How Will The Metaverse Change The World?

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The phrase “metaverse” is the newest buzzword attracting the attention of the technology industry — so much so that one of the most popular online platforms is renaming to reflect its adoption of the future concept.

Mark Zuckerberg’s statement about the change of name of his firm to Meta Technologies Inc., and Meta for short, may be the most significant development in the metaverse after science fiction author Neal Stephenson invented the word in 1992 for his novel “Snow Crash.”

https://twitter.com/therecount/status/1453772988361453572?s=20

However, Zuckerberg & his team are far from the only technologists with views about how the metaverse, that will combine virtual reality & other technology, should be built. And some who have been contemplating it for some time are concerned about a new world dominated by a social media giant that could gain access to more personal data and could be accused of failing to prevent the spread of dangerous misinformation & other online harms that aggravate real-world problems.

What Is Meant By The Term “Metaverse”?

Consider it the internet brought back to life, or at the very least portrayed in three dimensions. Zuckerberg has characterized it as a “virtual habitat” that you can enter — rather than just seeing it on a screen.

In a nutshell, it’s a world of infinitely linked virtual areas where people can connect, work, and play through augmented reality glasses, virtual reality headsets, smartphone applications, and other devices.

According to Victoria Petrock, an expert who analyses developing technologies, it will also include other areas of online life including shopping & social networking.

“It’s the next generation of connectedness,” Victoria Petrock said, “where some of these things come together in a smooth, doppelganger world, where you live your virtual life in the same way you live your actual life.”

Is The Metaverse A Facebook-sponsored Project?

No. Microsoft & chipmaker Nvidia are two more firms promoting the metaverse.

Video gaming businesses are also assuming leadership roles. Epic Games, the developer of the famous video game Fortnite, has received $1 billion from financiers to fund its long-term goals for constructing the metaverse. Roblox, another major participant, describes the multiverse as a location where “people may gather inside millions of 3D activities to study, work, play, create, and socialize.”

Consumer companies are also attempting to capitalize on the trend. Gucci, the Italian fashion business, partnered with Roblox in June to offer a range of digital-only accessories. Coca-Cola & Clinique have marketed digital tokens as a gateway to the metaverse.

Who Reaps The Advantages Of The Metaverse?

If you spend too much time reading about large technology corporations such as Apple, Facebook, Google, and Microsoft, you may get the impression that technological advancements (such as the advent of the metaverse) are unavoidable. It’s difficult not to consider how these technological advances will affect our society, politics, and culture in the future, and how we will fit into that future.

This concept is referred to as “technological determinism”: the belief that technological advancements determine our social relationships, power relations, & culture, with humans only acting as passengers. It omits the reality that we have a voice in how all of this works out in a democratic society.

For Facebook & other huge firms aiming to be first to market with the “next big thing,” the metaverse is attractive because it creates new markets, new types of social networks, new consumer goods, and new patents.

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Disclaimer: The views expressed in The Coin Times are solely those of the authors cited. It does not constitute The Coin Times recommendation to buy, sell, or hold any investment. Before making any financial decisions, it is recommended that you undertake your own research. Use the information supplied at your own risk. For additional information, please see the Disclaimer.

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