If you have been following the news lately, you might have heard about a report claiming that Facebook is about to rebrand itself for Metaverse. So what exactly is this Metaverse? and why is Facebook rebranding itself? Let's look at these in today's pill.
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With that out of the way, let's look at the first question
What is Metaverse and from where does it come?
Metaverse was first being used in a novel by Neal Stephenson titled "Snow Crash". It is set in a dystopian world where the government has given all the powers to the private sector and deal with many aspects of the modern world be it virtual reality, digital currency, etc. In simple words, it is a universe where the physical and digital world meets. AR, VR, and cryptocurrency are all parts of a Metaverse.
It is not about just being able to have a presence in the digital world, but being able to get more things done digitally. Hopefully, that would have given you a gist of what a Metaverse is (Flash Viewers might understand it more quickly, just saying..!!!), So now let's move to why Facebook is so positive about this Metaverse.
Why is Facebook rebranding itself?
Firstly, it is not only Facebook that is so pumped up on this ideology. Fortnite recently held a ‘music experience’ where upcoming artists were able to have their interactive experiences with their musical sets inside the game. So the game sort of allows other brands and creators to showcase their products to players. So it is kind of a known phenomenon among silicon valley.
Looking at the meaning explained above closely, it seems that entire rules will need to be rewritten in order to make a Metaverse reality which is what Facebook needs, given the criticism, it is facing from various governments and also on its home turf US. For the uninitiated, Facebook has an AR gaming arm Oculus VR gaming platform, which is a part of this so-called Metaverse thing. Facebook although admits that it will take them another 10-15 years to be a part of this dystopian level world of Metaverse. It had also announced the XR Programs and Research Fund, which is a two-year $50 million investment in programs and external research where it will partner with the industry civil rights groups, governments, nonprofits, and academic institutions to determine how to build these technologies responsibly.
While it is not hard to imagine why Facebook wants a piece of the future world, what remains to see is that how this rebranding will work in Facebook's favor.
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The above information is to spread financial literacy. We are not SEBI registered financial advisors, kindly consult your financial advisor before making any investment decision.