October 28, 2021, the social media giant Facebook made a major announcement. The company is rebranding itself, and it’s official name changes to ‘Meta’. Until the night above, the concept of metaverse was confined to the tech industries but no more. With Facebook spreading the notion of being metaverse-first, the entire world is now wondering what it is and how it will affect them or their lives in coming years. Keeping this as the core, this article will walk you through all that you should know about metaverse.
Statistics:
A study conducted by Strategy Analytics Inc., a market research firm, it is anticipated that the global market of Metaverse would cross $280 billion by the end of 2025. This is 6x of the market size recorded in 2020 at $46 billion. Meaning that this technological shift is more than just a fad. But what is this metaverse?
What is the metaverse?
Regarded to be the future of the internet, metaverse is the combination of two words: ‘meta’ that stands for beyond and ‘verse’ meaning universe. Together, the term means ‘beyond universe’. In an ideal sense, the metaverse is where the real and the virtual world come together. It is an extension of the physical world, manifesting the same in a virtual setting. Until now, we have been interacting with each other virtually but with metaverse, the entire ecosystem would level up, pushing the boundaries of the physical world and integrating it to the virtual one.
Facebook’s Horizon workrooms is an excellent implementation of metaverse. Avatars (the digital replica of us) connecting, interacting and communicating with each other in the virtual world, the potential of the metaverse is huge and beyond our imagination.
