Explained: What is the metaverse and who is getting involved?

The concept of the metaverse is becoming a buzzword in technology and business. But what does it mean?

What is the metaverse?

Metaverse is a broad term. It generally refers to shared virtual world environments which people can access via the internet. The term can refer to digital spaces which are made more lifelike by the use of virtual reality (VR) or augmented reality (AR).

Some people also use the word metaverse to describe gaming worlds, in which users have a character that can walk around and interact with other players. There is also a specific type of metaverse which uses blockchain technology. In these, users can buy virtual land and other digital assets using cryptocurrencies.

Many science fiction books and films are set in fully-fledged metaverses — alternative digital worlds which are indistinguishable from the real physical world. But this is still the stuff of fiction. Currently, most virtual spaces look more like the inside of a video game than real life.

Why is it taking off?

Fans of the metaverse see it as the next stage in the development of the internet. At the moment, people interact with each other online by going to websites, such as social media platforms or using messaging applications. The idea of the metaverse is that it will create online spaces in which people’s interactions can be more multi-dimensional, where users are able to immerse themselves in digital content rather than simply viewing it.

Who is getting involved?

The idea of the metaverse is attracting a lot of interest from investors and companies. Besides Facebook CEO Mark Zuckerberg, Microsoft has also mentioned converging the digital and physical worlds.

Epic Games’ Fortnite is considered to be part of the metaverse. Musicians can do virtual concerts within these platforms. In September, millions of people watched the singer Ariana Grande virtually perform in Fortnite.