Such concerns come as rules and governance of the metaverse remain undefined. An XR consortium that includes Google, HTC VIVE, Microsoft, Oculus from Facebook and Sony Interactive Entertainment aims to promote the responsible development of XR technology. We’re going to compare the Metaverse to the Internet one more time to renew your interpretation of this space as a concept rather than a physical location. Read more about here. You may know someone who conceives of the Metaverse as another dimension, a place you can walk through a portal to enter. While it’s a fun visualization, a true and robust understanding of the Metaverse needs to embrace the multi-host, multi-hub nature of the beast.

Digital worlds and augmented reality get trendy every few years and then the hype fades away. Link to the physical world – The metaverse will also have to be able to integrate data from the physical world, something that Oracle-type crypto projects like Chainlink or The Graph can do reliably and securely due to their decentralised nature. Still in the work area, training for manual or dangerous jobs could be facilitated by training with very realistic simulations, just as some operations can be reinforced using augmented reality devices.

Meanwhile, Goldman Sachs estimated the sector’s value at $12.5 trillion in a December report, based on a bullish scenario in which 70% of the digital economy pivots to the metaverse and then doubles in size. They contain a definition of the virtual realm, its infrastructure, cryptoassets such as NFTs, money and DeFi, as well as regulatory changes affecting the virtual world. The multinational lender anticipates that the metaverse’s user base will grow to as many as 5 billion.

Exclusivity may be important but they want to find others like them in order to showcase this. Platforms like Discord, Reddit, and Telegram have become powerful touchpoints for brands to build niche communities more easily. Awareness drops off significantly among those aged 45+ – just 18% are aware or familiar with the term – but we can take this as a promising sign the metaverse isn’t just a service built with the youngest consumers in mind. Bold Business is a proud part of Bold Business Group, an integrated publications, media, technology, solutions, advisory and investment group. The nuance characteristics of this virtual escape have not yet been made available to the public as it is not a finished product. At the moment, we are aware it will be possible to buy virtual property in the metaverse, sell that property and possibly even trade it for other virtual commodities.

That experience, she said, allowed her to transition into non-fungible tokens and cryptocurrency. At that time, she recalled that the concept of studying art direction at university level was „difficult to digest”. „And there are people who like strange things and people who have strange interests. And if you create a following, people that definitely love the things you’re producing, they will buy it.

In Zuckerberg’s view, the metaverse will not only be „the next chapter for us as a company”, but also the next generation of the internet. For its part, Facebook is throwing „significant investment” (CFO Dave Wehner categorised it as „billions”) into building its portion of the virtual world. We love giving our imaginations a workout picturing what the future will hold, based on what we know, and what we wish for.

And while Facebook may talk about it a lot, they can’t „own” the Metaverse. It would be like saying Facebook „owns the internet.” The Metaverse is a new set of technologies that many providers will build, and now it’s a race to see who adds value the fastest. Facebook, of course, chose to rename their entire company to make a point. In fact, every tech company, retailer, and entertainment business wants in.