The best in RN technology is…
the metaversealso known as a 3D world that combines virtual reality (VR) and augmented reality (AR) to create immersive experiences.
And… where exactly is it?
Online. Platforms like Decentraland and The Sandbox allow you to create an avatar (aka your digital mini-me) and explore the metaverse.
What can you do there?
You can shop, socialize and play. To think: attend concerts, fashion shows, and more. But it’s not all fun and games. Meta’s Horizon Workrooms connect you with your co-workers to collaborate virtually. Think: WFH but with avatars and virtual conference rooms.
Who is in the metaverse?
mostly young. Gaming platforms like Roblox, Fortnite, and Minecraft are bringing Gen Z and Gen Alpha into the virtual world. And they expect to spend a lot of time there. One study estimates that people will spend an average of four hours a day in the metaverse within the next five years. And (spoiler alert) they don’t just spend their time there. They are also spending $$$.
Real money. Like in $54 billion a year in virtual goods, based on an estimate. But since the metaverse isn’t technically fully operational, any investment linked to it (think: buying metaverse real estate) is speculative. And in addition to investing US dollars in companies that build the metaverse (hint: Facebook became Meta for a reason), you’ll need cryptocurrency to buy things like virtual property.
An older version of the metaverse is here. And people are starting to spend more time and money there. But investing in space can be risky.
And also… this
Who got a “Princess Diaries” level makeover…?
Ethereal. “The Merge,” also known as the cryptocurrency platform’s transition to a proof-of-stake transaction model, occurred this week. Proponents say the move will deplete Ethereum energy consumption. Opponents say it could lead to the platform becoming more centralized and less secure.
Who could be jumping on the bitcoin bandwagon…
Fidelity. The investment firm may launch bitcoin on its brokerage platform after adding crypto to its 401(k) offerings earlier this year. ICYMI, crypto can be a risky investmentso be sure to review your timelines, savings goals, and risk tolerance before you make any moves.
Who is watching cryptocurrencies…
The White House. This week, the Biden administrator issued his first framework for what crypto regulation could look like.
leading the way
We are still in the early days of the metaverse. But experts expect the size of the market to grow to nearly $700 billion by 2030. We know that. We pant too.
Some companies are already betting big. Private equity firms, venture capitalists, and corporations invested more than $120 billion in metaverse-related technologies this year alone. our friends in nasdaq delved into those technologies and the leaders that will help shape the future of the metaverse. read here.
asking for a friend
Q: What advice would you give to women who are wary of investing in cryptocurrencies?
Michelle Singletary: Cryptocurrency is speculative. It’s new, it’s different, and it’s very volatile. Any money you invest should be money you can afford to lose entirely. Therefore, you would not put all of your retirement money or every penny you have saved. If it’s an area you’re interested in, you’ve done some research and you’re thinking: ‘This is something I want to be in’ should be the same as saying, ‘I want to invest in the health industry.’ You have to treat it the same way. You shouldn’t go into that because it’s the newest and the best. Because being the newest and the best is no reason to invest.
Michelle Singletary is an award-winning journalist and the author of four personal finance books. Her nationally syndicated column “The Color of Money” appears in The Washington Post. Her response has been edited for length and clarity.
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thing to know
Also known as the latest trend in crypto scams. Basically, scammers send messages (usually via WhatsApp or Tinder) to unsuspecting victims. But instead of asking for $$$ right away, they gain their target’s trust. Once they have it, they convince their victims to send their crypto assets to fake trading platforms or digital wallets controlled by the scammer. Until (spoiler alert) the scammer cuts them off and takes all their money.
Ask: What percentage of women in the US have heard of NFTs?
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Answer: c. 38%, according to a recent study by the Pew Research Center. If you are reading this email, congratulations. You’re one of them.