Facebook to Meta - Part 2
Abraham George Macro Musings
To understand the scope of the metaverse, you only need to take into account what Google and Facebook has achieved so far. Facebook started off simply as a way of groups of people communicating with each other and sharing information and photos online.
Today, it has metamorphosed into a massive advertising business. One of the most common advertising/marketing jobs today centers around social media. It is the medium for corporations to reach their targeted audience. Print advertising and even television advertising is taking a back seat. Social media advertising reach and impact is far more superior. It has the ability to target advertising down to very precise demographics, even to the individual level, at a much lower cost.
There will be many new income-producing jobs in the metaverse that will have practical applications in the real world. Those jobs will pay taxes and also contribute to their society much in the way any other digital company in the world is doing today.
As regular users of many types of technologies, we have come to realize that technology can find a solution to many of humanity’s biggest problems. Technology can solve many issues and make our world a better place. Technology can make us more honest, trustworthy and precise. It can continue to build on itself and help us to achieve things that we visualized only in sci-fi movies and it is already here.
But, there are big risks involved when technology is used for bad things by bad actors. As a species, our biggest challenge will be to make sure powerful technologies are used for the benefit of mankind rather than in dystopian, harmful ways.
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Metaverse should take us to a virtual world where people can meet and interact with one another. Many other technologies like augmented reality (AR) and virtual reality (VR) will also help bring metaverses to life. Non-fungible tokens (NFTs) and cryptocurrencies will play a big role too. There will be a number of other technologies working in tandem to bolster our metaverse experience.
As more users and businesses start to grasp its broader use cases, it should bring us incredible experiences that we haven’t had so far. Live concerts, big sports events, fashion shows, interacting with many types of video games, attending classes, hosting work meetings and doing shopping should all take a different meaning and dimension of experience.
As a futurist and technologist, Zuckerberg has been visualizing this much ahead of everyone and is making it happen. As the technology develops, there will be a lot of moral and ethical issues that the company has to deal with while bringing it to the public and so will the authorities will have to keep a check on it too. Let us also not kid ourselves that Meta will want to gain more access to our lives so that it can monetize us further. Meta will take her pound of flesh, no doubt.
While the original creators of the 5 big tech companies (FAANG) - though now it will now be known as (MANGA) or MANAMA (if you include Microsoft and factor in Alphabet instead of Google) - are abandoning their day to day responsibilities, Zuckerberg will exercise more responsibilities and power as a hands-on person with his special super-voting rights. Facebook took off with the advent of 4G. Now Meta should take off under 5G.
Zuckerberg’s vision is clear. Metaverse should be accessible from anywhere, it could be from your phone, computer, AR glasses and of course from your VR headset. We are living in interesting times indeed.
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Abraham George is a seasoned investment manager with more than 40 years of experience in trading & investment and portfolio management spanning diverse environments like banks (HSBC, ADCB), sovereign wealth fund (ADIA), a royal family office and a hedge fund.