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What is the Metaverse?
In the 1992 cyberpunk novel Snow Crash, Neal Stephenson described a virtual space called a “metaverse.” This digital space is comprised of virtual replicas of our everyday spaces as well as fantastical and whimsical worlds. It is a place where our ideas can come to life. While the metaverse is a wildly imaginative and expansive concept, it also raises a number of ethical questions.
For starters, the Metaverse is decentralized. It is a virtual world where people can collaborate to create and play virtual worlds. Instead of using real world currencies, users can spend virtual currency. This can be used in virtual worlds to pay for virtual goods or to purchase services. The Metaverse can also be used to store and share data.
Facebook has invested heavily in the virtual world. Its CEO, Mark Zuckerberg, has called the Metaverse “the next big thing” in social technology. He has also rebranded the company Meta Platforms as a “metaverse company.” Despite the company’s reliance on virtual reality, Zuckerberg has only recently begun to use the term publicly.
While the future value of the Metaverse is not known, some estimates put it at $8 trillion to $13 trillion. However, the market is still relatively young, and there are no monopolies or dominant players yet.