Sunday, June 23, 2024

Should You Put Your Money Into the Metaverse?

Should You Put Your Money Into the Metaverse?

Since Facebook announced it would be changing its corporate name to “Meta” and detailed its plans for the future people have been putting more thought into the metaverse. It sounds like something out of the comic book world, which I am totally here for. However, more people are trying to decide if you should put your money into the metaverse or not. As with most things, the answer isn’t quite so cut-and-dry. 

What is the Metaverse? 

You may be thinking, “What the heck is the metaverse in the first place?” Because the way we interact with each other is constantly evolving, so is the metaverse. In theory, you would have separate lives: your physical life and your digital life. The metaverse is where they meet. It is where you (and your avatar) encounter other people virtually and interact with them.

To a certain extent, the “metaverse” has already existed in video games. For instance, my wife and I play Elder Scrolls Online. You log onto the server, create a character, and interact with other players in character. This is the “second life” or your digital life, and it exists in more than one way. 

If you’ve ever seen the movie Ready Player One you know what a metaverse might look like scaled-up. Essentially, most of the people in society in the film lived in their alternate virtual reality more than the physical one. That’s starting to look more like what the future has in store for humanity. Is it too early to put your money into the metaverse?

More Media Attention 

Mark Zuckerberg has brought more media attention to the idea of the metaverse in recent weeks. They rebranded the company, renaming it Meta. He hopes that eventually, they will have all the resources necessary to help people live a fully digital world beyond the world we live in.

On top of that, big players like Microsoft and Sony have been making moves to buy into the metaverse. Sony is releasing a second-generation virtual reality headset for the Playstation 5. And, most recently, Microsoft has made moves to buy Activision Blizzard. 

Activision is one of the leading online gaming companies. It has launched successful online, multi-platform games, such as World of Warcraft and Call of Duty Warzone. The company hasn’t dabbled in VR yet though. Microsoft won’t completely take over until Summer 2023, but the move speaks volumes to the future of the metaverse. It wants access to Activision’s ability to create interactive worlds. 

Think Before You Put Your Money Into the Metaverse

While there are some big names making moves in the metaverse, that doesn’t necessarily mean you should put your money into it. Not directly, anyway. Consider putting your money on companies that are working to expand on the technology that will make a metaverse possible. Brands like Samsung, Gucci, and Nike have all already gotten their hands into the metaverse in some fashion. 

You can also research tech companies that are experimenting with virtual reality and other metaverse technology. These companies will likely grow exponentially in the years to come. So, in short, yes. Put your money into the metaverse, but be sure to do your research first.

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  • Drew Blankenship is a cryptocurrency investor, family man, father and lifelong automotive enthusiast. He lives in North Carolina with his wife, daughter and their dog Enzo.

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