What is Metaverse?
Metaverse is a 3D online virtual space concept that connects users in every aspect of their lives. It combines multiple platforms, similar to the Internet, including various websites accessible from a single browser.
This concept was developed in the science fiction novel “Snow Crash” by Neal Stephenson. The idea of the Metaverse was once fiction, but now it looks like it could become a reality in the future.
To better understand the Metaverse, replace this term with another term, cyberspace. The term doesn’t make a big difference, as it doesn’t refer to a particular type of technology but to a significant change in how it interacts with the technology. The technologies that make up the Metaverse include virtual reality and augmented reality, combining aspects of the digital and physical worlds. According to Zuckerberg, Metaverse offers new ways to penetrate everyday life, buy goods and services, communicate with family and friends, collaborate with colleagues in ways not found in games. But now, Meta headsets are awkward. Sometimes they make people sick. They completely cover their eyes and separate people from the world around them. However, these rooms do not need to be accessed exclusively via VR or AR. Virtual worlds like the aspects of Fortnite, accessible from PCs, gaming machines, and even phones, can be Metaverse.
Besides supporting gaming or social media, the Metaverse will combine economies, digital identity, decentralized governance, and other applications. Even today, user creation and ownership of valuable items and currencies help develop a single, united metaverse. All these features provide blockchain with the potential to power this future technology. Some examples of the same are SecondLive, AxieInfinity and Decentraland.
History of Metaverse
Facebook changing its name to Meta lies in its approach of looking towards the future.
A founder’s letter was sent out on 28 October 2021 when Facebook rebranding was announced. In a Keynote speech, Mark Zuckerberg stated
“Right now, our brand is so tightly linked to one product that it can’t possibly represent everything we’re doing today, let alone in the future. Over time, I hope we are seen as a metaverse company, and I want to anchor our work and our identity on what we’re building towards.”
Meta isn’t the only brand to announce projects for Metaverse; Google’s parent company Alphabet and Microsoft have plans for Metaverse. But Facebook’s intention of being seen as a metaverse company means it will increase the potential to allocate billions of dollars of resources to the platform.
“We just announced that we’re making a fundamental change to our company. We’re now looking at and reporting on our business as two different segments: one for our family of apps and our work on future platforms.
“Our work on the Metaverse is not just one of these segments. The Metaverse encompasses both social experiences and future technology. As we broaden our vision, it’s time for us to adopt a new brand.”
Zuckerberg was also eager to mention that Meta means beyond, with reference to the company’s work to “move beyond what’s possible today”.
Announcing Meta as a parent company serves other purposes as well- oversight of a parent company over the entire family of apps suggests operations could be more streamlined, helping alleviate investors after its stock prices have declined in recent times. Also, the new name could be used as a distraction in the face of numerous allegations on Facebook regarding privacy and safety.
Experts views about Metaverse
Matthew Ball, a writer on this topic and a venture capitalist by profession, says. “Most companies now see that the Metaverse is around the corner. The narrative is a little ahead of the reality of these technologies, but this is a response to the enormity of the opportunity.”
A Microsoft spokesperson Alex Kipman said, “This is the evolution of the Internet. If you are a company like Microsoft, you want to participate.”
Kyla Lam, a Research Analyst at ARVR/Wearables at IDC, says the rebranding is likely a move by Facebook to grow its reach and ad revenue.
“Over 97% of Facebook revenue comes from advertising, and while Facebook’s trust is slipping, its dedication to this metaverse project shows its ability to provide value creation in addition to advertisement.”
Indian companies involved in Metaverse
Infosys recently launched Metaverse Foundry with seven services, two solutions, and three products built around Metaverse. TCS is part of the trend by creating metaverse experiences in various areas, including online shopping and work experiences. Tech Mahindra has launched TechM Verse to work towards a metaverse-based trading solution.
Other companies are HyperLink InfoSystem, Accenture, Capgemini, Zensar Technologies, HCL Technologies and HData Systems.
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