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 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 up, 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 now owns a Horizon platform. 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 for 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 meeting people in VR? What can we do to make the VR experience more enjoyable for everyone?
It turns out that it is not easy. It turns out to be quite difficult. It is still not publicly available. All the top Facebook executives express 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.
Metaverse is an Augmented Reality and space where people can socialize and experience things virtually without physically being there. Saves time and allows disabled people to experience heightened 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 the effectiveness of commercials. As we advance, we will see a digital economy in which there would be the economy of content creators, friends, business professionals, etc. This is the same as what we see through the pandemic: 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 to share quality time in virtual space. They might go on virtual dates or 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 from 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.
There are Oculus shops, in which Facebook charges Software developers for a fee to sell their games to VR users directly. There is also a large market for driving people to specific platforms via Social Media, which Facebook is also monetizing. Certain games related to Avatars also have the potential to be monetized. Oculus VR offers multiple games for free. After we have started playing the games, we may want to upgrade avatars, such as buying a new dress or colouring their hair.
Our virtual social presence will become more important as we acknowledge our social presence. It will be necessary to make some changes that reflect our social status. This will eventually lead to wealth creation for those who have these platforms. People are willing to pay to have their avatars customized to be unique. Soon, patents will also be granted for digital appearances.
Virtual Reality and Augmented Reality have huge potential. Facebook and other tech companies are exploring it. It is a difficult question to answer: How will it happen? How long will it take to happen? It isn’t easy to launch services that are profitable in Virtual Reality. This is why tech companies are now creating a gateway that allows anyone with a smartphone, AR glasses or VR headset to join the system. The limited availability of hardware will compromise the quality of the experience, but it will also provide new experiences for the audience. As this platform grows in acceptance, we will see a new industry of biological implants equipped with advanced Hardware systems that will allow us to reap the benefits of Metaverse. This is similar to what Science Fiction movies predicted.
Metaverse Science Fiction/Reality
Although the Metaverse will be the ultimate reality, it will require some acceptance by the public. Facebook is most likely the person who can make it happen. However, this new technology requires financial strength. This technology also requires additional funds and state of the art engineers. Mark Zuckerberg will not take a chance and will instead move forward with a step by step approach. He will start by creating micro metaverses that include virtual working environments, gaming environments, adventure sports environments, and others. According to tech experts and sources, the environments must be compatible with Android phones to expand their reach. Gadgets like VR or AR may be added to the mix to speed up the process.
It is possible to upgrade it through user suggestions. These environments will all be created in a way that allows them to be compatible. Microenvironments can later be modified or removed based on user preferences. Once the public is comfortable with them, they can make these environments more accessible. There are also possibilities for microchip implant introduction.
Metaverse will be a fundamental part of reality, as all the money flowing in this direction will become an essential part. It will take time. Not 1-5 years. But at least 20 years to make a virtual parallel universe. The big question is, “Who will make this leap? How and why?” Mark Zuckerberg is the correct answer. He currently runs the largest virtual interaction and communication company in the world. His vision is aggressive and passionate.