What is the Metaverse?
A metaverse is a network of virtual worlds where you can socialize and make connections. It’s a hypothetical iteration of the internet, facilitated by augmented reality and virtual reality headsets. While there are many different uses for the word metaverse, we’ll focus on the idea of social connection here.
A good example of a company that has taken advantage of the metaverse is Animoca Brands, which recently partnered with a unicorn in the blockchain space. The company has raised $810 million over the past two years, partnering with Winkelvoss Capital, Soros Fund Management, and Sequoia China. It has also recently raised another $150 million from Temasek and Boyu Capital. It is now valued at $5 billion.
A metaverse will be accessible on mobile devices, desktop computers, game consoles, and virtual reality headsets. It will enable millions of users to collaborate, play, and work together in virtual spaces. Some companies have already begun developing products in the metaverse, including Epic Games, which announced a $1 billion funding round in April 2021.
For businesses, the Metaverse presents several opportunities for digital transformation and growth. For example, a company could use the Metaverse to enhance customer service and experience.