The Metaverse
In 2021, Facebook changed its name to ‘Meta’ in line with its vision to usher in the Metaverse. This year, Microsoft acquired the game developer Activision Blizzard for $68.7m, saying the deal would provide building blocks for the Metaverse. Other companies like Apple, Epic games, Decentraland, Block and Alibaba are also building Metaverse related technology.
What exactly is the Metaverse?
The term “metaverse” was coined by Neal Stephenson in his 1992 science fiction novel “snow crash”. The concept gained overwhelming popularity during the recent pandemic, leading more people to utilise the virtual world for business and entertainment.
The Metaverse is a broad shift in how we interact with technology, characterised by the convergence of multiple elements of technology; virtual reality, augmented reality, 3D holographic avatars. According to Mark Zuckerberg, “You can kind of think about [the Metaverse] as an embodied internet, where instead of just viewing content — you are in it. And you feel present with other people as if you were in other places, having different experiences that you couldn’t necessarily do on a 2D app or webpage, like dancing, for example, or different types of fitness.”
It entails interacting in a virtual space, creating a virtual persona and digital avatars. In addition, it combines the aspect of the digital economy where users can create, buy and sell goods. Interoperability is also a major highlight; users can take their virtual identity items across platforms. Of course, there are already early versions of the Metaverse in online game universes, e.g. Fortnite, Roblox, Epic games, but they do not totally encompass the scope.
SOME USE CASES:
Social experience: parties, concerts etc
Marketing opportunities
Gaming - GameFi and the play-to-earn model now provide an income stream for some people. This principle can be implemented into the Metaverse. This also shows that people are willing to spend their time living and earning in virtual worlds.
CHALLENGES:
The idea of the Metaverse is not fully fleshed out; it is still limited to what we are seeing. Different companies have their own visions of what it should be.
Currently, accessing the Metaverse space involves using bulky headsets or dorky glasses, which are not elegant, cheap and cause motion sickness for some.
They are also questions on identity and representation, for example, “what are the elements that make up one’s identity”, “how do you prove who you are instead of another person.”
