Metaverse. Web 3.0. Virtual reality. These buzz words are suddenly rampantly circling the internet. And investors are watching. But why?
Forbes predicted this imminent technological revolution that would reshape our world nearly a year ago as our lives went almost completely digital overnight. And the race was on!
Facebook. Google. Epic Games. Who would win the race to the top of the Metaverse mountain, as Forbes called it?
Well… One year later and Facebook has become ‘Meta.’ They may have planted their flag at the top of that proverbial mountain, but that doesn’t mean they own the Metaverse. We all do.
The Metaverse means different things to different people, but in essence, it is a decentralized computer-generated virtual reality environment. That’s a big opportunity for every vertical from games to life-like social media interactions down to healthcare.
While ‘Metaverse’ appears to be a neologism of the recent tech world, it’s a term coined by the American science fiction author, Neal Stephenson, in his 1992 novel Snow Crash.
But the recent use of the term is anything but science fiction. It’s our new reality. Our life is moving even deeper into cyberspace.
Now, the Metaverse is poised to be the next technological revolution, web 3.0. Experiences aided by immersive technologies (e.g., augmented reality, virtual reality, pervasive gaming, and more) will be part of our daily life just as Google and social media are now.
Since Facebook CEO Mark Zuckerberg announced rebranding as the Meta Platform, their stocks rose 9% or more (and still raking in billions). This is only one small piece of the pie. Bloomberg Intelligence anticipates an $800 billion market by 2024. In the end, it’s expected to be a multi-trillion-dollar market.
Do you remember the time when the idea of making a phone call on your wrist or searching for information from a laptop seemed like something straight out of a George Orwell novel? Look at the market value of these very real innovations now.
What was once a dream is now worth billions.
Now, we're on to phase 3 of this type of life-changing technology. The big players of the metaverse will be finding ways to:
Connect with colleagues and peers via technology with the feeling of physical proximity and intimacy
- Make gaming and entertainment even more life-like
- Learn experientially
- Improve our mental and physical health
- And more
Whether you’re excited about living in a virtual world or not, one thing is clear: the Metaverse will change our world as we know it. And that’s a big deal to analysts and technology innovators alike.
Want to add the future of tech to your portfolio? Invest in the Metaverse.