While the platform never quite lived up to the expectations of commentators and analysts, peaking in the late 2000s, it still had a major impact on internet culture.įrom the perspective of Second Life’s creators at Linden Labs, the game is still the closest thing we have to the metaverse. Second Life players have created 70 million accounts on the platform since its inception, and the game still hosts thousands of players per month. Second Life was also one of the first games to include user-generated content and a virtual, in-world currency called the Linden Dollar. Second Life allowed players to explore a large and relatively complex virtual world while meeting and interacting with a variety of players from around the world. Second Life was the first virtual world platform where users could create digital avatars, serving as their digital personas. Each of these has been described as part of the metaverse in recent years. The boom in online gaming, fueled by advances in internet speeds, graphics, and computer processing, also led to metaverse-style games such as World of Warcraft and Fortnite, as well as the gaming platform Roblox. For example, the virtual world platform Second Life, was actually considered to be a form of metaverse technology as early as 2003. In fact, McKinsey & Company has predicted that the metaverse economy will reach a staggering $5 trillion by 2030.ĭespite recent innovations in metaverse technology, it’s important to remember that, in some ways, the metaverse has already been around for quite a while. And, according to analysts, the metaverse economy is likely to be among the fastest-growing industries on Earth. In addition to Facebook, multiple tech giants like Google, Apple, and Epic Games have invested significantly in its metaverse technology. However, since the dawn of the first major crypto and DeFi boom in 2017, the metaverse has, in many cases, specifically referred to virtual worlds and economies based on blockchain technology. Since then, the term has become increasingly popular in a variety of science fiction and fantasy settings. But before going further, it may be helpful to look at the origin of the term “metaverse.” In fact, the word “metaverse” was first written in the 1992 science fiction novel Snow Crash by American writer Neal Stephenson. While today’s metaverse is somewhat fragmented, many companies believe that advances in technology will promote increased interoperability, leading to seamless and coordinated experiences across multiple platforms. The metaverse also allows individuals to customize their identity via virtual avatars, allowing people to imagine themselves exactly as they like, whether or not their real-world identity matches up with their avatar. This can enable billions of people to create, work, learn, and even conduct business in the comfort of their own homes. The metaverse is most commonly defined as a virtual space where billions of people can interact together, built through virtual and augmented reality. The Definition, Origins, and Recent Expansion of the Metaverse The Definition, Origins, and Recent Expansion of the Metaverse.In this article, we’ll discuss how to define the metaverse and provide a variety of examples of metaverse technology in action, including a variety of games and virtual worlds at the forefront of metaverse technology. While many metaverse-focused companies are simply gaming or VR companies, companies in a variety of industries have adopted metaverse marketing strategies, including live metaverse concerts, social gatherings, and even virtual fashion shows, some of which incorporate augmented reality and mixed reality. Ideally, this metaverse-focused experiential marketing will allow them to sell new and existing products and services. In general, companies and brands embracing the metaverse hope their efforts will lead to increased customer engagement. While many have critiqued Mark Zukerberg’s branding choices, if any company has the clout to make the metaverse a reality, it might be Meta, with its impressive 2.96 billion monthly average users. In addition to advances in VR, AR, and blockchain, Facebook’s controversial rebranding as Meta has only fueled increased interest in the metaverse. The 3D virtual worlds that were once the stuff of science fiction films and video games are slowly becoming a reality, despite significant criticism about the quality of many early-stage metaverse products and services. While everyone has a slightly different opinion about what the metaverse is (and what it should be), the buzz around metaverse-related technologies, games, and infrastructure is only growing. In recent years, metaverse technology has advanced by leaps and bounds, fueled by blockchain technology, cryptocurrency, virtual reality (VR), and augmented reality (AR) technologies. Popular Examples of Metaverse Technology Include Pokemon Go, Decentraland, and The Sandbox
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