The digital world has expanded rapidly in the last few decades, bringing in new ideas and adopting many new methods with a varying level of impact on human lives. For example, who could have imagined the term social media or internet 30 years ago? However, with the development in science and technology, such terms have become a regular part of our lives. One such term that is in the news these days is Metaverse. Generally, Metaverse means virtual world environments that are shared between its users. All users can access these environments digitally using the internet. Here, the article will consider Metaverse in detail, including:
- What is Metaverse?
- Why is Metaverse Increasing in Importance?
- Who Will Be the Key Players in Metaverse Expansion?
- Rumors About Facebook Rebranding
- Complications and Route to the Future
What is Metaverse
Metaverse is a shared global digital environment or set of environments that its users can access through the internet. Usually, this term refers to those virtual spaces that try to mimic real-life to their fullest using augmented reality (AR) and virtual reality (VR). However, this usage is not the only one related to Metaverse.
Instead, people have used the same word to describe the artificial worlds created in video games, where the gaming character can wander around, talk to other characters, and interact with his environment in many ways. Interestingly, the new concept of Metaverse is a lot similar to this gaming concept. The only difference is that there is no gaming character or the artificial world. Instead, it is a shared environment of real human beings online where we can interact with each other and the system through interactive systems and technologies.
Additionally, another Metaverse idea relates to the use of blockchain technology. This system has become popular in the last few years, allowing the purchase and sales of digital assets and land through cryptocurrencies.
However, it cannot be denied that many other forms of Metaverse have been profoundly discussed in science fiction and dystopian future writings/movies. Here, the Metaverse is portrayed as an alternative to reality, which cannot be distinguished from the real world based on how closely it mimics it while being artificial and superficial in its entirety. Nowhere is it seen better than The Matrix, where a computer-augmented simulation is so natural that the people attached to it do not even decipher that they are living in a dream, digital world.
Why is Metaverse Increasing in Importance?
The internet has done wonders over the years to develop and enhance human lives. However, the speed at which the internet embraced the metaverse idea was unprecedented during the Covid-19 pandemic. Here, the entire world was forced to come online and perform their regular life functions through the internet: attending school, visiting religious institutions, and all work become internet-based. This increased internet usage as the primary method of interaction during the pandemic also skyrocketed the need to ensure better online communication and interaction methods. One such idea is the creation of online spaces that allow multi-dimensional interactions between users who can become a part of the digital content.
Who Will Be the Key Players in Metaverse Expansion?
Naturally, companies that have traditionally offered social media services will be at the forefront of Metaverse expansion. The first of these official announcements came in July by Mark Zuckerberg, the CEO of Facebook, who suggested that his firm utilize the next five years to transition from a social media company to a metaverse company. However, he is not the only one to use this term.
Instead, many key players in the Silicon Valley have referred to Metaverse in one way or another. For example, the Microsoft CEO and one of the pioneers of modern computing, Bill Gates, mentioned how Microsoft focuses on building physical and digital worlds.
Similarly, Roblox (RBLX.N) that debuted on the New York Stock Exchange in March 2021, has also referred to itself as a metaverse company. Another example from the gaming industry is Fortnite, which is considered a metaverse where users can interact and play together as if they were performing the same interactions in the real world. However, the platform is not limited to gaming only. Interestingly, other forms of interaction are happening here as well. For example, Ariana Grande conducted a virtual concert that was watched by millions of people using Fortnite in September 2021.
Even the clothing industry has tried on their own to connect themselves from the Metaverse idea. For example, fashion companies are trying to create metaverse environments where a virtual version of people’s clothing options can be tested on their avatars before making the final decision.
Rumors About Facebook Rebranding
Recent Rumors suggest that Facebook has gone one step further in embracing the metaverse concept by planning to embrace the metaverse name legally. At the annual Connect conference of Facebook that is scheduled to be held on 28th October 2021, it is suggested that Mark Zuckerberg will talk about this idea and how his company can transition to this concept over the next few years. Reorganizing in such a way is important for firms to change their direction and make this change known by users, lawmakers, and competitors alike.
For example, back in 2015, Google was taken under a parent holding company called Alphabet to suggest that Google will now expand its services into another area of human interaction instead of being a single search engine.
Complications and Route to the Future
One key concern is that the idea of Metaverse is as minimally understood today as the idea of social media was in the early 2000s. Although many technology companies are focusing on transitioning to a metaverse model for themselves, many of their prime users are not aware of the term or its application. As such, they may face difficulty in understanding what will occur due to such a transition. Thus, technology companies need to ensure that while popularizing their transition to the new medium, they also try to help others understand what this transition underpins. If such steps can be taken, the transition to the metaverse model can be smooth and may bring about benefits for everyone across the globe.
