The Metaverse isn't an entirely new concept, but the speed at which it has recently made headlines is impressive. And the meaning of "Metaverse" seems to expand day by day as more and more recognizable brands and companies begin to include the Metaverse in their long-term plans.
Everyone from celebrities to global brands such as Nike is entering into Metaverse, but Facebook is responsible for making a buzz in the Metaverse. The social media pioneer (in a sense, the earliest version of Metaverse itself) has recently undergone a major rebranding. Facebook is now called Meta, and the company plans to make significant moves in the Metaverse world over the next few years.
The Metaverse is a long-held dream of science fiction becoming a reality. Movies like Tron and Ready Player One have long presented the digital world with the same weight as the real world. The Metaverse is a digital world accessible through VR headsets, inhabited by real people (often using digital avatars), and full of endless possibilities.
It may look like a new idea, but the idea of a multi-platform digital world has been around for years. We've seen it appear in every space, from video games to social media. From World of Warcraft and Runescape to MySpace, early versions of the Metaverse have long been a part of our world. The 2020s Metaverse builds on these ideas and takes them to the next level.
In October 2021, Mark Zuckerberg announced that social media giant Facebook would change its name to Meta. Facebook (the social platform) remains Facebook. The parent company (which operates Facebook, WhatsApp, and Instagram) has changed its name to Meta. In the words of Zuckerberg, "Essentially, we're moving from primarily Facebook as a company to primarily Metaverse."
Meta has invested billions of dollars in building the Metaverse ($10 billion in 2021 alone). He plans to include every corner of the Metaverse in his plans. Oculus (a VR headset business already owned by Meta), NFT, and cryptocurrency are all part of the company's long-term vision.
With all the rumors surrounding recent developments and investments in the Metaverse, you may be wondering if and how this concept will shape the future of social media (and social media marketing).
In 2021, a lot of money and resources had been invested in the Metaverse. With platforms like Meta and companies like Nike (which recently partnered with sneaker-focused metaverse giant RTFKT Studios) pouring huge amounts of money and resources into the Metaverse, with anyone who truly believes this is the future. This metaverse version is very young. 2021 may have been a landmark year, but the next few years will define its resilience.
High-level definitions aside, let's look at some specific tasks you can already do in the Metaverse.
Different companies may have different visions or local versions of the Metaverse, but they are all connected and can go elsewhere, just like the internet. Some may be more attractive and practical than others. Since many gamers are already playing online and some games have already entered the Metaverse to some degree, playing it may seem like a reasonable leap (remember the characteristics above). The idea of being able to connect or meet other people and feel like you're direct with them is especially appealing in this pandemic era. Currently, XANA Metaverse is appealing to millions of users due to its amazing virtual world where users can meet, communicate, and play.
We don't have a clear idea of what Metaverse is offering yet. In announcing the rebranding, CEO Mark Zuckerberg mentioned various possibilities. Play chess with people worldwide on a virtual chessboard that appears as a hologram in a real meeting or superimposed on the real world. Facebook sees the Metaverse as the internet interface of the future.
Headsets are still a niche technology despite attempts by many large companies to bring headsets to market in recent years, including Facebook, which acquired Oculus. I think Facebook should be on this in the long run, and their vision for the Metaverse won't become a (virtual) reality for years to come.
Stephenson's original vision for the Metaverse was very exciting. Still, it was full of potential for harm both online and in the real world, from addiction to crime to the destruction of democratic institutions. Interestingly, Stevenson's Metaverse was mostly owned by large corporations, and the government was relegated to serving as a small outpost for paper shuffles. Given the current tensions between major tech and governments worldwide about privacy, freedom of speech, and online harm, we must seriously consider what kind of Metaverse we want to create and who will create, own, and regulate it.
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