Metaverse

The metaverse is a business topic that gained a lot of attention, especially when Facebook renamed to Meta. A few weeks ago, Facebook said it would create 10,000 new jobs in the European Union as part of a growth plan that includes the creation of a metaverse. [Sources: 6]

What it is

The term "metaverse" - a combination of the prefix "meta" (meaning "beyond") and "universe" - was coined in American science fiction writer Neil Stevenson's novel Snow Disaster. The word "metaverse" is often traced back to Neil Stevenson's 1992 dystopian and cyberpunk novel Snow Crash, and many see recent inspiration in the dazzling maze of experiences at the heart of Ernest Clynes' 2011 novel Ready Player One. [Sources: 5, 6]

Metaverses are inclusive digital worlds will combine virtual reality (VR), augmented reality and other technologies to create places for people to work, play and shop. You might think that the metaverse would be a collection of interconnected virtual spaces: the World Wide Web, but accessible through virtual reality. You can also think of the metaverse as the Internet incarnate, where you don't just view content, you are in it. What virtual and augmented reality can do, and what the metaverse as a whole will help people experience, is a sense of presence, which I think is much more natural to the way we are designed to interact. On a philosophical level, the metaverse, as Zuckerberg and others have defined it, is a way to make our virtual life more integrated with our real life. [Sources: 7, 8]

In practice, the metaverse will exist when a user can enter a huge virtual environment. One example of a space in the metaverse can be a mall that can be visited by as many people as the virtual space can accommodate. You can buy a unique digital item, and then sell the same digital item inside a few weeks later. [Sources: 0, 2, 8, 9]

Why is Facebook pushing it right now?

If Facebook could be the founding pioneer of the Metaverse, it would be the company that builds and sells the VR headsets used to access that Metaverse and could control the large app store that distributes the Metaverse's apps. [Sources: 8] Observers note that the idea of Facebook's metaverse is not new: many other companies such as Roblox, Nvidia and Microsoft have also created virtual worlds with virtual or augmented reality technologies. [Sources: 6, 8]. Renaming Facebook to Meta shows the strategic focus of the company.

Who is leading in the metaverse?

While Meta claims the top spot in the media, there are silent stars. Take Apple. They already have implemented Augmented Reality functions into their operating systems. While Facebook metaverse experience relies on the use of browsers, you can experience augmented reality on iOS devices like the iPhone directly, without using a browser. Another silent star is Synthesis.AI, who is pioneering synthetic data technologies for the metaverse [Source: 7].

The takeaway: Should I invest into the metaverse?

Many aspects of the metaverse are still largely conceptual, so investing in them is risky. If the Metaverse takes years to build, buying shares in companies that are already successful in another area will help ensure that the opportunity cost isn't too high. [Sources: 0, 2, 6].

Nevertheless, B2C businesses should anticipate that their customers will demand that you are present in the metaverse. They should work on a metaverse strategy and execution plan right now.

Sources

[0]: https://www.fool.com/investing/2022/01/16/3-top-metaverse-stocks-id-buy-right-now-without-an/

[1]: https://www.wired.com/story/what-is-the-metaverse/

[2]: https://www.td.org/atd-blog/what-is-the-metaverse-where-we-are-and-where-were-headed

[3]: https://en.wikipedia.org/wiki/Metaverse

[4]: https://www.usatoday.com/story/tech/2021/11/10/metaverse-what-is-it-explained-facebook-microsoft-meta-vr/6337635001/

[5]: https://time.com/6116826/what-is-the-metaverse/

[6]: https://www.theguardian.com/technology/2021/oct/28/facebook-mark-zuckerberg-meta-metaverse

[7]: https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview

[8]: https://www.vox.com/recode/22799665/facebook-metaverse-meta-zuckerberg-oculus-vr-ar

[9]: https://theconversation.com/the-metaverse-is-money-and-crypto-is-king-why-youll-be-on-a-blockchain-when-youre-virtual-world-hopping-171659

[7] https://synthesis.ai/2021/11/03/synthetic-data-and-the-metaverse/