Mateverse: Where Have We reached?

You may have already experienced video games and virtual reality. But the world is moving faster than you think. It is the time for technologies like nft, augmented reality, Blockchain and Metaverse.

Metaverse was already there even before Facebook made the official announcement. In 2021, Facebook’s parent company Meta announced an investment of $10 billion in the coming years to invent and adopt Metaverse.

Metaverse will be more than just games. You will see Metaverse everywhere, from social media to ecommerce.

This is the reason why the biggest brands are planning to invest billions.

And, you must know everything about Metaverse.

Metaverse term was first used in the “Snow Crash” novel in 1992.

Metaverse is the world where you have endless possibilities to create virtual avatars and build communities. People can use digital currencies to buy products or services in metaverse shops. You can even travel from one place to another in Metaverse and explore metaverse cities or even countries.

The Metaverse is not as simple as the internet.

Difference between Metaverse and Internet:

The internet is a network of devices, servers, and computers. You can watch content using the internet, run an online business, or buy-sell anything.

But Metaverse is not the internet. It is a world that is built on the internet. Metaverse gives you a real-time experience of the real world with the help of technologies like digital currency, social media, artificial intelligence, virtual reality, and augmented reality.

Which brands are investing in Metaverse?

Microsoft:

Microsoft is set to release Microsoft teams to compete with Zoom based on Metaverse. With Microsoft teams, users can join and meet in the virtual world.

Epic Games:

Fortnite is already popular among Metaverse gamers. More than 350 million users are using their platform. Epic Games is taking the biggest investments, like $1 billion, to develop Metaverse.

Facebook:

Mark Zuckerberg wants to bring Metaverse to life for its social media platform. This is the reason why Facebook INC has changed its name to META.

Importance of Metaverse:

Zuckerberg is not running after Metaverse just because he loves it. There are a whole lot of factors that are playing behind the scene to make billionaires focus on the Metaverse.

Some of them are where:

• People love games where they have their avatars.
• The pandemic has taught us the way to communicate without leaving the house.
• Brands are trying to be the first in the race to grab futuristic technologies.

There are a few questions that also tells why the Metaverse matters.

Who will be the first?

Zuckerberg has lost an opportunity to become a smartphone hardware and software manufacturer. He must make his sites and business according to Apple and Android stores.

But Multiverse is where Zuckerberg wants to be the first and take everything under his control. This is also why Zuckerberg is so serious about VR and AR headsets.

Where is Safety?

Well-being, privacy, and safety are big issues in front of all the social media brands like Facebook, Twitter, YouTube, etc.

The same issues will be in Metaverse. But brands cannot control them in the same way. It will not be possible to monitor every user’s activity in Metaverse so how brands will handle these issues is still a challenge in front of these brands.

What is Revenue?

How will Metaverse generate revenue for businesses?

It is right that users can buy digital stuff with digital currencies, but what about advertisers and subscription-based services.

What will be the business model, and will every brand adopt Metaverse advertisement?

These are some serious questions that will be answered shortly.

Are we close to Metaverse?

We are still in the beta phase of Metaverse, where brands invest and test their capabilities and usability of Metaverse for their businesses.

But we already know that Metaverse is the future of technology, business, marketing, and social life on the internet.