On an episode of Tech It Out by WION news outlet, the host breaks down tech jargon to truly understand what innovation is all about.
It generally refers to shared virtual world environments which people can access via the internet. The term can refer to digital spaces which are made more lifelike by the use of virtual reality (VR) or augmented reality (AR). Some people also use the word metaverse to describe gaming worlds, in which users have a character that can walk around and interact with other players.
Facebook Inc said on Monday it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is investing billions in its ambitions to build the “metaverse” and as it reported that its main advertising business faces “significant uncertainty.”
The idea of the metaverse is that it will create new online spaces in which people’s interactions can be more multi-dimensional, where users are able to immerse themselves in digital content rather than simply viewing it.
Facebook CEO Mark Zuckerberg said in July that the company will try to transition from being a social media company to a metaverse company in the next five years or so.
The term is popular in Silicon Valley, with Microsoft also having mentioned converging the digital and physical worlds. The accelerated interest in the metaverse can be seen as a result of the COVID-19 pandemic. As more people have started working and going to school remotely, there has been increased demand for ways to make online interaction more lifelike.
Is Metaverse Future of Digital Entertainment?
Author Neal Stephenson coined the word “metaverse” for his 1992 science fiction novel Snow Crash. In his telling, the “metaverse” is a virtual reality version of the internet, where an alternative universe exists in a shared VR space using real-world concepts like roads, buildings, rooms, and everyday objects. The metaverse literary concept is universally dystopian, representing a kind of totalitarian capitalism in which people are compelled to live much of their lives in a fake world owned by a corporation.
Mark Zuckerberg and Facebook know that social networks as they now exist will eventually be replaced. Just as Facebook replaced MySpace, which replaced AOL, which replaced CompuServ, which replaced BBS systems, no company dominating one social platform type has ever gone on to dominate the next. Facebook wants to be the first to dominate two generations of online social networks.