Nov 25 · Last update 10 days ago.

Will the metaverse change the world for the better?

In October 2021 Facebook CEO Mark Zuckerberg announced his company would be re-branding as Meta Platforms as a reference to working toward creating a ‘Metaverse’. The metaverse is a concept that arose in the 1990s, speculating that the Internet would develop into an online 3D world that could be accessed through virtual and augmented reality headsets and/or personal computers. Limited forms of a metaverse have already been realised in video games such as ‘Second Life’, but Zuckerburg has declared his company is re-branding to confirm their commitment to developing a metaverse ecosystem. However Zuckerberg and indeed the concept of the metaverse are not without their critics, much of the systems required for a metaverse remain undeveloped and so far Meta has only acquired virtual reality businesses, such as Oculus and Altspace VR. What is Mark Zuckerburg’s metaverse master plan? Is a metaverse even technologically achievable? Will Zuckerberg’s metaverse change the world for the better?
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As technology evolves it only makes sense that the Internet and social media services will become increasingly immersive and interconnected, and activities like virtual concerts, taking a trips online, viewing or create artwork or try on/buy digital clothing will be an easy progression under the current work-from-home pandemic shift. Zuckerburg's idea for the metaverse could revolutionise how we interact online, changing education and the work environment completely, turning a video call into a virtual office or school, and he has already pledged to hire 10,000 employees across Europe to help build his vision. Thanks to a convergence of recent tech breakthroughs now is the best time for the metaverse, with 5G and faster processors enabling smooth and lag-free interactions from anywhere, combined with a ever falling price of VR and AR equipment to just a couple of hundred dollars, the metaverse is technologically on our doorsteps. Zuckerburg's announcement is an inevitable progression but he is clearly driving it forward, the Meta Platforms announcement has already driven investment, demand for NFT-driven metaverses is booming, with Axie Infinity, a metaverse built on the Ethereum network, recently jumping in market value to $11 billion.

bbc.com/news/technology-59180273 theedgemarkets.com/article/mark-zuckerberg-master-metaverse

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Nov 25