The metaverse is a fictional version of the Internet that is a single, all-encompassing virtual environment made possible by the use of virtual reality (VR) and augmented reality (AR) headsets. It appears in science fiction and futuristic literature. A collection of 3D virtual worlds used mostly for social interaction is known as a metaverse.
Brief and Short history on Metaverse
The words “meta” and “universe” were combined to create the phrase “metaverse,” which first appeared in the science fiction book Snow Crash in 1992. The growing demand for immersion makes the development of the metaverse frequently associated with improvements in virtual reality technology. Web3, a theory for a decentralized internet, has recently sparked interest in metaverse development. For public relations objectives, buzzwords like Web3 and the Metaverse have been utilized to overstate the development progress of many connected technologies and projects. Concerns about information privacy, user addiction, and user safety exist in the metaverse as a result of issues with the video game and social media industries as a whole.
The Implementation of Metaverse
Online video games have already included elements of metaverse technology. Because it combined many social media elements into a persistent three-dimensional world with the user represented by an avatar in 2003, the virtual world platform ‘Second Life’ is frequently referred to as the first metaverse. However, historical claims of metaverse development began soon after the term was coined. Active Worlds and The Palace were among the early works. Habbo Hotel, World of Warcraft, Minecraft, Fortnite, VRChat, and the game development platform Roblox are examples of well-known games that are referred to as being a part of the metaverse. Roblox has subsequently heavily utilized the word in marketing. Creator of Second Life Philip Rosedale characterized metaverses as a three-dimensional Internet with real people in it in a January 2022 interview with Wired.
Microsoft purchased the virtual reality business AltspaceVR in 2017, and since then Microsoft Teams has included virtual avatars and meetings held in virtual reality.
A virtual VR reality named Facebook Horizon was introduced by the social network corporation Facebook in 2019. Facebook changed its name to “Meta Platforms” in 2021, and its chairman Mark Zuckerberg committed the organization to creating a metaverse. Many of the virtual reality technologies that Meta Platforms promote are still in the development phase. Frances Haugen, a Facebook leaker, criticized the decision and pointed out that Meta Platforms’ continuous emphasis on growth-oriented projects mostly comes at the expense of maintaining platform safety.
Due to sexual harassment that took place on the platform in relation to Horizon Worlds, Meta Platforms has also come under fire for user safety. With Mark Zuckerberg predicting operating losses to “grow considerably” in 2022, Meta’s metaverse development division lost over $10 billion in 2021.
Some applications of the metaverse use digital money, frequently cryptocurrencies. Non-fungible tokens (NFTs), which are sometimes used for trading assets in the metaverse, use blockchain technology to monitor ownership.