Recently Facebook went under rebranding where Mark Zuckerberg announced a new name for Facebook – Meta Inc. Many new ideas were presented to be included in the metaverse. Meta Inc. has been expanding since its creation. Now, with its new vision, it is trying to set its foot in the future.
How did the world’s largest digital social network start?
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Meta over Years
Today’s largest social networking site in the world was founded in 2004 by a bunch of college students including Mark Zuckerberg, current CEO of Facebook (now Meta Inc.). Their main idea was to stay connected which is still reflected in their agenda. The service that was once used by Mark and his classmates is now the most famous and used social network in the world.
Meta Inc. was initially known as FaceMash, which then converted to TheFacebook. Later, the name was changed to Facebook which remained the same for many years. However, in 2021, a few changes and ideas were introduced before rebranding. Finally, in October 2021 Mark Zuckerberg announced the new name for the company that is Meta Inc. It is commonly called a metaverse.
Metaverse that laid its foundation in 2004 has not only achieved its original goal but expanded in many directions. From sharing photos, videos, and messages, it has acquired many apps and has set its foot in games and virtual reality. Amid many controversies, one cannot doubt the progress of Meta Inc. in the tech world. It has undoubtedly become a financial giant.
What services are included under the umbrella of Meta Inc.?
Companies Under Meta
Meta is also known for its acquisition and anticompetitive actions to progress in the market. In fact, Meta’s huge chunk of progress could be possible due to these acquisitions. It is also helping metaverse to expand continuously and increase its revenues.
These are the companies that are included under Metaverse.
- Instagram. (acquired in 2012 with $1 billion costs)
- Whatsapp (acquired in 2014 with $19 billion costs)
- Oculus VR (acquired in 2014 with $2 billion costs)
- Onavo (acquired in 2013 with $100-200 million costs)
- Beluga (acquired in 2011)
All these acquisitions have taken Meta where it is today. Metaverse includes all of these companies. Maybe, it will include more under its feathers. Time will tell.
Right now, companies and tech experts have their eyes on metaverse and functions.
So what is metaverse?
What is Metaverse?
Metaverse is 3D virtual world. In easy words, a metaverse is a virtual environment that will connect people through their digitally created avatars or personas in a virtual world just like our real world. It will allow people to combine their digital social networking and cryptocurrency to interact using augmented and virtual reality features.
Doesn’t this sound fascinating to combine virtual and physical worlds?
If you have heard about a worldwide famous game – Sims. You must get an idea of what metaverse is supposed to be. It is similar to Sims but in the real world, as augmented reality works – overlaying virtual objects with a real environment to increase the sensory experience of users. Think of metaverse as a multiplayer game from a third person’s perspective where everyone is a game character.
Metaverse and other similar digital worlds face the criticism that they urge people to spend more time on screen. Many technological advancements have indeed made people spend more time on screens distanced from the real world. However, to say this misconception holds for metaverse and similar attempts is wrong. Tech experts claim that augmented reality will be a step away from screens and will bring people back to reality while enjoying the perks of the virtual world. For now, it seems a positive step but what the future holds for mankind is uncertain.
How will metaverse affect or change our future?
Metaverse – a Reality to be
You may have seen the concept of second life in many fiction movies. Metaverse is trying to bring this concept into reality. Imagine having a second life in form of an avatar or character.
First, metaverse means to combine all aspects of one’s life in a single platform. Imagine how easy it will be to manage everything through your digital avatars. They can be used as personal assistants. You no longer will have to be worried about forgetting something important. Your digital avatar in metaverse will hold your memories for you. Further, financial transactions will become easier through cryptocurrency or any form of digital currency. If things work out smoothly, it can bring immense comfort for humans.
Are there any downsides of metaverse?
However, some questions regarding ethical considerations of this virtual space are still a matter of concern. Identity theft is a major concern when it comes to the virtual world. Combining virtual and physical worlds will put real people’s whole identities/life at stake. Therefore, a solid security system must be introduced to ease people’s discomfort and bring more people on board.
Another concern is the governance of this virtual space. How will virtual reality run and who will run it? There are no guaranteed answers to these questions, yet but it is expected that these matters will be dealt with with sensitivity and responsibility. Undoubtedly, rules and regulations will be introduced before opening metaverse for the general public. Only this way, the purpose of metaverse will be ensured.
Converting Facebook into a metaverse will include a big budget. Of course, things will move slowly toward the final goal. Mark Zuckerberg is one of the financial giants in the world. Money may not be an issue for him but a big project like metaverse require a huge sum to work on. Apart from Zuckerberg setting aside a budget for making metaverse a possibility, many people are interested in investing in it, just like people are already investing in buying land on mars. Moreover, metaverse will become a sustainable model once it is opened to the public as per zuckerberg’s goal.
“Our goal is to help the metaverse reach a billion people and billions of dollars in commerce in the next decade”
-Zuckerberg discussed his plans with Wall Street analysts.
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Sneak Peek into Metaverse
According to Zuckerberg, metaverse is the next step for social networking. Instead of using a computer screen to look into the digital world, people will use virtual reality headsets or augmented reality glasses to be able to see the overlay of the digital world into the physical world like holograms but with better technology and real looking images.
Instead of playing games on the computer with your friends, metaverse will look more like that friends are sitting together in a single place playing the game. Similarly, zoom meetings will also look different. Instead of looking at a screen during a meeting, metaverse will enable the users to experience physical-like interaction.
Imagine being able to visit places around the world without having to travel or getting a visa. Metaverse will enable structural designers to create a digital footprint of the world. People will be able to sense, feel, and experience the place just like they are present there physically. This can become the future of tourism.
All of this can be possible. Maybe not shortly but in years or decades.
Metaverse Today
Zuckerberg’s metaverse may be applicable in the future but we have had glimpses of metaverse through a computer screen. Second life and many other multiplayer online games are already giving a glimpse of metaverse. These games have emerged out to be virtual social spaces. Games like GTA, World of Warcraft, Minecraft, Lego world, etc. allow users to create an avatar that is going to be a main feature of metaverse. The closest depiction of metaverse seems to be Sims city where players create avatars and have a social life in digital space just like we would live in the real world.
The possibilities of metaverse are diverse; not just limited to gaming and socializing.
Have you heard of the circus in Germany using holograms instead of animals? Yes, this is another possibility in the future that can be made possible with metaverse. The circus uses 3D, 360 projectors to project animals in the circus space. The trend has caught up in Germany and has saved many animals from violence.
Mankind has to think beyond their imaginations to make a better world with metaverse. However, man’s tendency to incline towards evil is also a matter of concern. Therefore, it is necessary to develop rules and regulations for digital space before developing a digital space itself. Digitalization of the world is inevitable, what we can do is to make it a safe digital space for people.
In conclusion, metaverse is the future for mankind. It can make socialization, work, the economy, and many aspects of life easier. One thing that pandemic has taught us is the irrelevance of physical space for work efficiency. Work from home culture has given us the taste of comfort and ease without compromising the productivity of the work. Going back from here to old ways would be a regressive approach. Therefore, the chances of success of metaverse seem optimistic for now.
