For as long as I remember, Facebook has been an integral part of our lives. Back in 2004, when Facebook was created, no one knew it will gradually devour social media software (now apps) such as Orkut, MSN messenger, and MySpace. To many of you, these three socializing platforms might sound primordial, some of you might not even have heard of them. Facebook led to the demise of the biggest socializing platforms of the late nineties and early noughties.
So what does it mean when Mark Zuckerberg said that the tech giant will now refer to itself as Meta.
Here is what we are going to discuss in this blog:
- What is the Metaverse?
- The Next Version of the Internet
- What does it mean for Facebook?
- What does it mean for you?
- What does it mean for businesses?
- Concluding Remarks.
What is the Metaverse?
Mark Zuckerberg explained in his founder’s letter that, “You will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parents’ living room to catchup”. To me it sounds something like the next level of virtual reality.
He further said, “Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers”.
Mark Zuckerberg hopes that the metaverse would be a place where people can interact, work and create. The metaverse aims to reach a billion people within a decade.
The Next Version of the Internet
From a perspective, the metaverse is the advanced version of the internet. From another angle, it is just a more honed version of Second Life that was launched in 2003.
Just like no one owns the internet, Mark says, no one will own the metaverse. Instead a number of stakeholders will have their share in it.
The metaverse will incorporate multiple aspects of online living such as shopping to enhance the evolution of connectivity. People will come together in a doppelganger universe to live a virtual life like your physical one.
What does it mean for Facebook?
Well Zuckerberg has only changed the name of the company, not of the social networking app. The company changed its name to bring all the apps and technologies under one umbrella. In almost 17 years, Facebook has purchased WhatsApp, Instagram and other social media apps. Also, the company has invested in developing technologies such as Novi (digital wallet), Portal and Oculus, a virtual reality system.
Many critics hold that the change in name could be an effort to distract the world from the company’s crisis, such as the antitrust crackdowns and the testimonies made by former employees.
A former employee, Frances Haugen, accused Facebook for harming children and instigating political violence after he copied the internal research documents and turned them over to the US Securities and Exchange Commission.
What Does it Mean for You?
For a normal internet user change is expected. You will be able to enjoy virtual concerts and even have online trips through the developing Metaverse.
You can easily work from home in a virtual office. However, the cutting edge experiences and technology might not be affordable by everyone due to their high costs (a single headset can cost about USD 300).
“A lot of the metaverse experience is going to be around being able to teleport from one experience to another,” Zuckerberg said.
It could be a game changer for many institutions. People would need to become increasingly accustomed to virtual alternatives. The pandemic paved the way for virtual reality for multiple services such as health appointments. The Metverse can take this a step further.
In one of the videos shared by Mark Zuckerberg on his official Facebook page, he is shown having a sword fight with the hologram of the Olympic gold medalist. This shows the capacity Virtual Reality and Metaverse have when working together.
Concluding Remarks
The internet changed how the world worked. It turned the planet into a global village. Social media evolved the way we interacted with each other. Facebook practically consumed social media websites like Orkut, and My Space. Similarly, when Facebook got its hands on WhatsApp, Skype became a thing of the past.
The Metaverse aims to change the way the conventional internet works. Working from home through virtual reality and holograms seems like the next big thing in terms of the goals Mark Zuckerberg wants to achieve.
While for the layman, the accessories (like the virtual goggles) seem a bit far fetched and a bit heavy on the pocket. Nevertheless, it will be a game changer for businesses and people with means.
While Metaverse would also help Facebook blow some steam off and rid themselves of the scrutiny they are currently under, it will also be the next big thing for the digital world.
What does it Mean for Businesses?
For businesses, they will be able to showcase their products in a virtual reality to their prospects. People will be able to try new products, even clothes in a digitally augmented reality. Zuckerberg wrote that the Quest v34 update will let you see people and objects entering in the Virtual Reality space.
For Android users, phone notifications will also be visible in VR. For app builders, they will be able to ship them in the Quest Store or App Lab.
It means, interaction will no longer be intangible through VR. People would be teleported from one place to another without having to step outside of their comfort zone.
