“If you tiptoe into cold water, you miss the rush of diving headfirst.”
– Simone Elkeles
Ah, Fear of Missing Out (FOMO): there are few psychological forces as strong. Just because those who can see a classic FOMO situation, recognize it, and choose not to act on it, doesn’t mean they don’t feel the allure of it, regret their choice, and desire to change it. . And the hard truth we face is that sometimes FOMO can be valid, and we know we could blame ourselves for not taking action (says everyone who didn’t invest in Bitcoin or Tesla stocks early). But that can often be just as misleading, and the times we satisfy our FOMO, we end up with good old-fashioned buyer’s remorse.
The FOMO for digital earths – and the metaverse in general – is real. For crypto enthusiasts, it started long before Facebook announced its foray into the metaverse. For others, including companies, it is building and there is a growing need to act. Like many FOMAs before it, the current metaverse craze has some telling traits: a lot of people have heard of it; more than half really don’t understand what it is; and many of these people don’t prevent their lack of knowledge from preventing access to digital land now when it’s possible to get a decent rate (since IRL land is so expensive in most places, this might be the only chance of land ownership that many people get…).
But more and more publications are asking their readers to pump the brakes a little before getting started. There seems to be a realization that we may have seen these patterns before, and items like this, this, this, and this all seem to have similarities. messages.
However, it’s worth pointing out that none of these articles say that digital earth – or the metaverse itself – is just a passing fad. Quite the opposite, in fact. So how do you reconcile the concept of something creating a sense of FOMO, while being recognized as an inevitable future technology and social construct? Let’s look at why this FOMO is happening, what we can learn from similar FOMOs in the past, and what actions we might want to take this year.
FOMO is natural, but unnecessary
First, and perhaps most importantly, it’s a good idea to recognize that FOMO for the Metaverse isn’t built on marketing as much as it is on experience. Depending on your age, you have studied or seen firsthand one of the greatest FOMOs in history: The Dot Com Boom (and its collapse). There are more than a few similarities here, although the two situations are far from identical. What makes FOMO for the Metaverse have real teeth is that we know how the Dot Com Boom unfolded. Yes, many investments have gone bankrupt. But not all. Some early investors have achieved massive, life-changing returns. These are the examples we can feel in our bones when we think about the metaverse and owning digital lands. If we can use the Dot Com as an example, we can also assume two key ideas. First, there are currently developing companies making value-added products for the metaverse that will change the industry. While some products are indeed just hype, others will influence the industry with their innovations, and these products are the ones we all want to find and invest in now. However, the second idea is that some of the most influential platforms for the metaverse have yet to be developed. We really don’t know what the mature metaverse will look like, and that evolution will take time to happen. It’s both fascinating and terrifying, but it’s something we’ll live with for a while.
The hype is similar to the “Dot Com” craze of 1997-1999
Another exercise that might help us better understand the metaverse’s place in history is to study similar elements of the Dot Com craze to see what happened to those who emerged victorious, those who lost everything, and why some platforms worked when others did. do not.
As stated above, no one could have predicted the evolution of the Internet in 1999. We can’t even call it the “final form” because it continues to evolve even now. The metaverse is the next logical step in the evolution that started from incredibly basic web pages; something that would have been distant science fiction at the time. Indeed, many of the use cases we know today could not have been envisioned back then. Who in 1999 would have said that a global conflict in 2022 would rely more on internet platforms than traditional media?
Another key to the Dot Com craze is that it wasn’t random. The thing is, the bubble and subsequent burst happened because of FOMO, and because people wanted to invest in “the internet,” not any particular business model. Those platforms that offered real value; these platforms, for example, which focused on digital music, mapping services, web engines and email, were mostly profitable, and these companies became the major players today. Looking at today’s options, we can see a lot of specific games that can work well or be overlooked altogether. We have other completely autonomous platforms, which in this context struggle to add value.
And we have unique offerings that have evolved to address those past mistakes and limitations. Bit.Country comes to mind, with the core value of their platform allowing users to create their own metaverses. Instead of offering a place in their metaverse, as many other platforms provide, Bit.Country develops a virtual landscape where each plot of land can be its own metaverse. The advantages of this are that the various metaverses are already connected (a problem that standalone platforms will face as soon as they go live). Each plot of land can be subdivided so that smaller projects can group together and invest in one location, and supply will be limited. This is absolutely essential as it ensures that every property owner’s investments are protected from dilution. The development team will create an option to develop more land, but only if governance votes in favor, which means land owners can collectively decide the future of the platform.
If you want to become an early investor in 2022, take your time and do your research
Based on this, you have two options. First, you can ignore the metaverse and digital land drive as a fad, and hold off until there’s stability in the market. Second, you could learn key lessons from Dot Com Boom and decide that 2022 is your year to invest. Both options are respectable at this point, but if you’re looking to invest in digital, here are some ideas. If you’re considering getting into digital land ownership in 2022, keep the following questions in mind:
- Will this platform still have a valid role in five years? It’s a bit tricky due to long-term speculation, but if you can stretch your imagination a bit, you should be able to see the value of a potential investment in the next five years of evolution.
- Is it something that could be done more easily with current means? This one is more obvious and should be seriously considered.
- A good value for money platform should provide three key elements:
- Something made possible or enhanced by remote connections
- Something that is made possible or enhanced by immersive technology (AR, VR)
- Something special or unique in some way, which has a special appeal
The conclusion of this analysis is clear, but may be uncomfortable for many. In the end, it’s your decision on how you choose to approach the digital earth and the universe as a whole. Some of you will make massive returns on your investments. Some of you will fail to do your homework and fail to make smart investments, focusing on fashion before function. But for those of you who are committed to the process, we recommend looking at the added value, finding the first platforms that offer it, and investing as you see fit. While the FOMO elements will continue for some time to come, you now have some of the answers to your burning questions and can take action in the way that best suits your lifestyle.
David is a crypto enthusiast and personal finance expert. He has created numerous publications for different platforms. He loves exploring new things, and that’s how he discovered blockchain in the first place.