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Facebook’s Investment in the Metaverse May Signal the Coming Age of Social Media
While the Metaverse is not new, its popularity is only recently gaining ground. The technology behind the virtual world, called the Metaverse, has been around for over a decade, but it is only recently that it has been widely adopted in mainstream media. The company that hosts the Metaverse, Zoom, has been around since 2012. Its founder, Robby Yung, is the CEO of Animoca Brands, the company behind NBA Top Shot creator Dapper Labs and the majority shareholder of CryptoKitties.
The term metaverse was coined by author Neal Stephenson in 1992 as a way to describe 3D virtual worlds. It has since evolved through virtual reality, augmented reality, and even cryptocurrency. Virtual reality first gained widespread attention in Ernest Cline’s novel, Ready Player One, in 2014, which has become a blockbuster movie. In 2014, Facebook purchased the virtual reality hardware company Oculus. As a result, Metaverse technology can be used by millions of people to experience virtual reality.
Microsoft and Facebook are also trying to enter the virtual world space. Those investments, which total $10 billion, may worry some investors in both companies. However, Facebook’s recent investment in the Metaverse may be a sign that the company is serious about its plans to become a dominant player in the virtual world. Moreover, the company plans to launch a virtual currency that will be used within the Metaverse. This move may also be a sign of the coming era of social media and communication.