Editor's Note: This is the first of a two-part assessment exploring the future of the metaverse and the potential business and geopolitical implications. The metaverse's expected growth in the coming years will create a host of new business opportunities, but its use of decentralized technologies and data will also make it very hard for governments to regulate. In recent weeks, Meta — the U.S. tech giant formerly known as Facebook — has de-emphasized the metaverse in company briefings and statements and is now touting its investments in generative artificial intelligence (AI). Meta's shift in tone is no surprise. Since its release in November 2022, OpenAI's chatbot ChatGPT has kicked off an arms race among tech companies over chatbots and large language models. In February, Meta unveiled LLaMA to compete with Microsoft-backed ChatGPT and Google's Bard AI.