The world is different than it was just a day and this recent development has given me extreme confidence that cryptocurrency is the way of the future. In fact, I was declare that it is a near certainty at this point. What was the big development that lead me to this belief? It was actually from an unexpected source and a platform that I must admit that I'm not a fan of; Facebook.
Today, Facebook officially pulled back the curtain on their main focus and strategy going forward, and this is building the Metaverse. They actually even changed their name to Meta. If you are unfamiliar with what a metaverse would be, just think back to the movie called Ready Player One. If you have seen that movie, you should quickly get a grasp of what Facebook is trying to build and how monumental of a task that would be. Basically it is a 3D world that you can experience anything, you can work, play, exercise, experience events and do anything. It is a virtual world. I know for me personally, it is the future that I have always dreamed of.
Now with that said, this is still Facebook we are talking about. And with that comes many skeptics and for good reason. That is probably part of the reason why they decided to change their name to Meta. But, I still don't think a lot of people really understand the magnitude of this announcement. Facebook is one of the largest companies in the world and also biggest brands. At peak notoriety, they are changing paths and even changing their name. And they are going all-in on the metaverse. Reportedly they will be investing $10 billion per year or more into the development of this. This is an amount that nearly no other company can do, and is also the amount of funds it will cost to develop this sort of experience. In my mind this could be a huge event in human history. Hopefully it goes better than some of those futuristic movies where people lost connectivity and interactions with others.
But how does this relate to crypto? After all, I did say that this keynote and announcement made it a certainty in my mind that crypto will succeed, and that those who got in early or even now, will become wealthy if you just stay in the market. The reason for this is simply that cryptocurrency is the currency that will work best for environment. Jack Dorsey, the CEO of Twitter and Square, has long been proclaiming that bitcoin is the money of the internet. While that may or may not end up being true, it is clear that if the metaverse is the next step for the internet, it will need to have an internet native currency. That could be bitcoin, ethereum, Solana, others or a combination of many.
This has also cemented my belief that NFT's are going to be truly massive. I will be honest that up until this point I wasn't sold on NFT's. I saw many benefits for them, but I felt that they were overpriced for what they were. But, now I have seen the light. Being able to use them as your avatars in the metaverse, having them displayed in your metaverse home, buying and selling there, seeing the digital art come to life in the way that could only be done in a digital world. This has all lead me to believe that this will be the new frontier and place to be investing. This is what makes it a certainty that cryptocurrency will be used in this world. This all means that we are early to the space. Which means that you need to get your portfolio position now. For me personally, I'm always focusing on the crypto that I believe will be around for the long haul, the coins that have a solid use-case and are building something fantastic. Admittedly, I usually stick to the blue-chips and those other coins on the verge of reaching this status. That means Bitcoin, Ethereum, Polkadot, Solana a few others.
But if this takes off, then NFT's will become the hot commodity, even more than they are today. Up until this point, I have not invested a single dollar into any NFT's. But as I mentioned above, this has made me see the light and I will now be focusing intensely on the space. I still have no idea which NFT's will take off in popularity and which ones will be duds. But that's expected to be the case in a new frontier. Think of all the internet companies that came and went during the early days of the internet. Think of all the tech companies that have come and gone. And then think of all the cryptocurrencies that have already come and gone. This market is incredibly young and full of amazing opportunities. If you put in the time and effort now, you will be rewarded greatly
Like I said before, I was never a fan of Facebook. But if you are a fan of technology, this keynote had to make you excited. This is the future that I've always dreamed of and it cements the status of cryptocurrency and NFT's as well. WGMI! (We're all gonna make it.)
As always, thank you for reading!
I am not sure this whole idea gives me great confidence at all, and I am not sure it is a world I even want to live in. To me it seems dark and dreary, where people lose touch with reality, and for some, forget about reality altogether to be replaced by fantasy and lethargy. A world where people become uber focused on the fake world, where productivity falters, and people essentially become drones without purpose, without focus, without imagination, without drive...
Cryptocurrency aside, the world described sounds bleak and unfulfilling. The worry was that one day the human race would destroy ourselves with nuclear proliferation. Now I fear we may do it by AI and technology.
The whole idea is really quite a bit saddening to me. Frankly, it also disturbing and frightening.