The Future of Legacy: Attention, Trust, and the Power of Access

The Future of Legacy: Attention, Trust, and the Power of Access

Legacy is often associated with material possessions, wealth, or achievements that one leaves behind for future generations. However, when pondering the greatest legacy for future generations, one must consider a more profound and timeless aspect: a noble and courageous life. It is this intangible legacy that surpasses all others, as it is something that anyone can strive to bequeath.

In the year 2020, a new theme emerged that dramatically impacted society - the Attention and Trust Economy. People began to feel a growing fear and doubt as their attention was constantly being sought after. In order to capture attention, trust had to be simultaneously established. Thus, the concept of an economy based on attention and trust was born.

The Z generation, currently comprising 27% of the population in the United States, is the most diverse generation and is projected to become the largest generation by 2026. This generation is constantly consuming content and brands through their smartphones, possessing the power to swiftly switch allegiances. The moment a brand breaks its promises or takes actions contrary to its stated vision, it loses the trust of the Z generation.

In the past, wealth was a symbol of status, often displayed through the ownership of expensive items like Gucci bags. However, the definition of status has shifted. It is no longer about wealth, but rather about "access." The ability to enter exclusive restaurants, obtain limited edition products, download apps that others cannot access (like Clubhouse), or possess knowledge about lesser-known subjects (such as environmental issues) has become the new status symbol.

Keeping up with rapidly changing trends is crucial. For example, on TikTok, trends change weekly, and the Z generation must be knowledgeable about the latest dances, music, and TikTok stars to stay relevant. Discovering and embracing the joy of uncovering things that others do not know or having access to exclusive information and experiences are integral to their identity.

Successful companies, in their early stages, often dominate a niche market before expanding into the mainstream and ultimately selling a lifestyle. It is essential to prioritize providing users with overwhelming value, a sense of community, and insider access rather than solely focusing on rapid growth or revenue. Brands that can control the value for those who possess access and access rights in the attention-seeking Z generation will be highly regarded.

The future of next-generation brands lies in building an audience. Glossier and Barstool Sports are prime examples of this approach. They create fans through content and leverage their attention and trust to generate revenue. The Z generation, more than any other, desires self-expression and creativity. As the projected sales of 100 million AirPods in 2021 indicate, the rise of audio-based social networks and media is a natural progression. Additionally, as the Z generation has grown up communicating through platforms like Discord and primarily using audio, they will likely seek the same in their workplaces.

Tencent, a leading technology conglomerate, has made substantial investments in creating the infrastructure and content necessary for the metaverse. They own 40% of Epic Games, which is at the forefront of metaverse infrastructure development. Tencent is also a significant shareholder, potentially possessing a stake in A/R, Mirrorworld, and digital mapping, in Snap, a company that holds 12% of the metaverse's key assets.

In conclusion, the greatest legacy for future generations lies in living a noble and courageous life. However, in the digital age, attention and trust have become vital currencies. Brands that understand the Z generation's desire for access and control the value associated with it will thrive. To adapt to changing trends, companies must prioritize community, insider access, and providing overwhelming value. As the Z generation embraces self-expression and audio-based communication, the rise of audio-based platforms and the metaverse becomes inevitable.

Actionable Advice:

1. Embrace the concept of legacy beyond material possessions. Strive to live a noble and courageous life to leave a lasting impact on future generations.
2. Build trust and capture attention in the Attention and Trust Economy by aligning actions with brand vision and promises.
3. Adapt to rapidly changing trends and prioritize creating a sense of community, insider access, and overwhelming value for users.

By incorporating these principles into our lives and businesses, we can navigate the evolving landscape and leave a tangible and intangible legacy for future generations.