October 20, 2021
London (Reuters) – Facebook Inc plans to change its brand under attack from regulators and legislators over its business practices https://www.reuters.com/technology/facebook -plans-change-its-name-verge-2021-10-20 with a new name focused on metaverse, Verge reported on Tuesday.
The Metaverse concept is rapidly becoming a technology and business buzzword. But what does that mean?
What is the Metaverse?
Metaverse is a broad term. This generally refers to a shared virtual world environment that people can access over the Internet.
The term may refer to a more realistic digital space using virtual reality (VR) or augmented reality (AR).
Some people also use the term Metaverse to describe the game world. In this world, users have characters who can walk around and interact with other players.
There are also certain types of metaverses that use blockchain technology. These allow users to use cryptocurrencies to purchase virtual land and other digital assets.
Many science fiction books and movies are set in a full-fledged Metaverse. This is an alternative digital world that is indistinguishable from the real physical world. But this is still fiction. Today, most virtual spaces look more like inside a video game than in real life.
Why does it take off?
Metaverse fans see it as the next step in Internet development.
Today, people interact online by visiting websites such as social media platforms and using messaging applications. The idea of the Metaverse is to make people’s interactions more multidimensional and create a new online space where users can immerse themselves in digital content rather than just viewing it.
The growing interest in the Metaverse can be seen as a result of the COVID-19 pandemic. As more people work remotely and begin attending school, there is a growing demand for ways to make online interactions more realistic.
Who is involved?
The Metaverse idea has received a lot of interest from investors and businesses who want to be part of the next big thing.
Facebook CEO Mark Zuckerberg said in July that the company will attempt to move from a social media company to a Metaverse company in the next five years or so.
The term is popular in Silicon Valley, and Microsoft also refers to the fusion of the digital and physical worlds.
Roblox, a popular children’s game that debuted on the New York Stock Exchange in March, describes itself as a Metaverse company. Fortnite from Epic Games is also considered part of the Metaverse.
Musicians can perform virtual concerts within these platforms. For example, in September millions of people saw singer Ariana Grande perform virtually at Fortnite, Epic Games said.
The world’s largest fashion company has also experimented with creating virtual clothing that people’s avatars can wear in a Metaverse environment.
(Report by Elizabeth Howcroft, edited by David Evans and Carmel Crimins)
Explainer: What is “Metaverse”?
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