Metaverse is a virtual online place where we can use avatars to connect with people, have fun, and even attend events or concerts. People may sometimes work together as the world becomes more comfortable with its existence. It is rooted in science-fiction movies such as Ready Player One and Snow Crash. They have a connection to VR in all of these science-fiction movies. When they put on their goggles, they are transported to a virtual world similar to the one they live in. People mistake VR for the Metaverse. However, in reality, VR is not the Metaverse. If we have an Oculus Quest and put it on, we can play Beat Saber. It’s just another version of gaming.
The Metaverse is more of a social space because of the evolution in thinking with games like Fortnite or Roblox. These games have gaming environments that allow individuals to create their avatars. Roblox has a virtual economy where they can meet, chat, and even go to concerts. These gaming environments can be considered early versions of the Metaverse. Facebook acquired Oculus in 2014, and the company owns a platform called Horizon. Horizon is a type of Social Media Platform that uses OculusVR hardware. Like the Oculus VR team and facebook’s Horizon, Oculus VR is building its Metaverse. The Metaverse exists only as long as people exist. Horizon is currently a private INVITE ONLY platform. Oculus was acquired by Facebook several years ago. They have been working on a social version of this technology since then. We have already acknowledged that there are Oculus rooms and oculus venues. It is important to ask ourselves the main question: What will we do when we meet people in VR? What can we do to make the VR experience more enjoyable for everyone?
It turns out that it is not easy. This is probably the main reason Horizon isn’t public yet. When they find a solution to the problem and make the system more accessible, we will be able to see it publicly. All the top Facebook executives are expressing their desire to see Metaverse as the future of Facebook.
Future of Social Media & Metaverse
Mark Zuckerberg had recently addressed investors, stating that will be the next big thing in the future.
The Metaverse is an augmented reality space where people can socialize and experience things virtually without physically being there. Saves time and allows disabled people to experience accentuated experiences.
Investors are now more interested in the details because AR and VR are new technologies. Currently, 10,000 people are working on this technology on Facebook. The investors wanted to know what this technology would make their money and how long it would take.
Mark Zuckerberg’s answer was vague, but he did explain some possibilities for monetizing the Metaverse. While we can scroll down ads on Facebook, we will see them in Virtual Reality. This would allow us to view more of the Ads. Numerous studies have been conducted in this area which shows a significant improvement in commercial effectiveness. In the future, we will see a digital economy in which there would be an economy of content creators, friends, business professionals, etc. This is the same as what we see through the pandemic, where people buy tickets for concerts, standup comedy shows, etc. They get a basic zoom call in response. People will pay more to have a great experience with their Avatars once this technology is more readily available.
Friends from different countries may want to spend more on a cool 3d virtual meet where they can share quality time in virtual space. They might go on virtual dates, play adventure sports, or sit down with their avatars to socialize and have fun. The money will flow in as the space becomes more popular. Facebook is currently working on its digital currency, Libracoin. It uses Blockchain technology and Facebook’s secured algorithms. This would be different than Bitcoin, as Libracoin is centralized while Bitcoin is decentralized. It can be used as a currency in the Facebook virtual world for quick and secure transactions.