The importance of the metaverse at the present stage

Facebook has just announced that it is going to hire 10,000 people in Europe to develop a "metaverse". This is a concept that some talk about as the future of the Internet, but what does it represent?

What is a metaverse?

To an outsider, it may look like some kind of enhanced version of virtual reality (VR), but some people think that the metaverse could be the future of the Internet. In fact, experts believe that for virtual reality it may be the same as a modern smartphone for the first mobile phones of the 1980s. Instead of a computer in the metaverse, you can use a headset to enter a virtual world connecting all kinds of digital environments. Unlike the current virtual reality, which is mainly used for games, this virtual world can be used for almost anything — for work, games, concerts, going to the cinema — or just for hanging out. Most people assume that a user in the metaverse will have a three-dimensional avatar that personifies the person himself. But since this is still just an idea, there is no single consistent definition of a metaverse.

Why is the metaverse important?

The hype around digital worlds and augmented reality usually pops up every few years, but then fades away. However, there is huge excitement among wealthy investors and large technology companies about the metaverse, and no one wants to stay away if it turns out that the future of the Internet is behind it. There is also a feeling that for the first time in many years of conversations, this technology is almost ready.

Why is Facebook involved in creating a metaverse?

Facebook has made creating a metaverse one of its top priorities. It has invested heavily in virtual reality through its Oculus headsets, making them cheaper than competitors — perhaps even at a loss, according to some analysts. The company also creates VR applications for social communication and work, including those that interact with the real world.

Despite its history of buying up competitors, Facebook claims that the metaverse "will not be built overnight by one company," and has promised to cooperate with other companies in this area.

Mark Zuckerberg recently invested $50 million in funding non-profit companies to help build the metaverse. However, he believes that the creation of a real metaverse will take about 10–15 more years.

Who else is interested in the metaverse?

Sweeney, the head of Epic Games (who created Fortnite), has long talked about his interest in the metaverse. Online multiplayer games have shared interactive worlds for decades. They are not a metaverse, but have some common ideas.

In recent years, Fortnite has expanded its product by hosting concerts, branded events and more in its own digital world. This made a positive impression on many users and drew attention to Sweeney's vision of the metaverse. Other games are also approaching the idea of a metaverse. For example, Roblox is a platform for thousands of individual games related to a larger ecosystem.

Meanwhile, Unity, a 3D development platform, is investing in "digital twins" — digital copies of the real world, and graphics company Nvidia is building its "Omniverse", which it describes as a platform for connecting virtual 3D worlds.

Is it all about the games?

No, not in games. Most representations of the metaverse focus on social human interaction. Facebook, for example, is experimenting with a virtual reality meeting app called Workplace and a social space called Horizons, which use their virtual avatar systems. Another VR app, VRChat, is completely focused on online communication with no purpose other than exploring the environment and meeting people.

Sweeney recently told the Washington Post that he imagines a world in which a car manufacturer trying to advertise a new model "will release their car into the world in real time and you will be able to drive it. And when you go shopping in an online store, you can first try on digital clothes, and then order their delivery to the real world."

Does the technology exist?

In recent years, virtual reality has come a long way thanks to high-quality headsets that can trick the human eye into seeing in 3D. It has also become more popular — the Oculus Quest 2 VR gaming headset was a popular Christmas gift in 2020.

The explosion of interest in NFTs, which can provide one way to reliably track ownership of digital goods, may indicate how the virtual economy will work in the future.

More advanced digital worlds will need better, more stable and more mobile connectivity, which can be solved with the deployment of 5G.

However, all this is still at the initial stage. The evolution of the metaverse will be carried out between the tech giants over the next decade, and maybe even longer.