THE Metaverse is a term that many individuals who read these blogs on Future Live Wealth Management’s website are familiar with…

It’s rumoured to be the ‘Next Big Thing’.

In short, it will alter how we work, socialise, study, and entertain ourselves.

Facebook – now known as Meta – has hired 10,000 of the finest and brightest and is investing billions.

In a virtual coffee shop, your avatar will be able to meet your friend's avatar.

'Hang on, why don't I just get myself a coffee and call her on Zoom?' you could think.

That's probably where the majority of Metaverse users are.

In the interests of bringing some clarity to precisely what the Metaverse entails, I think it’s important to consider three basic questions:

1. Precisely what is the Metaverse?
2. What are your options there?
3. What will it ultimately mean for consumers and businesses?

So, what is the Metaverse… and how does it work?

The Metaverse is the next logical step after the internet.

It's not a photograph or a film; it's a sensation. You aren't looking at a photo of the property you are considering renting for your vacation. You aren't even watching a video. You've entered it. You may walk around it, down the road to the taverna, and down to the shore.

The Metaverse will be a network of interconnected 3D environments with what's known as "an individual sense of presence" (your avatar) and "data continuity." If your avatar spends some of its virtual currency in the tavern, it will have less to spend in the business next door.

In the Metaverse, what will you be able to do?

Almost anything, according to Metaverse proponents. You will be able to establish a whole digital life in the Metaverse, where you will be able to socialise, work, learn, shop, and be entertained.

You'll be able to make money in the Metaverse as well.

You'll be able to develop money by 'owning and trading property' in addition to providing services – training is an excellent example. Yes, one day we will read a story about a teen millionaire who has never left his room in real life but owns virtual property worth millions.

What impact will it have on businesses and consumers?

It doesn't take much imagination to understand how the Metaverse might have significant business ramifications. The travel business is an excellent example: as previously said, the standard brochure - whether online or printed - will become obsolete.

Disney has already stated that its own Metaverse will be created.

In a larger corporate sense, the Metaverse will allow businesses to hold 'live' events – which will obviously be less expensive than real events – as well as expand the scope of training, masterclasses, and panel discussions. It's also clear that there are opportunities for recruitment and training.

Does this imply that financial advisors will be able to visit their clients virtually in the future?

Unquestionably. Client avatars will be able to visit businesses that have a virtual office manned by avatars of real employees.

However, Facebook cautions that a fully functional Metaverse is still some time away.

For the time being, Future Life Wealth Management will continue to speak to you over the phone, via video call and where necessary greet you face to face with a real cup of tea in the months to come as we get back to normal after the pandemic.

Indeed, the message is simple.

Regardless of what happens in the world and regardless of the way that technology evolves, the entire team remains here for you when you need us.

To contact Future Life Wealth Management’s team click HERE.