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It’s a fresh new year, and 2022 is shaping up to be even bigger and better for the progression of all things cryptocurrency. Last year, we saw a boom in excitement around NFTs, GameFi, and the future of the metaverse. The Collins Dictionary declared NFT (non-fungible token) its word of the year, while Facebook renamed and relaunched its umbrella company as “Meta”, which, while pushing the idea further into the mainstream , was met with a wave of annoyance from the industry. But one thing is certain: everyone from gamers to corporations to diplomats is rushing to be the first insider at the foundry of this impending future landscape, the Metaverse.
If the future of our world is planted in the metaverse, then is having a financial plan for that future a good idea? Traditional financial advisors would struggle to feel confident guiding clients through investing their retirement money in digital plots of land, but if the future of wealth is getting closer to that reality, there are hard truths to face that establishing some literacy and integrating metaverse-focused investments into financial plans might be a good idea.
As Aristotle said so well, “the more you know, the more you realize that you don’t know”. As with most areas of investing, entering the ground floor creates the best opportunities for success. Here are some of the ways financial planning for the Metaverse can be implemented in everyday life.
The rise of digital assets
Where there is a virtual world, there will be virtual investment opportunities. NFTs influence almost every investment and lifestyle industry. As the art world gains universal coverage with a single NFT selling for over $90 million (The Merge by Pak sold for $91.8 million on Nifty Gateway in December 2021), NFTs are are integrated into the world of GameFi and the hugely lucrative gaming industry, allowing users to earn real income by playing their favorite games through the innovation of blockchain technology and NFTs.
This trend is also reflected in real estate. Republic Real Estate, a company that in the past raised money to buy distressed condos in the physical world, launched a fund earlier this year aimed at investors looking to buy virtual land. Their hope is to develop multiple plots of virtual land into malls, condos and other uses, anticipating that crypto enthusiasts and investors will see their value increase.
The general public is familiar with online shopping. This is often the preferred method of purchasing goods for most people these days. With the rise of the metaverse and the movement of online shopping becoming a unique virtual experience, participants are becoming more interested in their virtual avatars and how they look. What used to be buying clothes online in the physical world is shifting to online clothes, style, and other appearance-related aspects in the virtual world. People already interested in these virtual trends report that avatar customization prices [subscription required] and purchases related to virtual appearance are steadily increasing, creating strong supply and demand for virtual aesthetics.
Immersed remote work
The pandemic has created a need to shift from office spaces to remote working. This change was pushed as a temporary solution to the setbacks of a global virus, but many large companies see it as a way to fully move into remote spaces. Although it might be difficult, the foundations of a virtual workforce were already there for many people.
While some companies worry about the move, where the metaverse is influencing this change is actually improving the remote experience to become more immersive and connected. The idea of sitting alone behind a desk and typing on a computer turns into virtual reality meetings, connecting via avatars and immersive presentations [subscription required] that enable the complete experiences of connected working.
Changing the future of the real world
While the virtual world seems to be advancing at lightning speed, the physical world is not about to disappear. While it may feel like the virtual world is taking over everything, there are still a lot of steps to take as we move closer to a metaverse landscape. With emerging technologies and stinging interests, the metaverse is slowly taking shape, more and more aspects of our physical world are becoming more integrated into the virtual world, as cryptocurrency, games, work and daily life are immersing, investment businesses and traditional practices will continue to adapt to these changes, including financial interests and future planning.
Eran Elhanani is co-founder of BullPerks and GamesPad.
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