The term “Metaverse” was first used in Neal Stephenson’s 1992 novel Snow Crash to describe a 3D virtual world populated by avatars of real people. While lots of science fiction and fantasy media has used metaverse-like systems, Stephenson’s book remains the most common reference for the field. Let’s examine some of the most common myths and misconceptions about this concept. First, what is the Metaverse?
The Metaverse is a concept that has gained a lot of attention in the past few years, but the future of virtual reality may be here now. Even Facebook is betting on the concept, and has hired over 10,000 employees to work on the project. The social network is also backing the project with tens of billions of dollars and a majority stake in the metaverse. Meanwhile, Zuckerberg, who is the company’s CEO, is actively investing in the project.
The Metaverse also has many competitors. Activision Blizzard is one of the largest publishers of video games, and it competes with Sony and Nintendo in a market that’s over $180 billion. Many gamers are wary of microtransactions, but the game’s community is incredibly large. The developers of Minecraft are a good example of how the Metaverse works. Microsoft isn’t trying to force the game to be exclusive to its platforms, since it sees the game as a valuable platform in its own right.
The metaverse can be a great place for creative people. The ability to try on clothes digitally and purchase virtual goods is an obvious example. Virtual fashion, avatar skins, and real estate will have their own value in the metaverse. The companies that invest heavily in the Metaverse will have to create different brands for various wealth levels. They may partner with businesses that don’t exist in the real world. This is not legal, but many people are already comfortable with the concept.