Facebook changed its name to Meta. Square changed its name to Block. Virtual land has sold for as much as $2.43 MILLION. Preteens have become MILLIONAIRES overnight by creating and selling NFTs. So much is happening. And it's all happening fast.
So what is the Metaverse? Well... that’s the million dollar question. Or should we say the MULTI-TRILLION dollar question--the anticipated market value. The short answer is no one really knows exactly... YET. It will be build using blockchain technology and use cryptocurrency. But whether we realize it or not, understand it or not, or like it or not, things are definitely heading in... a direction. Generally speaking, the Metaverse is essentially an integration of the virtual world and the real world. Think Snapchat's face filters - they take your real world face and alter it in a variety of (and, oftentimes, amusing) ways with virtual overlays. That's the basic concept. Simple, right? Sure... but there are SO MANY MORE possibilities. Think about "filters" on city streets with retail sale indicators and restaurant menus icons. The possibilities are (virtually) endless!
So who cares about the Metaverse? Well, for one, investors care (a lot), and they've been caring for a while now. Many believe the financial growth potential of the Metaverse is exponential. And mainstream companies and financial institutions are starting to agree. Companies like Adidas and Nike have recently entered the Metaverse space by buying virtual land. Musicians like Justin Bieber and Ariana Grande have held concerts in the Metaverse. Chipotle gave away $1,000,000 worth of FREE (real life) burritos in the Metaverse. Gucci hid FREE virtual items in the Metaverse for users to find and acquire.
So as you can see (and dare we say it again?), the Metaverse possibilities are (virtually) endless. The implications for businesses are MASSIVE. From investors and large corporations to small businesses and consumers (and everyone and everything in between), we are only limited by our imaginations.