While seemingly a new buzzword, the term metaverse dates back to the early 1990s. It wasn’t until recently though that the technology required to build the metaverse started to become available. However, technology is still being created that will usher additional capabilities and features for the metaverse
In October 2021, Mark Zuckerberg announced that Facebook Inc. was rebranding as Meta. The company also claimed it invested $10 billion in the metaverse in 2021 alone. Soon after, other tech giants began declaring their plans and involvement with the emerging digital worlds.
Some of the key players in the race to build a metaverse, include the usual tech giants such as Facebook, Microsoft, Amazon, and Snap. Additionally, there are large companies that are not considered household names currently but are also investing heavily in the metaverse, such as Nvidia and Roblox. Lastly, two of the most popular metaverses that are already available to consumers include Decentraland and Sandbox.
Tech leaders have stated that the metaverse will provide limitless possibilities for everyday users and businesses alike. For example, the metaverse provides businesses with additional revenue models, and it will be an essential tool for remote workers and team collaboration. Check out our SWOT Analysis of the Metaverse for Businesses to gather more insight on business opportunities in the metaverse.
The metaverse, which some people are calling part of Web3, can be challenging to explain. This is mainly because one does not exist yet. However, people have presented their visions for the metaverse, which we will use as a reference. Essentially, think of the metaverse as an immersive, 3D, and communal virtual universe. Users will be transported into the virtual world, similar to how users are transported into a virtual reality video game through a VR headset.
Currently, the most commonly agreed-upon method of accessing the virtual universe is through VR headsets. In the future, technologists hope that VR headsets will not be needed to access the metaverse, but for now, VR headsets are the most promising method. This explains why companies such as Facebook are heavily investing in VR headsets and virtual reality in general. For more information on the current state of virtual reality technology, where it is headed, and current VR trends, listen to our podcast episode below with special guest Luke Levene, the VP of Sales at XRApplied.
For a more in-depth explanation of each of these use cases, check out our blog here.
There are a few key players in the race to build a metaverse, including the usual tech giants such as Facebook, Microsoft, Amazon, and Snap. Additionally, there are large companies that are not considered household names currently but are also investing heavily in the metaverse, such as Nvidia and Roblox. Lastly, two of the most popular metaverses that are already available to consumers include Decentraland and Sandbox.
Many of the world’s biggest companies have recently endorsed the metaverse, such as Meta, Microsoft, and Tencent. As companies quickly hop on the metaverse bandwagon, it is essential to analyze all aspects of the virtual world, not just the highlights that tech giants are focusing on. Our SWOT analysis for the metaverse breaks down the virtual world’s strengths, weaknesses, opportunities, and threats so that businesses can determine if/how the metaverse fits into their business.
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