Facebook announced its enterprise changing to Meta and many didn’t understand the concept of the metaverse.
Facebook is adapting, developing, and creating the old concept of metaverse into augmented reality.
What is Metaverse?
Metaverse is a network of 3D virtual worlds like ‘second life 2003’ based on the fiction novel Snow Crash(1992).
In simple terms, metaverse means combining the virtual world with real life.
For instance, how would you feel about horse racing without knowing how to ride a horse?
So this virtual reality which you can experience with your eyes open and sitting in the comfort of your home.
This concept is already applied in many video games. The VR ZONES are already functional in many play zones in metro cities in India.
Metaverse is a concept of fiction developed in 2003, which created a transformation in the digital world.
It showed many that the technological possibilities in the future were infinite.
In short, Metaverse began with the concept of an infinite world as the integration and immersion of virtual innovation increased.
What does Metaverse mean for Facebook?
As you have now understood that Metaverse is a concept of the digital 3D world, however, we are already progressing towards the 5D world.
Imagine you are scrolling through the Facebook images of your friend enjoying in Paris and if your friend has Facebook‘s metaverse version where through the use of Virtual Reality, you can experience being in Paris with your friend.
Yes, that’s where Facebook is taking the metaverse. They are making the social media connection real with Virtual Reality.
Facebook building the concept of Metaverse with Virtual Reality and Augmented Reality is the expected feature of Facebook which has now become Meta.
We know you will have a lot of questions about where to access Facebook metaverse, read this blog for more info: https://www.xrtoday.com/mixed-reality/metaverse-meaning/
Is Facebook a solo player developing a metaverse concept of 3 D network?
Facebook is not the first company to be interested in this concept. Even when the VR headsets were expensive and not ergonomic, there was a startup that developed the metaverse concept.
This startup is Decentraland which was founded in 2017.
Decentraland is a blockchain architecture that uses virtual reality.
Decentraland had features like casino night, virtual gallery parties, game night parties.
The important fact is Decentraland doesn’t have a real-world address.
It was after the launch of Decentraland, Facebook implemented the idea of the metaverse.
Benefits of Metaverse to Facebook
The metaverse and immersive technology is just the beginning of the technological revolution. The benefits to the different industrial sectors are still to known but here are the expected benefits of metaverse;
- New Business Opportunities
- Global exposure to regional business
- Evolution in the world of marketing
- Change in the education sector
- Revolution in the working methodology
The metaverse is going to change mainly industries like travel, education, marketing.
Top 10 companies developing the metaverse
Metaverse has inspired many organizations to develop and implement their regulations in Virtual Reality.
Metaverse is the hottest term in the global tech market.
Each sector has developed its form of metaverse innovation to sustain itself in the future.
Here is the list of the top 10 companies working with metaverse.
- META ( Facebook)
- EPIC GAMES
- ROBLOX CORPORATION
- UNITY SOFTWARE
Currently, with these top companies elaborating on the form of VR tech products, there is no limit to innovation.
The success of the Sandbox Alpha season 1 is just a hint of the taste of what can we expect in the VR world. Sandbox is a gaming platform with a virtual championship as a form of metaverse innovation. Read the full article about them here.
How is Meta ( Facebook) expected to grow this feature of Metaverse?
With Facebook changing its Name to Meta, there were a lot of speculations about the ownership and change of structure in Facebook.
Meta is not owned by Facebook there are multiple owners and it is yet to be centralized under one ownership.
Ther various features are developed under different leadership roles. Meta does feature only Mark Zuckerberg and the launch over Facebook-owned social media platforms.
With the speculating and confusing aspect of Meta, the growth in business products of Meta had already begun, The VR sets Oculus produced by Meta are the exclusive just like your favorite shades of glasses in exclusive brands are already capturing 75%of market share in the USA.
However, even with this innovative technology, there is a dip in Met’s success due to fierce competition from the other market leaders mentioned above.
You can read the full article about the business competition for Meta and how they become an antitrust target here https://www.vox.com/recode/22933851/meta-facebook-metaverse-antitrust-regulation
A gigantic organization with the success on platforms like Facebook, Instagram, Whatsapp, when immersed its products into the metaverse and became META lost a considerable share of the trust.
This is an example of adaptability in leadership. As a leader evolves or expands his established there is a conscious need to connect empathetically with his employees and consumer base.
To overcome this void of mistrust Meta is facing due to innovation of metaverse and innovation the leadership plays a significant role to overcome and channelised this into a positive factor.
As quoted by Thomas Jefferson,’ In matters of style, swim with the current; in matters of principle, stand like a rock.
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