Have you ever wanted to be the main player in your favorite video game? Or be able to try on clothes while online shopping? It’s starting to look like in the future of the virtual reality universe, you might be able to explore these possibilities.
This all comes after Facebook Inc. CEO Mark Zuckerberg announced that his company’s corporate name would be changing to “Meta” in order to become the frontrunner in leadership for the virtual world, or as the company is calling it, the ‘Metaverse.’
However, Zuckerberg and the Meta Corporation are not the masterminds behind the concept of the Metaverse. The idea was created by “speculative fiction” author Neal Stephenson in his 1992 science-fiction novel, Snow Crash. In the novel, “users of the metaverse access it through personal terminals that project a high-quality virtual reality display onto goggles worn by the user.” Sound familiar? Maybe a little bit like…virtual reality goggles? Yeah, I thought so too.
But what really is the Metaverse? So far, there’s not a singular definition for it. At this point in its development, it’s more of a slew of ideas. Facebook defines it as, “a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.”
The New York Times describes it as,“a variety of virtual experiences, environments and assets that gained momentum during the online-everything shift of the pandemic. Together, these new technologies hint at what the internet will become next.”
The limits to the Metaverse are seemingly endless. In a recent article, the Associated Press describes the different types of activities that can take place in this realm. “Things like going to a virtual concert, taking a trip online, and buying and trying on digital clothing” are all possibilities. “For those who can afford it, users would be able, through their avatars, to flit between virtual worlds created by different companies,” continues the article.
So is the Metaverse a platform? Yes and no. It’s not an app or a website, like the Meta Inc. signature app, Facebook. The idea is for it to be a place, accessed through the Internet, where people could interact and “jump” between different virtual worlds created by different companies.
However, Facebook is not the creator, nor the sole owner of the Metaverse concept. Other big tech companies are also attempting to break into this modern industry. Companies like Microsoft, Snap Inc. (the owner of Snapchat) and even the Roblox corporation are attempting to come together and make the concept come .
Another industry that has been quick to jump on the Metaverse train is the non-fungible token, or NFT, industry. Have no idea what I’m talking about? That’s okay! I didn’t either before I jumped down the Metaverse rabbithole. NFTs are a part of the blockchain, serving as “a unique and non-interchangeable unit of data stored on a digital ledger.” To put it in simpler terms, NFTs work like Bitcoin or other cryptocurrencies, but they are not interchangeable. And unlike bitcoins, NFTs do not all have the same value. They are digital tokens of ownership and they are not all created equally.
But what does that have to do with the Metaverse? In an article written by Elizabeth Levine for HackerNoon.com, she explains that essentially everything in the real world will have to be replicated and accessible in the Metaverse. “This means inventory to sell, objects that can be used online, and even online real estate will have to be ownable, sellable, and transferable within the metaverse,” continues Levine. “NFT technology grants holders true ownership over digital items.” NFTs will be inherently valuable in the Metaverse, considering the fact that they are already designed to be an entirely virtual form of currency.
With all the recent investigations into Facebook’s privacy policies and usage of user information, it seems like an interesting time to release information about the virtual world that they are planning to build. However, Zuckerberg assures users that there will be governance. Which in turn, poses more questions for how this concept will work. Will the laws of the Metaverse be the same as the laws of reality? These types of questions are sure to rise in the coming years as they get closer and closer to creating this space.
Not understanding a word of what you just read? Don’t panic, there is still plenty of time before the Metaverse comes to fruition and we venture to become IRL Sims.