On October 28, 2021, Facebook announced that it was rebranding itself with a new name, Meta. Facebook adopted the new name based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world.  

Metaverse is a network of 3D virtual worlds that taps technologies such as virtual reality (VR) and augmented reality (AR) to build a social connection, powered by a digital economy. “Today we are seen as a social media company, but in our DNA, we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Meta CEO Mark Zuckerberg said.

 In December Facebook started trading as Meta, changing its ticker to MVRS from FB. “Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter this December.

Over the past few years, the company has ramped up its efforts in hardware, introducing a line of Portal video-calling devices, launching the Ray-Ban Stories glasses, and rolling out various versions of the Oculus virtual-reality headsets. The company has indicated that augmented and virtual reality will be a key part of its strategy in the coming years.

What is the metaverse?

The metaverse is an alternate space from our real world. Broadly speaking, the technologies that make up the metaverse can include virtual reality—characterized by persistent virtual worlds that continue to exist even when you’re not playing—as well as augmented reality that combines aspects of the digital and physical worlds. However, it doesn’t require that those spaces be exclusively accessed via VR or AR. A virtual world, like aspects of the videogame, Fortnite that can be accessed through PCs, game consoles, and even phones, could be part of a metaverse.

It also translates to a digital economy, where users can create, buy, and sell goods. And, in the more idealistic visions of the metaverse, it allows you to take virtual items like clothes or cars from one platform to another.

The following companies are leading the development of the metaverse:

• Microsoft
• Apple
• Google
• Epic Games (the company behind the video game Fortnite)
• Niantic (the creator of the AR game, Pokémon GO)
• NVIDIA (leader in computer graphics hardware)
• Binance
• Roblox

With the introduction of VR-based wearables, almost everything from education to post-work routines to business meetings will have an alternate world (virtual world), where people can interact just like in real-life.

What are the benefits of the metaverse?

When the technology for the metaverse is fully established, it will prove beneficial in many applications. Here are some of them:

• Legal. While business transactions have already gone digital, using 3D will make it even more realistic and interactive.
• E-Commerce. Companies will see huge cost savings. Additionally, metaverse will provide a whole new revenue stream for digital marketers. For example, companies can sell digital assets in the metaverse. The demand for virtual fashion will soar.
• Sales and marketing. As a salesperson, you can connect with clients intimately without having to commute to meet them in person. All they need is a headset, and you can take them through your products using 3D presentations.
• Human resources. Any company that involves the complex assembly of machinery will greatly benefit from VR and AR training. Metaverse provides a platform where companies like Boeing can provide training using 3D technology.
• Gaming. The immersive, 3D gaming environment offers users the closest experience to real-life gaming.

You may not believe it, but people have already been spending enormous sums of money buying real estate in the virtual worlds of the metaverse. Prices have increased over 500%. The most expensive spots are near where lots of users congregate — for instance, someone recently paid $450,000 to be Snoop Dogg’s neighbor in a virtual world called The Sandbox.

Here are the names of the main metaverse platforms if you’d like to explore further:

• Decentraland 
• Somnium Space
• The SandBox

Think back to 1991 when the world wide web was created, and individuals started exploring the internet. Our lives changed so much as the internet grew and developed!

Spend a little time learning about the metaverse. Your world – and virtual worlds – are changing.

As always, we are here for you. Please email or call if you want to set up a meeting or talk by phone.

Ralph Broadwater, M.D., CFP®

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