What is Metaverse – and why is Facebook Investing a Billion Dollars to Develop it?

Virtual reality. Pixabay
image_pdf
  • Save
image_print
  • Save
Facebook is moving toward transitioning from social media to metaverse, which is a shared virtual 3D world, or worlds, that are interactive, immersive, and collaborative. Many other companies are raising capital to invest in metaverse. Metaverse is envisioned as a place where entertainment and media will converge and social media and online discussion groups will participate. Online gaming will interface with offline life. Indie developer Rami Ismail sums it up this way: “The idea of creating an alternative world in which everyone has to use your currency, play by your rules and everyone wants to promote their brands is really appealing to rich people. I mean, I guess we are talking about Fortnite after all.” Proponents of the metaverse aim to provide a fulfilling mental life inside of a game linked to reality that replaces real-world in-person experiences. -GEG

The word ‘metaverse’ is becoming almost inescapable, especially for those who peruse technology and games-related headlines.

Most recently, Facebook has been making big noises about transitioning from a social media company to a metaverse one. Meanwhile other companies have raised significant capital — such as Epic Games securing $1 billion — towards similar ambitions (Epic even stated in court earlier this year that Fortnite is not a game, it’s a metaverse).

Jon Radoff, CEO of Beamable and formerly mobile developer Disruptor Beam, has attempted to map out the companies that have either expressed an interest in the metaverse, or at least could be argued are connected to it, which is extensive to say the least.

With the term already in danger of overuse after these opening paragraphs alone, it’s time to question why so many major companies across multiple industries are investing so heavily in a concept some might write off as science fiction.

“The metaverse is to virtual worlds as a website is to the internet”

Herman Narula, Improbable

Indie developer Rami Ismail sums it up to us rather nicely: “The idea of creating an alternative world in which everyone has to use your currency, play by your rules and everyone wants to promote their brands is really appealing to rich people. I mean, I guess we are talking about Fortnite after all.”

But this feature would be too short if we just accepted the “Because money” rationale behind the rise of the metaverse. So let’s take a deeper dive into what it is these companies are actually trying to achieve, and why games developers see themselves at the forefront of these efforts.

Novaquark, the developer behind user-generated MMO Dual Universe, is so dedicated to the concept that it even refers to itself as a metaverse company. General manager Sébastien Bisch describes the metaverse in much the same way most people envisage it: a single, persistent virtual environment shared by everyone on the planet. The go-to pop culture references are The Matrix or Ready Player One’s Oasis if you want a shorthand for what that might look like.

“We believe that the metaverse will be the place where all forms of entertainment and media eventually converge, a gateway where they can be consumed,” Bisch explains. “We also believe that the metaverse will be an inherently social place where social media and online discussion groups might eventually migrate as well.”

Earlier this year, US-based HiDef raised $9 million for its own metaverse project. Founder and chief creative officer Jace Hall paints a picture of the metaverse of something virtual that interacts with reality, rather than replaces it — a platform that eliminates the distinction between online and offline.

Read full article here…

Visit our Classified ads.

Check out our Classified ads at the bottom of this page.

Recent stories & commentary

  • Save
Money

Fraud: $163 BILLION in COVID Unemployment Funds Stolen

May 16, 2022 Newsmax 3

An estimated $163 billion in pandemic-related benefits were fraudulently obtained by criminals, according to the Labor Department. The Biden administration said that it inherited the problem and blamed out-of-date systems and the lack of state-by-state data sharing.

Classifieds

For classified advertising rates and terms, click here. The appearance of ads on this site does not signify endorsement by the publisher. We do not attempt to verify the accuracy of statements made therein or vouch for the integrity of advertisers. However, we will investigate complaints from readers and remove any message we find to be misleading or that promotes anything fraudulent, illegal, or unethical.

Subscribe
Notify of
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
tom
tom
8 months ago

I don’t mind if all big tech and globalists and their gullible minions and sheeple upload themselves into a metaverse; as long as we can then shut down the servers and leave them to it. 404 ERROR

Victoria
Victoria
8 months ago

Illusion, delusion, escapism… it is so sad. I guess they believe that they have screwed up the real world so bad that people will be willing and happy to escape into their fake world, and pay them to do so. It seems to never end… one scam after the next scam. Snap out of it people!