Metaverse: Facebook’s huge gamble and its likely impact
October 28, 2021 is a date tech enthusiasts, and probably the whole world, will live to remember in the 21st century. The social media giant Facebook announced its official rebranding to Meta. It is a deliberate initiative to show the world that this trillion-dollar company’s focus and future will be metaverse.
Meta Platforms co-founder, chairman, chief executive officer, and controlling shareholder Mark Zuckerberg was quoted saying at the company’s annual Connect conference, “From now on, we’re going to be the metaverse first, not Facebook first.” One can undoubtedly question Facebook’s optimistic involvement with VR and AR, but this colossal gamble was probably out of the blue.
What exactly is the metaverse?
From Facebook’s point of view, it is considered “a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you”. The technology has a long way to go to reach that target despite having promising results already. Both hardware and software advancement are needed to achieve that goal.
These virtual spaces can be crafted to infinity to suit different purposes. Just like how social media evolved, people can use them for recreation, social activities, learning, exploration and many more others, to mention a few. Most of the rendered reality is 3D, but there might be a few 2D realities too.
If you have seen movies like Ready Player One or Snow Crash, that is what metaverse is expected to offer soon. We are expected to have virtual concerts, online tour trips, digital fashion, real estate and other businesses, gaming and sports, of course. Have you thought about how working from home could be fun with metaverse?
What is the difference between AR and VR?
Augmented reality (AR) technically involves overlaying visual elements, colours, texture, sound, and other sensory stimuli within a real-world environment to enhance the user experience. For instance, with AR-enabled software, you get to see your favourite superhero in your living room environment and control their presence in the real world.
When we consider virtual reality (VR), this is entirely virtual, and all the elements and vision you see is synthesized or fictional. VR needs VR gear to work. Oculus Quest 2 is a flagship VR gear from Facebook, now known as Meta.
What is Facebook’s metaverse?
We can’t say that Facebook has a patent for metaverse or sole ownership to develop it. Still, we acknowledge and cannot deny that they are the early pioneers in this, and they seem to be more interested in this new niche compared to other tech giants.
They have a special division for this called Facebook Reality Labs, and they have been experimenting, researching and producing different hardware and software to support this innovation. It is the next big thing for Facebook, and they have invested over $50 million in research and development in this futuristic project. The software gurus Microsoft and gamers beloved chipmaker Nvidia are also among other companies interested in this future, and we await to see what challenges they shall offer to Facebook.
Verdict
Facebook’s rebranding was strategic as the company’s reputation has been steadily dropping significantly from previous scandals. It looked like being limited to social networks, and therefore the rebranding has brought forward a new image and positive perception of the company. With metaverse as a product, I would not call it a bad gamble. I believe it is a matter of time, and we shall all appreciate the effort deployed in this matter. I just cannot wait to own my first property in the metaverse.
Written by Reuben Orinda
