How close are we to doing business in the Metaverse?

How much time do you spend in the Metaverse as opposed to the universe?

If you are wondering what I am talking about, your answer to my question will surely be “very little”, so let me give you a few more hints on the subject.

Do you use the internet to play games like Fortnite with others in real time? Do you trade in cryptocurrency? Do you take part in digital education? If you’ve answered “yes” to any of these questions, you are already spending quite a bit of time in the Metaverse.

Last year Mark Zuckerberg told Facebook’s employees that he was moving the company from being a “social media” company to a “Metaverse” company – hence the parent entity’s name change to Meta. Phrases like “avatar” and “second life” already sound quite ‘olde world’ in our rapid-fire digital environment so perhaps it won’t take long for Metaverse to become old hat too.

Meanwhile, rest assured, players like Zuckerberg and other multi-billionaires are developing ways to make money out of encouraging you to do more and more business in the Metaverse. Let’s face it, the more time we spend doing any transactions via digital platforms, the more advertising the big platforms can push at us and the more data they can mine from us.

While players like Zuckerberg may want us to all be walking around wearing virtual reality goggles, in business terms we are talking about the blockchain and consolidating and diversifying its uses to make money.

Cryptocurrencies, the earliest version of blockchain transacting is reaching maturity. Bitcoin and other cryptocurrencies have even being considered as alternatives to gold – the investment standard bearer for riding out volatility – who would have thought? Non-fungible Tokens (NFTs) have also taken hold as a way for ‘creators’ to continue to make income from their works as they are traded between buyers and sellers.

What else is the blockchain being used for and does it have implications for the future of project financing and project financial management?

Mark my words, the major financial institutions of the world are already participating in blockchain transactions because it does open so many more opportunities to do business peer-to-peer with speed and transparency.

Here at Acuity Funding we have a proud track record of opening up new and innovative ways to deliver finance to our clients for projects valued from millions to billions of dollars. In many ways we are already using the metaverse to connect investors, financiers and entrepreneurs to bring projects to fruition across diverse locations with tight deadlines.

Please reach out to me if you’d like to find out more about how we can assist with your next project.