Not sure what the Metaverse even is? Don’t worry, we weren’t totally sure either once Mark Zuckerberg released Meta (formerly known as Facebook) and created an entire universe online. With an emphasis on social connection, this could be the newest way our real world and digital spaces intertwine.
Mark Zuckerberg, founder of Facebook, launched Meta late last year. He named it after “Snow Crash,” a famous science fiction novel written in 1992, which blends the words “meta” and “verse” to describe the virtual world. Metaverse is another one of Mark’s trailblazing social media creations, moving us another step forward into the future.
It was created to mirror the physical world. Metaverse can be described as “a 3D model of the internet, a place parallel to the physical world, where you spend your digital life. A place where you and other people have an avatar, and you interact with them through their avatar, just like you would the real world.”
The Metaverse is supposed to embody a 3D version of the internet – which would ideally be accessed through a single gateway. The definition of Metaverse still isn’t exact, and varies case to case, but ideally it is considered a shared, interactive virtual space that is hyper-realistic. It would also include your own customized avatar and digital assets, which will likely be recorded on a blockchain.
While we still don’t know much about Metaverse, there’s one thing we can conclusively agree on — Zuckerburg intends to turn this into a cash cow. Its main purpose is growing the digital economy, which would affect the world economy — and will hopefully bring value to people’s lives beyond cash through investment opportunities. Besides money, it would have applications in work productivity, interactive learning, e-commerce, real estate, and even fashion.
It’s estimated that a large group will already be in the Metaverse in one way or another by 2030, but it’s still very much in its early stages, and requires hurdling the challenge of accessibility for everyone, via hardware (like VR headsets, etc). There is also a question of the legal and commercial complications that it could entail as well, as it stretches beyond the real world. But with complications aside, Metaverse is very much on the rise.
Will you be the next to join the Metaverse?