Modern FINANCE: The Future Is Now in the Metaverse

Modern FINANCE: The Future Is Now in the Metaverse

By Philip Dudley

The future of Augmented Reality (AR) and Virtual Reality (VR) recently received a huge vote of confidence from Facebook (FB). Pardon me, that would be Meta Platforms (META).

Let me explain. Facebook is rebranding and changing its corporate name to Meta, the better to align itself with the businesses the company has acquired since becoming a public company. Instagram and WhatsApp were meaningful acquisitions to name a few, but Oculus is where the company is betting the ranch.

Imagine taking the physical world, with all its intricacies, and shifting those experiences to a digital AR/VR world where you can work, play games, buy and sell things and socially interact.

In the span of 24 hours, Meta Platforms changed the narrative about the Metaverse, an extensive online world where people interact via digital avatars.

I’ve been discussing for some time now the future of finance, especially all things about digital currencies. The Metaverse is the realm where all of these technology innovations will exist and thrive.

Avatars are how one will express themselves in the Metaverse, but that’s just the beginning. One can create new experiences in gaming, work and learning. Additionally, you’ll be able to teleport yourself to any location—anywhere, any time. This is an important distinction because your avatar will freely experience different platforms seamlessly.

One interesting facet is avatar “skins” or clothes/accessories in the physical world. One can purchase their skins in the Metaverse, which no doubt represents a huge new e-commerce opportunity for companies.

Nike, for example, has just filed to trademark its brand for various virtual goods. These include the swoosh logo, “Just Do It” slogan, shoes, clothing and other varied accessories. Imagine a world where you can not only buy a physical pair of Nike shoes but purchase a Nike track suit skin for your avatar to go hang out with your friends at a party. Sounds crazy, but it’s happening right before our eyes.

There are other first movers in the Metaverse that should be mentioned, such as Decentraland (a virtual destination for virtual assets) where a slice of virtual property recently sold for $900,000 and the storied auction house Sotheby’s has actually opened a gallery in a virtual art district to auction NFTs. Remember those? The bottom line: real companies are preparing for a virtual world and Meta Platforms is the blue chip that believes the Metaverse will be the successor to the mobile internet. Let’s see if they’re right. And the meantime click the link https:// about.facebook.com to learn more about it. Just Do It!