The term ‘Meta’ is a Greek word meaning ‘after’ or ‘beyond’. The Facebook company will now be called ‘Meta’. However, there won’t be any change in the name of the Facebook App or any other apps. Let’s learn about these in detail.
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD— Meta (@Meta) October 28, 2021
Connection is constantly evolving and so are we. Hence, on October 28, 2021, the CEO, Mark Zuckerberg introduced Meta to bring together all their technologies and apps under one roof.
This Metaverse is considered to be the next evolution of social connection.
The main focus of Meta is to bring the metaverse to life which can help people to connect, help communities, and grow businesses faster.
Have you seen films like Matrix or Real Player One? If you have, these concepts will not be seem new to you!
Want to learn more about the metaverse? Let’s dive into its details.
What is the Metaverse?
Well, in simple words, you can think of Metaverse as the Internet brought to life or rendered in 3D.
Mark Zuckerberg described the Metaverse as a “virtual environment” into which you can be a part of physically instead of just looking at the screen.
In short, Metaverse is a world of endless interconnected virtual communities where people can meet and work together using virtual reality headsets, smartphone apps, and other devices.
This virtual space will allow you to create and explore with other people who are not in the same physical space like you. It is not acting as a ticket to spend more time online but it’s about making the time you spend online more productive and meaningful.
Businesses using the Metaverse concept
Here is a list of the businesses that are already using the Metaverse concept:
* Nvidia Corporation: This is a graphics processing units company which developed the Omniverse. You can consider it as the Metaverse for engineers.
* Fastly: A cloud computing service
* Facebook, Inc.: Facebook bought the Oculus VR and also developed the virtual world meeting space keeping in mind the Metaverse.
* Videogame maker Roblox Corporation: This company has already started using the concept of Metaverse for its videogames.
What can you do in the Metaverse?
Metaverse is a concept that consists of an online world where people can interact with each other, communicate, and collaborate virtually without the need of being in the same space.
For example, let’s say you’re in New York and your family is in New Delhi. With Metaverse on the roll, you can have your dinner with your family together sitting around the same table. Instead of just staring at the screen, you would be actually seeing your family sitting with you across the table.
Isn’t that amazing?
You can play games with your friend, making him sit beside you virtually even if you’re far away from each other physically.
Now from a business point of view, the potential of virtual reality is immense. How about trying out a dress you have found on an online site before buying it?
The Metaverse can bring a huge change in the lives of common people and also businessmen.
It can also be a game-changer for the work-from-home shift due to the coronavirus pandemic. Nowadays, the employees of every company are working on video calls. Instead of the video call grid, they can easily work in a virtual office when the Metaverse is on roll.
How is the Metaverse getting built?
The Metaverse is not a single product which one company can build alone. The Metaverse’s existence will be just like the Internet. Hence, it cannot be built overnight.
Facebook will work with the experts in governments, creators, and developers to make new experiences and also to think through the opportunities & problems in the Metaverse.
Facebook is also planning to include human rights & civil rights communities right from the start in order to make sure that these technologies are created in a way that can empower people.
The key areas they are focusing on to anticipate the risks and get it right are:
* Economic opportunity
* Safety & Integrity
* Equity & inclusion.
Meta has already started developing new innovative technologies that will help people to connect and explore the Metaverse.
What about the privacy on Metaverse?
Facebook has not shared many details on data privacy and how it will get impacted in the Metaverse.
Keeping in mind the controversies that have been generated in the past due to the mishandling of user data by Facebook, people have expressed their concerns about data privacy.
People have also expressed concerns over how it would approach the different and more personal data that users are going to generate in the Metaverse.
However, centering on the development of the Metaverse in Europe, the European Union has decided to include the strictest data privacy and processing rules as part of the GDPR in order to stay in step with the regulators while creating the Metaverse.
How will it help marketers?
The Metaverse is looking for rapid growth that will open up opportunities for marketers.
However, currently, there is nothing much you can do as the space is still in development. If you are a marketer and want to utilize the Metaverse space to its fullest, you must get your team ready to jump into the space as soon as you think your brand is ready.
Metaverse will create a place for you where everyone will have an avatar. It will be a virtual experience in 3D whether you’re creating something, gaming, playing, exploring, shopping, etc.
Due to this concept of the virtual world, you can find a shift in business mindset and adaptations.
Brands like Nike, Disney, Gucci, Facebook, and Snap are in the middle of creating virtual communities, fashion, art, assets, and so on.
Gaming companies have already started taking its first moves in the world of Metaverse to give the video gamers a different experience.
Meta will be launching certifications very soon which will help the marketers ensure that their team have the knowledge and skills required to engage in Metaverse.
So, do you have any products to be sold within the Metaverse? Clothes, arts, homewear, anything can be sold within the Metaverse. Also, let’s not forget the power of ads within the Metaverse! This can be a game changer for all brands and here only the most creative ones are going to win.
Metaverse is still a work-in-progress. A lot of products will be used to bring Metaverse to life. Some of the products will be fully realized in the next 10-15 years.
That may be frustrating for those who are eagerly waiting to dive into the world of Metaverse right now.
So, are you excited to enter into the virtual world of the Internet- “Metaverse”?