Yes, that is a scandalous headline to use, and it may seem like I am “hating” on Zuckerberg, but I am not.
I truly believe that the dawn of the metaverse will change how human beings interact. And not for the better.
The metaverse in prototype form in prototype form already exists. There is no avoiding it. And my advice to you is to figure out how to invest in it. The metaverse of the future could be worth as much as $30 trillion.
How do you order from Amazon? Where do you get your news information? Where do you go to show people pics of your lunch? The metaverse will be an all-immersive extension of life as we know it now – all-digital and all simulated.
So, what is the metaverse? Well, imagine a video game like the Sims, or any video game. But instead of playing Super Mario, you will put on virtual reality goggles and see a digital avatar that looks like you.
You could design an avatar that looks like anyone, but the point is that the metaverse is a digital simulation of the Earth that we inhabit. Now imagine that businesses and retailers and everyday people are connected to the metaverse as well.
So, now that you are probably working remotely, your metaverse avatar may interact with your boss and colleagues in a simulation conference room. Every avatar may be separated by hundreds or thousands of miles in reality but connected in the metaverse.
You get in your car and metaverse and go to a fast-food drive-in. The food will be delivered to your home later. Or you can go to a supermarket or pharmacy and buy things that will later be delivered to your real-world address.
The point is that you don’t have the metaverse anytime soon – but in a decade at the most, it will be a reality.
My advice to you is to figure out how to invest in the metaverse for your own business benefit before it is a reality.
Everyday people, the same people currently addicted to the internet, are going to get sucked into the metaverse, and not for free.
Addiction
The dawn of the metaverse will mean that you will be even more addicted to the internet than ever before.
The average person spends seven hours a day on the internet. (NO, that is not a typo.) People spend seven hours a day on their smart devices or laptops, social media, or watching streaming entertainment.
The typical person spends over a fourth of their days on the internet. How much will that digital addiction increase when the metaverse is here?
And the internet is an addiction. Think about how you can’t resist checking on a post when you get likes, comments, or a share. Those feelings will be magnified a thousand-fold in your metaverse workplace, bar, or school.
Loss of Human Interaction
If you need to see how prolonged confinement affects the human psyche, then I hope you have been paying attention to the world since March 2020. If there is one thing that the pandemic has shown, it’s that people don’t do well when cut off from other people.
There will be virtual parties, clubs, and meeting places for people to meet and date in the metaverse. What will that be like? In the real world, people get catfished all the time or set up to relate to a false social media or dating profile that looks nothing like the real person.
How will digital catfishing intensify in the metaverse?
Or worse, will people want to voluntarily only realize their long-distance relationships in the metaverse instead of actually meeting?
Debt
Using the metaverse will never be free. You will have to pay for a virtual reality rig to enter it.
And FB and every other tech corporation involved in the metaverse will take a percentage of every payable transaction you conduct in the metaverse.
Every time you visit a metaverse version of McDonald’s or some pharmacy or a club, you will be using a virtual currency variant of real money. And FB or some similar company will get a cut.
People may go into debt living in the metaverse. Or just work for the sake of living in the metaverse.
Invest in the Metaverse
You can invest in virtual real estate in the metaverse right now. No, it’s not a joke.
Some corporations are investing millions of dollars in virtual real estate in the metaverse right now.
The virtual building where you and your virtual colleagues will have a real lease paid by an investor in the real world. Your company or an investor backing your employer may pay rent for you to use that digital workspace.
The metaverse is in its prototype stage right now, but you can invest in companies involved in the metaverse now via stocks.
My point is that the metaverse is coming. And you have the choice to be a customer or a business when it launches.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.