Facebook's Metaverse

Facebook’s Connect event yesterday marks the beginning of a new internet era. The social media platform is venturing into a new world of many possibilities – Metaverse.

As expected, Facebook restructured itself be as a subsidiary of a new parent company, called Meta. And this will imply the company’s intentions of building a vast virtual world, which replicates the physical world outside.

Technologies like VR, AR, cryptocurrencies, etc are having a new scope with the invention of Metaverse, and here’s how;

How Facebook’s Metaverse Will Change the World

Starting with the name change, Facebook confirmed the rumors of its brand evolution, by naming itself as Meta. While Facebook itself isn’t changing its name, it’s actually restructuring the organization to form a parent company as Meta, under which the subsidiaries like Facebook, Instagram WhatsApp, etc will function.

Meta, meaning ‘beyond’ in Greek, will imply the futuristic works the company is involved in. One among them is Metaverse, “a place where we’ll play, work and connect in 3D.” This is touted as the future of the internet, and the next chapter of socializing.

We shall soon see people wearing VR headsets and holding controllers in their hands – living as desired in a whole new virtual world. Named as Metaverse, Facebook is leveraging technologies like virtual reality, augmented reality, mixed reality, and AI for building this new 3D world.

While Facebook isn’t the only one building such a project, platforms like Decentraland and Sandbox are also making their own Metaverse for a long time. And this opens countless opportunities working, educating, and socializing remotely, but more formally.

We can sit in our homes forever and still attend company meetings, education classes, visit theme parks – all across the world. This will be made possible by potential companies working to build virtual features within the Metaverse, to connect people to the outside world from within their homes.

There are projects like Horizon from Facebook, which is building a shared virtual workspace to host formal company meetings. Epic Games has successfully conducted a virtual concert by Ariana Grande in Fortnite.

While all these mark the successful beginning of a new era, the actual value of Metaverse is estimated to cross 10x more than that of the physical world outside. This is because of the virtual prospects it carries, like buying a virtual land in terms of NFTs, and trading them with cryptocurrencies for profit.

Companies hosting events in the Metaverse and earning from user participation, and individual developers creating costumes for virtual avatars and selling for profits, etc. With endless opportunities, we shall see how Metaverse will grow over time.

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