enjoying Cosmos’ signature dishes, prepared in kitchens set up across the country and delivered to your door.
“Just like we got onto UberEats or went on to other technology platforms that help us increase sales or get our name out there … it’s just the next level of that,” said Minicucci.
While the metaverse concept was coined in Neal Stephenson’s 1992 novel Snow Crash, the idea that interconnected, immersive virtual worlds could be the next phase of the internet has gotten a lot of attention lately – particularly after Facebook rebranded itself as Meta.
Since Facebook rebranded itself as Meta, the idea of an interconnected virtual reality becoming the future of the internet has gotten a lot of media attention. (Eric Risberg/The Associated Press)
For Minicucci, who has owned Cosmos since 2020, that meant purchasing a plot of virtual land in a digital world called Decentraland, paying the equivalent of $15,000 in cryptocurrency.
Metaverse real estate transactions worth millions
And he’s not the only one willing to spend money on land that doesn’t actually exist.
A recentreport by the Centre for Technology, Finance and Entrepreneurship in the U.K. found that land transactions in the metaverse last year hit an average of $100-million US each month.
WATCH | Metaverse investment a risky proposition, expert says
Dining out in the metaverse
4 days ago
Duration 0:41
The owner of a Montreal diner lays out his vision for the metaverse version of his restaurant 0:41
In Decentraland those sales were worth $110-million US, the report says, and in another virtual world, The Sandbox, they hit $350-million US.
A subsidiary of Toronto-based company Tokens.com, which invests in digital assets linked to the metaverse, recently paid nearly $2.5 million US for virtual land in Decentraland’s fashion district.
At the end of March, the company will host Decentraland’s fashion week, with avatar models showcasing NFTs, which are unique digital assets like art or media, and virtual products from brands such as Tommy Hilfiger and Dolce & Gabbana.
“A lot of people were scratching their heads at how much money we spent on it,” said CEO Andrew Kiguel, who sees an opportunity for digital advertising – and more.
The fashion show, he said, is an example of how his company could make money off its virtual land.
“It’s being hosted on our land, so we’re being compensated for that,” he said.
“We own the peripheral land around the fashion show, so we’re working with various groups to set up pop-up shops to get some of that peripheral traffic. And we also own the rights to any of the advertising that happens on this property.”
Decentraland’s land plots are non-fungible tokens, or NFTs, which means that each one is unique and cannot be replicated. Part of their value comes from the fact that the organization behind Decentraland created a finite number of plots: 90,000.
Skepticism amid the hype
For enthusiasts, the metaverse will be home to virtual spaces where you can wear a virtual reality headset and have your avatar shop for clothing, visit an art gallery, or go to concerts and fashion shows with friends.
But some experts caution that the user experience is still years away from fully immersive worlds that aren’t awkward or clunky, where users can move seamlessly between different virtual platforms.
Cosmos opened in 1967 and is famous for greasy breakfasts including a house omelette and the creation sandwich. People might soon be able to enjoy those in a virtual environment. (Alison Northcott/CBC)
“The zeitgeist is hot right now for the metaverse,” said Rabindra Ratan, associate professor of media and information at Michigan State University. Despite all the attention, Ratan sees virtual real estate as a high-risk investment, at least for now.
“I am definitely in favour of the development of the metaverse, but I also believe we are so far from realizing this vision that the virtual real estate thing is just too risky, in my opinion.”
Ratan points out there are multiple digital worlds, all vying to become the dominant space with the most traffic and no one knows which of them, if any, will win out. The use of cryptocurrencies and a lack of regulation can add further volatility and risk.
“We’ll see, probably, some bubble busts in real estate, but that doesn’t mean the metaverse is dead,” Ratan said. He sees land as “the worst investment” in the metaverse right now.
“Don’t go buy a plot of land and then figure out what to do with it. Think first about what you want your users to do in the metaverse.”
This is what Cosmos looks like in Decentraland, a virtual reality 3D world with 90,000 plots of land. (Decentraland screenshot)
Henry Kim, associate professor at the Schulich School of Business in Toronto, said investors are drawn to what the metaverse may become, but have no guarantee it will take off.
“It’s either pure, pure speculation and gambling,” he said. “Or it’s a very, very risky investment to something happening in the future.”
Kim recognizes the potential the metaverse has to transform how we interact, looking at it as a way to add 3D space to social media.
“If social media is very popular and people see great opportunities with that, then imagine if you could do that in 3D,” he said.
“Imagine all the promises and benefits that come with that. The issue really is that no one really knows what that’s going to look like.”
Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.
