The metaverse has become the hottest buzzword in tech.
Silicon Valley big brains are suddenly obsessed with building virtual spaces spanning digital and physical domains.
There’s Mark Zuckerberg, who planstoturn Facebook into “a metaverse company.”There’s Nvidia founder Jenson Huang, whoenvisions “a virtual world that is a digital twin of ours”and accessible via “wormholes.” And there’s Microsoft CEO Satya Nadella, who’s “excited” about the potential of an (urgh)“enterprise metaverse.”
It feels like everything is now part of the metaverse: VR games? Check. Online events? Absolutely. The internet? Of course. Porn? You bet your sweet ass.
One reason why so many people are heavily plugging the metaverse is that the concept is so nebulous.
What is the metaverse?
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The term was coined by writer Neal Stephenson in his 1992 novelSnow Crash.His metaverse was amassively multiplayer virtual world that users entered via goggles.
Tech titans fromJeff Bezosto Google cofounderSergey Brinreportedly revere his vision. (I presume they’re also inspired by Stephenson’s depiction of a collapsing US government replaced by corporations.)
1992: the internet will be like Snow Crash2021: the facebook will be like Snow Crash
— jack (@jack)July 29, 2021
SinceSnow Crashwas published, an array of tech has been described as part of the metaverse, fromRoblox’s video game platformtosocial-audio app Clubhouse.
The wide use of the term is unsurprising. Visions of the metaverse encompass an enormous range of virtual experiences and assets. It’s easy to jump on such a broad bandwagon.
Reality meets expectations
The main reason for the explosion of interest is, of course, money. The metaverse could provide multiple new avenues for generating revenue, from selling virtual goods to inserting immersive ads.
Tech firms, investors, consultants, and the media (sorry) are all now trying to cash in on the craze. The New York Times’ Erin Griffith succinctly described the hype cycle on Twitter.
Bring on the conferences, service providers, consultants… the workspic.twitter.com/bxlHyfeQ8l
— erin griffith (@eringriffith)July 28, 2021
There is some merit to the hype. Technological advances in fields like VR andAIare rapidly making virtual worlds more immersive and layered. Their escapist appeal has also grown during pandemic restrictions.
In the short term, however, buzzwords rarely live up to the hype. But once the underlying tech matures, effective strategies develop, and realistic objectives emerge? It has the potential to be truly transformational. Just don’t expect it to happen overnight.
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Story byThomas Macaulay
Thomas is a senior reporter at TNW. He covers European tech, with a focus on AI, cybersecurity, and government policy.Thomas is a senior reporter at TNW. He covers European tech, with a focus on AI, cybersecurity, and government policy.
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