The Benefit Of Facebook Becoming A "Metaverse" Company

There is a benefit to Facebook becoming a Metaverse company. It sounds a bit strange considering the criticism I levied at the company and Zuckerberg. While it stands that they deserve every bit of it, a transformation is taking place.

A few months back, the concept of the Metaverse was completely foreign. Most had no idea what it was. They simply could not see what would unfold and where it is all going.

While much of it is still in the abstract, some is becoming clearer. We now have the opposite issue where the term is being watered down from overuse. It appears many are talking about the Metaverse, applying it to everything.

Here is where Zuckerberg's announcement could really help.

Source

Focus Upon The Virtual World

Since the lockdowns started due to COVID, we saw a massive shift to the digital world. We are all aware how video conferencing became the norm in the last year and a half. This was a technology that was around for most of the past decade yet the majority only just discovered it.

Part of the issue is that not a lot of attention was given to what different technologies could do. This makes sense since they were constructed in haphazard ways, with few linking together. Therefore, people really did not have much of a conception of how remote work was truly possible.

Facebook is one of the largest companies in the world. It is also one of the most recognized. For this reason, its emphasis on the Metaverse is helping to guide people's focus. Over the next few years, people are going to understand the concept a lot better as things unfold.

The eyes are starting to turn to the virtual world. Here again, we see a technology that existed for a number of years, albeit in embryotic form. More attention will only hasten the path forward since the demand will start to build.

What is also coming to the surface is the possibilities. This is another area where people tend to be limited. They simply are not conditioned to look at what could result. Instead, they are naysayers believing they are more knowledgeable than some of the greatest minds working on this stuff.

It is easy to say "that will never work" when one truly has no knowledge about how it is even done. For the last 20 years we saw the likes of Musk, Jobs, Bezos, and, yes even, Zuckerberg do things that nobody thought possible. They all had their detractors, people who were repeatedly proven wrong.

Cryptocurrency Detractors

We obviously see the same thing with cryptocurrency. For the last 5 years, there were members of the establishment who did nothing more than bash cryptocurrency. Some of it was because they were threatened while much was because of a lack of understanding.

Now, we are starting to see how truly transformative cryptocurrency can be. This is not just another asset class like the mainstream media makes it out to be. Instead, we will likely see all assets converted to cryptocurrency at some point.

What is forming is some of the groundwork for the Metaverse. Cryptocurrency and blockchain are core pieces of what will be utilized going forward. Naturally, these are far from the only components yet, with Zuckerberg's interest, we can see how there is a lot more still to be done. We also now have the need of expanding our focus from just the financial aspect of cryptocurrency.

The detractors of cryptocurrency see it nothing more than a financial instrument. Their belief is that it cannot compete with what is already established. It is interesting to see how existing entities cannot compare to what will be developed in the virtual realm.

We already witnessed how many industries were completely transformed (or obliterated) by the Internet. This was a revolutionary technology that, in comparison, is in its infantile stage. It is going to get a lot more advanced over the next couple decades.

Zuckerberg also shows how it is a process. This is not something that will emerge by the end of the year. It is a multi-year plan, starting with the idea of a "virtual conference room". While that might sound basic when it compares to the ideas put forth in the film Ready Player One, it shows how young our technology truly is. Again, a lot of work has to be done.

In the end, we all need to expand and open our minds up. There are changes that will occur which many will view as "miraculous". We are entering the realm where Sci-Fi does meet reality. This means that much of what we know, and take to be true, will change. It cannot be emphasized enough that every aspect of live will be altered over time.

We can expect the hype cycle to occur. This is already forming which will lead to a bust at some point. Do not be fooled by this. Keep an eye on the development, especially after the media gets tired of talking about the Metaverse and it drifts from their consciousness. That is when the real progress will be made.

Watch for other companies to follow Zuckerberg's lead. We already see gaming companies expressing the desire to get into blockchain gaming.

This is only going to expand over the next couple of years. It is best for us to be prepared for it and position ourselves to benefit from what is taking place.

It likely will be the greatest transformation over the past 100 years.