The Metaverse Explained: Understanding the Virtual World


January 19, 2021 12:00 GMT

Technology News Team

The Metaverse: Understing the Virtual World 

What Exactly is the Metaverse?

Facebook recently rebranded itself as "Meta" to emphasize the "Metaverse." South Korean millenials and 'Gen-Z' are also congregating in virtual alternate worlds, and the term 'Metaverse' is quickly becoming a buzzword in technology and business, but DO YOU KNOW WHAT IT MEANS?

The Metaverse is a virtual reality world in which users can interact, play games, and have real-world experiences. Users can immerse themselves in this world and interact with the overlapping objects and people in the visual projected in front of them using current AR and VR technology. People also use the term "metaverse" to describe virtual environments in which you have an avatar (a customizable cartoon figure that represents you in the virtual world) and walk around and interact with other people's avatars.

Virtual and Augmented Reality: The Next Big Thing

The Metaverse, according to fans and followers, is the next step in the evolution of the internet. Mark Zuckerberg, Facebook's CEO, stated in July, 2021 that the company will transition from a social media company to a metaverse company within the next five years. The company has already made significant investments in the development of augmented reality headsets and glasses.

According to reports, Zuckerberg has stated that Facebook will create 10,000 jobs in the European Union in order to realize their metaverse plans.

Mark Zuckerberg stated in a virtual interview about Facebook's transition into a metaverse company, "We shouldn't really have to physically be together to feel present, collaborate, or brainstorm..."

Investors and Tech Giants’ Vital Role on the Creation of the Metaverse.

Facebook is far from alone in this development. Other investors and businesses are eager to be a part of the next big thing. So much so that the term "metaverse" has gained currency in Silicon Valley, with Microsoft also discussing the convergence of the digital and physical worlds. Unsurprisingly, the majority of the companies that have invested in the Metaverse are gaming corporations, such as Unity Software Inc. and ROBLOX Corporation.

Metaverse Cryptocurrency

Aside from the virtual reality aspect of the Metaverse, there is also a type of metaverse that uses blockchain technology, which is the same technology that underpins Bitcoin. 'Decentraland' is one such blockchain-based virtual world. Decentraland is an Ethereum blockchain-based virtual reality platform that allows users to create and monetize content. In the last year, the token has increased by over 4,000%.

The Metaverse is analogous to science fiction films set in fully-fledged metaverses or alternate digital worlds that are nearly indistinguishable from physical reality. Regardless, the metaverse is still perceived as fictional by many, as most current virtual worlds resemble video games. This leaves a lot of room for improvement in the metaverse, as well as more for creators to discover and create.

COMPANY: Meta Platforms Inc.