Last week, Facebook announced its new name Meta which caused a bit of stir online. There have been interviews, articles and talk shows around the subject. Facebook also announced that the company will now be known as Meta. The change in the company's name is in lieu with the new vision set for the company. According to Mark Zuckerberg, Facebook - Meta will now be focusing on its new vision: creating a metaverse.
Zuckerberg stated that the building of the metaverse will incur a cost of around 10 million Dollars this year and even more in subsequent years. He went further to state that the metaverse will lose money in the foreseeable, but Facebook can bear those losses.
The term metaverse is not entirely new. It has been used some decades or so ago before the tech billionaire adopted it for his current project.
The application of virtual reality and augmented reality technologies in the metaverse gives users a sense of being, or a presence in the virtual space. Thereby changing what should have been a flat digital experience to a wholesome virtual experience. The most popular applications of VR and AR are video games such as World of Warcraft which has a client base of over 5 Million paying subscribers.
The term Metaverse was first used in a 1992 sci-fi best seller, Snow Crash written by Neal Stephenson.
Actually, it isn't. Around 2003, a three-dimensional, web-based alternative reality Second Life was launched by Phillip Rosendale.
The "metaverse" is a set of virtual spaces where you can create and explore with other people who aren't in the same physical space as you. According to the Meta official website, users will be able to hang out with friends, work, play, learn, shop, create and more. Its not necessarily about spending more time online " its about making the time you do spend online more meaningful.
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