The Metaverse continues to advance in the technical arena as more individuals and brands become aware of its enormous potential. Despite its recent popularity, the concept of the metaverse is far from novel. Until recently, it was only an idea that had been proposed and experimented with, but it was never officially developed as previous attempts failed to gain momentum.
Much of its current popularity may be traced due to Facebook’s renaming to ‘Meta’ in October 2021. The social media network stated that it intends to invest $10 billion on the metaverse in the coming year and complete the transition within the following five years. Along with Facebook, major corporations such as Microsoft have begun to develop their own metaverse vision.
The metaverse is defined.
Big businesses have clearly stated their support for the metaverse, but what precisely is this support? The solution is more complicated than one might imagine, but it is not an other reality that humans can literally go to (like some movies and science fiction novels might suggest).
The word “metaverse” was coined by author Neal Stephenson in his 1992 science fiction novel “Snow Crash,” which is about a hacker who travels between Los Angeles and a virtual world known as the metaverse.
Since then, the word “metaverse” has come to refer to a virtual environment that encompasses augmented reality, 3D avatars, and virtual reality. The metaverse is simply a realm in which people may socialise with one another, perform trades, and play games.
Businesses are using the metaverse as a growth strategy.
According to Bloomberg, the digital environment will reach 800 million people by 2025 and will reach 2.5 trillion by 2030. With that in mind, it’s no wonder that businesses, particularly tech-savvy ones, find value in the metaverse.
For starters, it distinguishes itself in two key areas: interactivity and interoperability. The possibilities are practically limitless, from people conversing and engaging with one another to shopping and putting on things. Some firms, like as Adidas, have even developed their own NFTs, which provide holders with exclusive access to their items. Addidas sold $22 million in NFTs in one day shortly after its introduction.
