Metaverse News

crypto.news provides news coverage of metaverse and emerging technology. An exciting aspect of blockchain and decentralized technologies is the emerging field of VR interaction called the Metaverse and crypto.news is here to provide up-to-date information.

Metaverse, or “meta universe,” is a concept in which multiple virtual realities are connected together. People can enter these realities and interact with each other, typically as 3D avatars. The concept was first coined by U.S. sci-fi author Neal Stephenson in his novel Snow Crash, but has since moved from the realms of fiction to reality.

The popular video game Second Life, which launched in 2003, is often viewed as an important step in creating a true metaverse. Players adopt avatars and live out alternative lives inside the game, interacting with each other to do everything from buying property with real money to getting married in the game. Several other online video games have also contributed to the concept of an existing metaverse, connecting people together in virtual realities.

Facebook, the world’s largest social media network, rebranded to Meta Platforms in 2021, with chairman and CEO Mark Zuckerberg announcing that the company would be committing to developing a metaverse. Facebook had already launched a social VR world called Facebook Horizon just two years prior, and the world’s most popular VR goggles, Oculus Rift, require a connection to a Facebook account to log in.

While the term has long been used as a buzzword, major companies like Facebook/Meta Platforms, Microsoft, and Google have made serious investments in the technology. They envision a world in which consumers will go window-shopping in virtual shopping malls and corporate or public events can be held remotely in full 3D virtual reality.

Many companies have already started training their staff in VR. There are opportunities for property to be purchased in VR through the Facebook Metaverse, and it’s possible that companies will purchase ad space on “billboards” and other virtual objects in this branded Metaverse.

Web 3.0 is a key driver behind the sudden surge in investment in this technology. With interest rising in decentralized social media networks and the monetization of digital assets through NFTs, the Metaverse is increasingly a lucrative prospect to the tech giants of this reality.

While the Metaverse concept has gained serious traction, it is not without criticism. Many feel that it is dangerous to encourage people to carry out routine leisure activities like clothes shopping, going for walks, or other forms of social interaction in VR.

There are concerns that Metaverse users will suffer from internet addiction, as many people today are already overly reliant on social media use, and even executives from social media platforms like Facebook and Instagram have stated that their platforms can be harmful and addictive.

While a widely-adopted Metaverse could cut costs when it comes to hosting events or renting office space, the rollout of a global Metaverse should likely be handled with care. The effects of spending too much time in virtual reality are poorly understood due to how recent this technology is, and it remains to be seen how the public will react to a push toward VR interaction.