It's the buzzword, "metaverse," but what does it really mean? Will the Metaverse change the way we live, work and socialize, or is it all the hype?
With Mark Zuckerberg recently announcing that Facebook's parent company name has been changed to Meta, it is clear that the tech giant intends to aggressively pursue Metaverse opportunities.
The metaverse has the potential to revolutionize the way we do business, visit friends, shop, and socialize, but it doesn't exist completely beyond a theoretical concept yet.
So what exactly is the Metaverse, why is Meta so determined to bring it to life, and what will it mean for businesses and consumers?
The term metaverse may have caught the attention of many, but it is not a new word and the term was not coined by Zuckerberg.
Metaverse is a coat rack, combining the prefix "meta" and the word "universe", and is generally used to describe a virtual universe, accessible through virtual reality (VR) technology.
The word was coined in 1992 by science fiction novelist Neal Stephenson in his book Snow Crash. In the novel, the characters enter the metaverse through their avatars, which are virtual representations of themselves. In the Metaverse, avatars can transcend reality and enter a world of virtual reality, however, in Stephenson's novel, the Metaverse was an escape from a dark, dystopian world fueled by corporate greed.
Since then, the word has gained popularity, especially in the gaming space. Anyone who has enjoyed a role-playing game (RPG) where they entered the gaming world and played live with other players and characters is probably familiar with the concept of a metaverse. Futurists have also used the term for years to describe how we might connect digitally in the years to come.
There is no precise definition of what Metaverse actually is, but Meta describes it as:
“A set of virtual spaces where you can create and explore with other people who are not in the same physical space as you. You can spend time with friends, work, play, learn, shop, create and more ”.
Meta and many other technology companies are interested in extending the idea of the Metaverse beyond a vague concept and making it real, by developing the tools necessary to bring the Metaverse to life.
Today, the word metaverse generally refers to interconnected virtual worlds or communities, where avatars of individuals can connect. Using VR headsets, augmented reality (AR), smart watches, and smart glasses, we can transport ourselves to the metaverse. As of yet, a global metaverse that everyone can access does not fully exist yet, so most of Meta's ideas for the metaverse are still at the theoretical stage.
At the company's Connect 2021 conference, Zuckerberg presented viewers with his company's vision for the metaverse, integrating 2D and 3D worlds into one virtual community.
Its metaverse will integrate current Meta products such as WhatsApp and Messenger, but will also offer many new tools such as virtual homes, offices, and e-commerce opportunities for businesses and content creators. In the metaverse imagination of Meta, users will have full creative control over their virtual worlds, designing everything from waterfront homes to space stations where they can collaborate, chat with friends, or study.
Using virtual reality, augmented reality, and our current technological tools, the metaverse will combine both the physical and digital worlds. It will be a major expansion of Facebook Horizon, now known as Horizon Worlds, which debuted in 2019 as a virtual reality game and game creation platform, accessible through Facebook's Oculus VR headset. In 2021, a beta version of Horizon Workrooms was added to this project, allowing remote teams to work together.
At the Connect conference, Meta announced its elusive "Project Cambria," a yet-to-be-released high-end VR headset that users will conspicuously use to access the Metaverse. The company also plans to launch a smartwatch, which will likely be connected to new virtual reality hardware.
Zuckerberg has made it clear that Meta sees the Metaverse as a priority and will invest an enormous amount of time, research and energy to bring it to life. But why?
In his latest letter from the founder, Zuckerberg said:
“When I started with Facebook, most of the time we were writing text on websites. When we had camera phones, the Internet became more visual and mobile. As connections became faster, video became a richer way to share experiences. We have moved from the desktop to the web and mobile devices; from text to photos and video. But that's not the end of the line. "
He sees the metaverse as the next logical step in the way we use the internet and social media.
The brand wants to create a future in which more and more of us spend time online, and aims to play a central role in the architecture of this change, designing a new world where we can connect. The metaverse will help people connect and Meta sees this as the next leap forward, creating tools that go beyond apps and social media and increase our ability to connect with others.
Some critics say the name change to Meta is an attempt to deflect negative publicity from Facebook in recent years, such as the Cambridge Analytica data scandal, corporate misuse of personal data, and various security breaches. However, Meta said the rebrand was intended to better encompass everything the company does, beyond the Facebook social media app.
What about financial incentives? Could target earnings skyrocket through metaverse development? In short, yes. Zuckerberg describes a virtual world where consumers will not only purchase hardware to access the Metaverse, but will also have many shopping opportunities within the Metaverse itself, where users will purchase everything from new outfits for their avatars to browsing stores.
However, the big payday days within the Metaverse are still years, if not decades. Some analysts believe that cryptocurrency may play an important role in metaverse trading, but how the transactions will occur is just speculation at the moment.
Facebook isn't the only company interested in the metaverse. And most experts think of the metaverse as a global space that anyone can access, not as something that belongs to a single company. Therefore, many organizations would get involved and work together in the same space, as websites do today on the Internet.
“The metaverse will not be created by a single company. It will be built by creators and developers who create new experiences and digital objects that are interoperable and will unlock a creative economy vastly greater than that limited by current platforms and their policies, ”says Zuckerberg.
So how are other companies getting involved? It's no wonder other tech companies are sensing the potential and spending time and money developing the metaverse. This is how some business heavyweights imagine integrating their products and services with the metaverse.
Microsoft
The pandemic has taught us that working from home is not only possible but also efficient, and many workers appreciate the convenience and flexibility of remote working. Not everyone is in a rush to get back to the office either, so it's no wonder tech companies like Microsoft are looking at the possibilities of how the metaverse could make remote working easier.
Microsoft recently announced that it will add 3D avatars and immersive digital workspaces to Microsoft Teams, allowing companies to create "digital twins" of their physical offices that remote workers can access. It will be powered by Microsoft Mesh, a virtual collaboration tool that uses virtual reality and augmented reality to create digital spaces and is expected to be available in 2022. A new app, called Microsoft Loop, will allow remote workers to move, sync and share easily. . documents and resources through a digital collaboration canvas.
Microsoft has also indicated that it plans to expand its game offerings into the Metaverse space, potentially bringing Xbox games to the 3D world in the future.
Zoom
Video conferencing platform Zoom has also indicated that it sees itself playing an important role in digital work environments within the metaverse going forward. CEO Eric Yuan mentioned in a recent interview that he considers a few years to go.
Amazon
With Amazon's huge market share in e-commerce, digital entertainment, and cloud computing, it is highly likely that the company is considering how Amazon's media buying and consumption could occur in the metaverse of the market. But so far, he has not issued any statement on the matter.
Roblox
The online gaming platform Roblox is heavily involved in the metaverse space. You may not have heard of it, but your kids probably have. Roblox has created a virtual platform where users can create their own games. While playing is free, users can purchase a virtual currency called Rubux to purchase add-ons for the games, and the company is making a lot of money.
Basically, Roblox has already created a platform where users can build their own metaverse and it has also shown that it can be profitable, making it a major player to be reckoned with in this space.
Epic games
Entertainment company Epic Games, creator of Fortnite, also sees great potential in the Metaverse. In April 2021, the company announced a $ XNUMX billion funding round, including an investment from Sony Group Corporation, to bring its vision of the metaverse to life.
Nike
Why does a sneaker company want to join the metaverse? Sportswear giant Nike is anticipating the day when users will want to buy virtual items, such as Nike sportswear, for their avatar; If you and your friends are playing virtual hoop, you want to look good at the same time. Nike has filed several trademark applications for the sale of virtual products with its logo and branding.
However, it also raises the larger question of how...