Have you heard of the Metaverse? It’s touted as the next big thing in technology. Investors and large companies like Facebook are diving into the Metaverse.
The Metaverse was worth a little more than $47 billion in 2020. Analysts at JP Morgan and Goldman Sachs predict the value of the Metaverse will reach at least $1 trillion.
What’s the big deal about the Metaverse? You’re about to find out. Read on to discover three things you need to know about this new world called the Metaverse.
1. The Metaverse Isn’t New
What is the Metaverse? It’s a universe that uses virtual reality headsets to participate.
The Metaverse is touted as this great new technology and Web3.0. The reality is that its roots go back to the 1800s.
That’s when Sir Charles Wheatstone came up with the idea to have binoculars create a 3D image. This idea evolved to become the VR headsets we see today.
In 1992, Neal Stephenson coined the term Metaverse in his book Snow Crash.
2. You Can Do Almost Anything in the Metaverse
The Metaverse is a series of platforms and networks designed to give you a virtual reality experience. You can put on a VR headset and attend a business meeting across the country.
You can go shopping, buy and sell NFTs, and connect with people across the world.
Another thing you can do is build, buy, and sell real estate. Building in the Metaverse works a little differently than in the physical world.
You can create the life you always wanted in the Metaverse.
3. No One Owns the Metaverse
Facebook is one of the leading companies in the Metaverse. The company saw the potential of the internet beyond social media.
That’s why the company bought Oculus VR in 2014. Oculus was a manufacturer of virtual reality headsets. Since then the company acquired more companies in the Metaverse space.
Facebook even changed its name to Meta to reflect its investment in the Metaverse.
It might make you think that Facebook owns the Metaverse.
The truth is that no one owns the Metaverse, the same way that no one owns the internet. There are many companies exploring the Metaverse and doing what they can to make a better virtual world.
What will be interesting to see in the future is how privacy and security get managed as more people participate in this new world.
Learning About the Metaverse
Technology changed how we live, work, and do business over the last 20 years. The next step is an even bigger step into a strange new world called the Metaverse.
What is the Metaverse? It’s a bridge between digital and physical worlds, lived through an avatar. You can do just about anything in the Metaverse that you can in the physical world.
You just need to put on a headset. If you enjoyed learning about the Metaverse, you’ll like the other tech content on the blog. Head over to the home page of this site and check out the latest in tech today!