What are NFT and Metaverse?
We are now aware of Cryptocurrencies and the perceived opportunities this new mode of exchange will make to our world. We are all looking for the next ‘big thing’. No one wants to be left behind. There is something about buying products and services, but the crypto craziness is still outside of my understanding. Even though this has been around for a few years. It is difficult to get a general consensus on the future direction of crypto.
What we know so far about NFT and Metaverse
Whilst the argument is raging on, there have been instances of scammers taking investors money and running. Then, there is still the fight for control and supremacy of the different digital currencies.
Fast forward to 2020/21 and things are looking different for the Non Fungible Tokens (NFT). NFT’s are currencies that can be used outside of the control of central banks or governments. This group also includes crypto. There are fundamental issues with a means of exchange without a controlling body. Hence, NFT’s have a lot of traditional opposers. We all know the only that is constant is change. So, if we are tired of using normal currencies, what are the alternatives?
Real or virtual?
For now at least NFT’s are more popular in the virtual world than in the real world.
The line between the virtual and real worlds is blurring though. For those who may not initially be interested in the virtual world, the isolation of the lockdown over the past 2 years has led most of us to live in a different universe of our own. We are now used to interacting with others online, we play games online, have online meetings and even online parties etc.
This has led to less interaction between people and now the entrepreneurs among us are taking this to the next level. For those of us used to playing computer games, it is easy to transfer from the real world into the virtual reality (VR) world. If you are playing games in the virtual world, you may want to see yourself in VR world and why not. So, smart entrepreneurs are developing avatars for people who want to see themselves in the VR. Why not perfect the imperfect world in the VR world?
What are Metaverse?
There steps in Metaverse. This is where you create your own VR world. Entrepreneurs have been quick in this field, it is like playing a game of Monopoly, but with a difference. You are actually playing with real money (as NFT’s become more tradable in the real world) . This used to be a side line, until the big players like Mark Zuckerberg of Facebook ( now Meta) stepped into this area. Other big businesses such as Adidas, Nike, Microsoft are already involved. There are rumours that Apple may also be planning to step in here. That will be a game changer from what we know about Apple.
As a favourite saying in finance. ‘Follow the money and all will be revealed’ Who can forget the hosting of virtual concerts by Fortnite a few months back. The virtual concerts allow artists to play live and be watched from home as if you were in the concerts. Travis Scott and Arianna Grande were some of the big names who performed VR concerts (Metaverse). The links for their performances are below.
What are the opportunities for entrepreneurs?. There are people who specialise in creating avatars, games etc. Some create virtual land for others to buy in the VR world. Where there is land, there will be property developers, renters, real estate agents, designers and brokers. The list is endless.
Why will anyone want to live in a VR world? I have no idea, but we have always been interested in exploring our surroundings whether real or otherwise.
For those interested in the business side of this. You can also invest in companies who make the VR games. Companies like Decentraland, Sandbox, Axie Infinity, V-empire, Roblox and others.
How and when will this Metaverse get into the world of education? It’s a matter of time.
There must be an opportunity to involve teachers in the VR world and get students to learn, be engaged and be part of the VR world
As you may have guessed, if there are opportunities to make money, then entrepreneurs will be there to explore. The share price of Sand box above has grown massively in the last few months from less than 4 cents in January 2021, 66 cents in September 2021, $ 7.3 in November and $5.6 as at 30th December 2021. These levels of unprecedented volatility can not be good for those interested in long term investments. It is difficult to know what is driving the price volatility. A change of over 900% between 2 months is exciting but also means a lot f money can be lost rather quickly. So this is not for the faint hearted.
My suggestion for investors in this area is be ready for a bumpy ride and I will only take this as I would a lottery ticket. Put only the money you are happy to lose.
But there are companies like Microsoft, Facebook, Meta platforms, Sandbox
You may be interested in https://www.enterprisedoctors.com/online-training/
Ariana Grande’s concert
Travis scott’s concert.