What is the metaverse? Why Facebook is investing billions in this new project

Facebook Inc said Monday that it will begin publishing the financial results of its augmented and virtual reality labs as a separate unit, where it invests billions in its ambitions to build a “metaverse,” and said its core advertising business faces “significant uncertainty.”

The concept of the metaverse is fast becoming a buzzword in technology and business. But what does that mean?

WHAT IS METAVERS?

The metauniverse is a broad term. This usually applies to shared virtual environments that people can access over the Internet.

The term can refer to digital spaces that have become more realistic through the use of virtual reality (VR) or augmented reality (AR).

Some people also use the word metaworld to describe game worlds in which users have a character who can walk and interact with other players.

There is also a specific type of metaverse that uses blockchain technology. In them, users can buy virtual land and other digital assets using cryptocurrency.

The action of many science fiction books and movies takes place in full-fledged metaverses – alternative digital worlds that are indistinguishable from the real physical world. But it is still fiction. Today, most cyberspaces are more like video games than real life.

WHY DOES HE TAKE OFF?

Fans of the metauniverse see it as the next stage in the development of the Internet.

At the moment, people interact with each other online, visiting websites such as social networking platforms, or using messaging programs. The idea of ​​the metaverse is that it will create new online spaces in which human interaction can be more multidimensional, where users can immerse themselves in digital content rather than simply view it.

Accelerated interest in the metaverse can be seen as the result of the COVID-19 pandemic. As more people began to work and go to school remotely, the demand for ways to make online communication more vibrant grew.

WHO IS APPLIED?

The idea of ​​a metaverse is of great interest to investors and companies seeking to be part of the next big deal.

Facebook CEO Mark Zuckerberg said in July that the company would try to move from a social media company to a meta-universe company within the next five years.

The term is popular in Silicon Valley, and Microsoft has also mentioned the convergence of the digital and physical worlds.

The popular children’s game Roblox, which debuted on the New York Stock Exchange in March, describes itself as a company from the metaverse. Fortnite from Epic Games is also considered part of the metaverse.

Musicians can do virtual concerts on these platforms. For example, in September, millions of people watched the virtual performance of singer Ariana Grande at Fortnite, according to Epic Games.

The world’s largest fashion companies have also experimented with making virtual clothing that human avatars can wear in the metacospace.

Subscribe to Mint newsletters

* Please enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and up to date with Mint. Download our app now !!

Leave a Reply 0

Your email address will not be published. Required fields are marked *