Metaverse is doing the buzz, especially since Facebook CEO, Mark Zuckerberg announced that the platform will be publishing the financial results of its augmented and virtual reality labs as a separate unit. He also went on to add that they are investing billions in the metaverse as it is reported that their main advertising business faces significant uncertainty.

But what does metaverse really mean? Keep reading to find out.

What Is Metaverse?

Unlike other technological jargon, the metaverse is a broad term. It generally refers to shared virtual landscapes which people can access via the internet.

Many also use the term metaverse to refer to digital spaces that are made more lifelike with the use of virtual reality (VR) or augmented reality (AR).

The main reason why this world has gained popularity is due to its use in the gaming industry. Metaverse is used to describe gaming worlds, where the users don avatars or play characters that mimic real-life scenarios and interactions.

There’s also a specific type of metaverse that uses blockchain technology. In this version of the metaverse, users can mine/ buy virtual land and other digital assets using cryptocurrencies.

For some, the term metaverse may be unfamiliar, but science fiction novels and films have experimented in fully-fledged metaverses since time immemorial. Sci-fi books and films give the viewer a peek into the alternative digital worlds which are indistinguishably similar to the real world. While many may snub this version of the metaverse, it cannot be denied that most virtual spaces do look like the inside of a video game or a sci-fi film than real life.

What’s Making Metaverse So Popular?

Metaverse supporters proclaim that it is the next stage in the development of the internet. With the COVID-19 pandemic, our online presence has increased considerably. This includes being actively logged in to social media or virtual reality platforms. The idea of the metaverse is that it will enhance our existing online spaces in which social interactions can be multi-dimensional.

In other words, instead of simply viewing content, users can immerse themselves in digital content by experiencing it in person.

Is Metaverse Gaining Any Traction?

If it wasn’t evident from the recent developments in the world of VR and AR, Mark Zuckerberg has certainly hit the message home. In fact, in July this year, Zuckerberg mentioned that Facebook will transition from being a social media company to a metaverse company in the next five years or so.

Without a doubt, the metaverse is definitely creating a buzz in Silicon Valley. After all, one of the tech biggies, Microsoft, has also jumped on the bandwagon to converge digital and physical worlds.

The gaming industry too is leaving no stone unturned when it comes to becoming a part of the metaverse. Popular children’s game Roblox is already describing itself as a metaverse company. In addition to this, Epic Games’ Fortnite is also now a part of the metaverse.

Musicians are also tapping into the power of metaverse. Ariana Grande, for example, performed a live concert virtually in Fortnite that was watched by millions of people.

Fashion companies are also experimenting with the metaverse. Several notable designers are creating virtual clothing which people’s avatars can try out in metaverse environments.