The world’s largest tech companies are talking about the metaverse, something that doesn’t yet exist.
It’s the word of the hour – ’metaverse’ – but what does it actually mean? Will the metaverse change the way we live, work, and socialize – or is it all hype? With Mark Zuckerberg recently announcing that the name of the Facebook parent company has changed to Meta, it’s clear the tech giant intends to pursue metaverse opportunities aggressively. The metaverse supposedly has the potential to revolutionize the way we do business, visit friends, shop and network, but it doesn’t fully exist yet beyond a theoretical concept. So what exactly is the metaverse, why is Meta so intent on bringing it to life, and what will it involve for businesses and consumers? The term metaverse may have just come to the attention of many, but it’s not a new word, nor was the term invented by Zuckerberg. Metaverse is a portmanteau, combining the prefix ‘meta’ and the word ‘universe’, and is generally used to describe a virtual universe, accessed by virtual reality (VR) technology. The word was coined in 1992 by science fiction novelist Neal Stephenson in his work Snow Crash. In the novel, characters enter the metaverse via their avatars, which are virtual representations of themselves. In the metaverse, avatars can transcend reality and enter a VR world, however, in Stephenson’s novel, the metaverse was an escape from a world that was bleak, dystopian, and fueled by corporate greed. Since then, the word has increased in popularity, especially in the gaming space. Anyone who’s enjoyed a role-playing game (RPG) where they entered the world of the game and played live with other players and characters is probably familiar with the concept of a metaverse. The term has also been used by futurists for years to describe how we might connect digitally in years to come. There’s no set definition of what the metaverse actually is – but Meta describes it as: “A set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. You’ll be able to hang out with friends, work, play, learn, shop, create and more”. Meta and many other tech companies are keen to expand the metaverse idea beyond a vague concept and into something real, developing the tools required to bring the metaverse to life. Today, the word metaverse generally refers to interconnected, virtual communities, or worlds, where avatars of individuals can connect. Using VR headsets, augmented reality (AR), smart watches and smart glasses, we can transport ourselves into the metaverse. As of now, a global metaverse that anyone can access doesn’t completely exist yet, so most of Meta’s ideas for the metaverse are still in the theoretical stages. At the company’s 2021 Connect conference, Zuckerberg introduced viewers to his company’s vision for the metaverse, integrating both 2D and 3D worlds into one virtual community. Its metaverse will incorporate current Meta products, like WhatsApp and Messenger, but also offer plenty of new tools like virtual homes, offices, and ecommerce opportunities for businesses and content creators. In Meta’s metaverse imagining, users will have complete creative control over their virtual worlds, designing everything from waterfront homes to space stations where you can work collaboratively, chat with friends, or study. Using VR, AR, and our current tech tools, the metaverse will combine both the physical and digital worlds. This will be a huge expansion of Facebook Horizon, now known as Horizon Worlds, which was created in 2019 as a VR game and game creation platform, accessed via Facebook’s Oculus VR headsets. In 2021, a beta version of Horizon Workrooms was added to this project, allowing remote teams to work together. At the Connect conference, Meta announced its elusive ‘Project Cambria’, a yet-to-be-launched premium VR headset that users will ostensibly use to access the metaverse. The firm is also planning to release a smartwatch, which will likely connect with the new VR hardware. Zuckerberg has made it clear that Meta sees the metaverse as a priority and will invest massive amounts of time, research and energy into bringing it to life. But why? In his latest Founder’s Letter, Zuckerberg stated: “When I started Facebook, we mostly typed text on websites. When we got phones with cameras, the internet became more visual and mobile. As connections got faster, video became a richer way to share experiences. We’ve gone from desktop to web to mobile; from text to photos to video. But this isn’t the end of the line”. He sees the metaverse as the next logical step forward in how we utilize the internet and social media. The brand wants to create a future where more and more of us will spend time online, and aims to play a central role in architecting this change, designing a new world where we can connect. The metaverse will help people connect and Meta sees this as the next leap forward, building tools that go beyond apps and social media and increase our ability to connect with others. Some critics claim the name change to Meta is an attempt to deflect from Facebook’s negative publicity in recent years, such as the Cambridge Analytica data scandal, the company’s misuse of personal data, and various security breaches. However, Meta has stated the brand’s name change is to better encompass everything the company does, beyond just the social media app Facebook. What about financial motive? Might Meta’s profits soar from the development of a metaverse? In short, yes. Zuckerberg describes a virtual world where consumers will not only buy hardware to access the metaverse but will also have plenty of shopping opportunities within the metaverse itself, with users buying everything from new outfits for their avatars to browsing shops. However, the days of huge profits within the metaverse are still years, if not decades, away.
