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Is Facebook’s Metaverse Real?
The Metaverse is a virtual world that parallels IRL life. Instead of having one single virtual world, users can create, buy, and sell a variety of goods, such as clothing, furniture, and art. There are some who envision the metaverse overlapping with the real world, and other who see a future in which the virtual world has AR overlays. Already, investors are buying plots of virtual land, and countries such as Barbados have indicated they want to open a metaverse embassy.
The metaverse has many components, including games and social media. The social network Facebook, for example, is a part of it. But Facebook isn’t the only company building a metaverse. Other companies, such as Microsoft Minecraft, have developed similar systems through modding and incorporate a complex cryptocurrency-based economy into its game. And major media brands, such as Warner Music, are also getting involved. Whether or not the metaverse is feasible depends on the market for its components.
Animoca Brands has become profitable in 2021. The company had $141 million in bookings in the first nine months of 2021, and generated $530 million in revenue. Its digital assets grew to $15.9 billion by November 2021. According to reports, the metaverse market will grow to $21.7 trillion by 2030. This figure includes cryptocurrencies, mixed-realty technologies, and artificial intelligence. It is still unclear where the metaverse will lead.