The group justifies the name change from Facebook with a vision that is difficult to grasp at first glance: the metaverse. To understand what the virtual market of the future will actually be, it helps to take a look at the history of the iPhone.
Tech giants invest billions in new technologies and structures every year. They are currently being driven, among other things, by an idea that has been around for decades: the metaverse or metaverse. A level in which the virtual and physical world merge. The concept will eventually become reality. However, it is wrong to think of simply putting on virtual reality glasses for this in the future. The metaverse is much more than that.
The term “Metaverse” was first used in 1991 in the novel “Snow Crash” by Neal Stephenson. In the book, the population plunges into a virtual world and meets in the form of avatars, i.e. images of themselves. The same thing happens, slightly modified, in the science fiction novel “Ready Player One” by Ernest Cline (2011). In the novel, the real, the physical world as we know it lies in ruins. The protagonists look for a way out in the virtual world. In the metaverse, as the big tech companies imagine, both worlds should fertilize each other and not replace one another.
This should then be reflected in both private and professional everyday life. Virtual images of ourselves sit with relatives or work colleagues at the lunch or conference table. A pretended closeness, but more tangible than any video call or phone call. To this end, a virtual job market is to be created, as well as a consumer climate of its own.
Between VR, crypto and video games
To understand what is meant by the term metaverse, all you need to do is look at your own smartphone. When it comes to technology, the past 15 years have been dominated by cell phones. The powerful computer in your pocket – this idea also existed decades ago. The big breakthrough was the iPhone in 2007. Equipped with an integrated web browser, the way to the mobile Internet was paved.
The iPhone was only successful because dozens of technological visions had already been implemented. Advances in the display made it durable, app developers versatile, ever faster chips and ever longer-lasting batteries suitable for everyday use. Apple provided a physical platform that got everything together and working at the right time. This iPhone moment has fueled an entire industry, other areas of the tech industry, such as cryptocurrencies, are still waiting for it.
Unite trends and technologies. Metaversum should also do this – albeit with developments such as VR, crypto currencies or online video games and independently of a large corporation. In addition, everything takes place in real time, without a break or limitation of the participants. It is impossible to predict when the metaverse will have its iPhone moment.
In contrast to the smartphone, the metaverse will not be tangible, even if this is already the case with individual technologies. With VR or AR glasses, users can now mentally leave the physical world. But it is precisely in this hardware area that the hurdles are enormous. Experts assume that the experience of virtual space only becomes a haunting experience as soon as two stable 4K streams with at least 120 frames per second are transmitted to the VR glasses. At the moment, however, wireless devices in particular still work with processors that are usually built into smartphones. The internet connection would also have to increase significantly in order to be able to transfer such amounts of data.
Vision for the next 20 years
And yet there is currently a lot of fuss about the metaverse. The move by Facebook to rename its name to Meta is more likely to be perceived by the public as an image polish. However, the company wants to play a major role in the Metaverse and involve its Facebook users. Billions of dollars the group already invests in projects every yearthat are related to the metaverse. And this should continue for the next few years. “The name change is 100 percent about showing a new vision for our work. The old name suited us well for the first 15 to 20 years. Now we have a vision that will drive us for the next 15 to 20 years “, said the future Chief Technology Officer of the Zuckerberg group, Andrew Bosworth, the” Frankfurter Allgemeine Zeitung “.
The company’s task is now to convince the skeptics of the metaverse. “A lot of things start in niches or as games and then grow in importance. I remember how we once said there has to be a reason and an excuse to buy a computer. The reason was video games, the excuse Excel. I think it will be similar with the metaverse. ” According to Bosworth, however, it could take generations before norms change and acceptance for new things increases. “Technologies used to be simply thrown into the market. Now, with the Metaverse, we have the opportunity to shape it and think about related standards.”
Fortnite shows how it is done
And not only Facebook wants to help shape the metaverse. The video game industry in particular is lively involved, after all, avatars are already the standard there. Fortnite developer Epic Games is currently at the top. The company is known for expanding the boundaries of its own gaming world with virtual concerts and events. CEO Tom Sweeney is already an opponent of monopoly-like structures like Apple or Google and absolutely wants the metaverse to become a place in which everyone can participate.
Companies like Microsoft, Amazon or large chip manufacturers like Nvidia also want to dive into the metaverse – because this will create new markets and new sales opportunities. The focus is primarily on the non-fungible tokens (NFT). So that will already be now sums of millions implemented. These are certificates of authenticity that identify virtual ownership as a unique piece. NFTs are usually paid for in cryptocurrencies. And these could also become a mainstay of the metaverse. This can be extended to all levels. From content in video games to real estate or works of art. It wasn’t until June that an NFT was created for the Internet’s source code for $ 5.4 million at Sotheby’s auctioned.
According to the Venture Capitalist Matthew Ball the metaverse will be a trillion dollar market. No wonder that large companies are even changing their names to play a major role there. Without technical advances, the metaverse will initially only be a niche, a buzzword that has no exact or generally accepted definition.