Because financial regulators wouldn’t give the social media company formerly known as Facebook (-2.33%) the blessing to develop their own cryptocurrency that would be backed by government securities and the holding of currencies, Facebook decided to go off and build its own world altogether.
So you can’t use a Zuck buck in real life? Screw it, Zuckerberg and friends are going to build their own world where anyone can spend their (hard earned?) meta dollars or whatever it will end up being called.
To show how serious Facebook (now called Meta) is about creating its own parallel dimension, the social media giant’ stock ticker FB will from December 1 be changed to MVRS.
Long live the metaverse.
But what exactly is it?
Think of it as a parallel universe, except that right now, it’s many parallel universes, from gaming to virtual meetings, it’s still a work in progress but its closest analogue would be the Second Life platform that although declared a flop, still boasts some 200,000 active daily users.
Unlike Second Life though, the metaverse (or at least Facebook’s version of it) will be far more immersive thanks to its acquisition of Oculus, the VR equipment maker and will “expand into three dimensions” that will be “projected into the physical world,” according to Meta’s marketing spiel.
Does your real life suck? Then go get a great one in the metaverse?
Once there, you won’t ever want to leave, and guess what? Since your existence becomes virtual, so is your spendable money.
Given how much of our lives in the digital realm are airbrushed and photoshopped into perfection, it only makes sense that the metaverse would be the next iteration of human existence (at least according to Zuckerberg) – enter the Matrix.
With that move, comes the acknowledgement that given how challenging things are in the real world, more people will escape into this virtual, parallel reality, spending more on virtual items using virtual currency and you can bet your last dollar (you might as well) that those items will be paid for with some form of Facebook’s virtual currency.
Meta’s push into the metaverse will be a significant step to attempt to standardize the consensus of reality so that value can be harvested from users in even more creative ways.
To understand what such a world could look like, just catch up on movies including Ready Player One, Life 2.0, The Matrix, Gamer, Alita: Battle Angel, these and other films may provide some inspiration on what the next investable digital asset could potentially be.