Facebook changed its name to "Meta" to better reflect the company's ambitions to establish the "metaverse."
Microsoft and HP are working on their own metaverses as well. Although the metaverse is not yet a reality, it has the potential to be the internet's next iteration. The concept is that "extended reality" — a synthesis of augmented, virtual, and mixed reality – will emerge as a critical medium for social and corporate engagement.
If you're into technology, you've almost certainly heard the buzzword of the moment: "metaverse. “The enthusiasm surrounding this phrase may have peaked Thursday, when Facebook announced that it would better match its activities with its goal of establishing the metaverse, it renamed its portfolio of enterprises 'Meta.'.
What is meant by the term "metaverse"?
The metaverse does not yet exist.
As of today, nothing can legally be described as a metaverse. The storey of telecoms entrepreneur Craig McCaw's initial exposure – courtesy of technology analyst Benedict Evans – is a helpful illustration for recognising its maturity. Apple CEO Steve Jobs is rumoured to have discussed the consequences of a worldwide distributed network of networked computers for communications, commerce, and information.
McCaw's reply to Jobs' conclusion was, "Let's buy it”. As with investing in the internet, the metaverse cannot be branded as a different product, technology, or service." Sign Makers Fife
Perhaps a more pertinent issue is: what might become the metaverse?
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What does Facebook's transformation into a 'metaverse' firm signify for society?
What is meant by the term "metaverse"?
Two experts provide clarification.
Technologists would respond that the internet would eventually morph into the metaverse, which will eventually become the world's next major computing platform.
If realised, the notion is intended to have the same transformative effect on society and industry that the mobile phone had.
Today, the internet is frequently the primary portal via which millions of us access information and services, connect and socialise, sell items, and entertain ourselves. The metaverse is projected to follow suit, with the main difference being that the distinction between offline and online will be far more difficult to discern.
This could take numerous forms, but many experts predict that "extended reality" (XR) - the fusion of augmented, virtual, and mixed reality – will play a significant role.
The metaverse concept is predicated on the notion that virtual, three-dimensional worlds that are accessible and interactive in real-time will emerge as the revolutionary medium for social and corporate engagement.
Widespread acceptance of extended reality will be required if these worlds are to become a reality.
Until recently, XR technologies were largely restricted to a subset of video games and specialised enterprise applications.
However, as games evolve into social platforms, the chance that these properties – discoverable and continuous virtual worlds, platforms for open and creative expression, and conduits for popular culture – may, and most likely will be repurposed for usage in additional contexts.
Connecting digital assets to real-world economic activity in the metaverse.
The metaverse is also intended to have a significant tie to – and eventually become an extension of – the real-world economy.
In other words, the metaverse must allow businesses and individuals to conduct economic activity in the same manner as they do today.
Simply put, this implies being able to create, trade, and invest in goods, services, and products.
To some extent, this may require the principal medium of exchange to be non-fungible tokens (NFTs).
A non-fungible token (NFT) is a claim of ownership on a blockchain for a single, non-transferable digital asset. If NFTs become a widely established method of exchanging such commodities, they may assist drive the adoption of XR ecosystems as destinations for combining components of the digital economy with their offline lives.
Consider how the App Store prompted businesses to digitise their operations in order for consumers to enjoy (and pay for) their products and services from any place.
This established the premise that retail and the internet do not have to be mutually exclusive, allowing for a host of previously unimaginable use cases.
For instance, it is conceivable that Peloton, a manufacturer of training equipment and video-streamed fitness sessions, would not exist in the absence of the App Store.
Without a widely adopted medium for digital client interactions, it would be impossible to justify an online presence for a service that is largely focused on physical activity.
A successful metaverse vision envisions such alterations occurring at an accelerated rate and on a global scale.
The metaverse's characteristics and difficulties
While this describes the metaverse's basis, it cannot foretell how it will look.
Indeed, we are still in the metaverse's conceptual stage.
However, investor Matthew Ball offers seven key characteristics that may help interested minds envision how it might manifest.
These characteristics include persistence (no evident 'on' or 'off' state required for access), synchronisation (existing in real-time), and interoperability, as well as being populated with content and experiences created by individuals and corporations.
Naturally, there are questions about the metaverse's implications for privacy, its inclusiveness, and the best way to minimise potentially dangerous content and surroundings.
Because the metaverse is still in its early stages, there is still time to incorporate these traits. The concept of the metaverse may sound exciting, which is why many of the world's greatest technology companies are investing in its creation. If it succeeds, it has the ability to fundamentally alter consumer and industrial behaviour.
