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Facebook’s New Metaverse

Last week, Facebook announced plans to pivot the name of their virtual reality platform from Facebook to Metaverse. The company has been promoting the change for several months, but the industry was only recently made aware of the name change. Facebook already owns virtual reality headset maker Oculus, and is announcing a major hiring push for its metaverse unit.

In a nutshell, the Metaverse is a place that always exists, populated by avatars, virtual objects, and other content. It is typically backed by cryptography to facilitate digital commerce and virtual representations of legitimate ownership. As such, today’s Metaverse looks like Roblox, Fortnite, and other video games. The monetary value of these virtual worlds can be represented by a token that allows users to pay for certain services. For instance, virtual cinemas may issue tokens that allow them to sell movie viewing rights to their users. In addition, tokens can serve as a pass to events, closed clubs, or another planet.

As the Metaverse develops, the companies behind it are implementing new technologies to improve their experience for users. For example, Nvidia, a popular gaming company, has developed an AI platform called Omniverse. This platform allows users to collaborate on virtual 3D designs, and the demand for its graphics processing units is likely to grow.