Into the Metaverse: Is Facebook Trying to Replace the Internet?

Facebook has announced the new name of its parent company and, in a nod to its wider aspirations, that moniker is Meta. Reflecting CEO Mark Zuckerberg’s plans to create a metaverse around his brand, the move has sparked many questions about what the future of our time online will look like and whether the internet will be replaced.

What is the metaverse?

The metaverse refers to a series of online worlds where people can communicate, work and game in a virtual environment. The experience is usually enhanced by wearing virtual reality (VR) headsets or augmented reality (AR). In some metaverses, especially those associated with gaming, users have an avatar that walks around the virtual world interacting with others.

It’s also possible to buy digital assets in metaverses that have been created using blockchain technology. Here, land and other assets can be purchased using cryptocurrencies, blurring the lines between virtual and real worlds. The idea of a metaverse has been explored extensively in literature and films, but up until recently, it’s been entirely in the realm of fiction.

The internet vs the metaverse

While the metaverse is touted as a place to hang out online, it won’t replace the internet. In fact, the internet is a vital tool in accessing the metaverse, as users share holograms, virtual spaces and new experiences. It could, however, be seen as an evolution of the internet, which has developed in recent years, with more and more aspects of life being lived online.

Can the metaverse live up to the hype?

Zuckerberg’s plans seem to contradict the original metaverse, as the term was coined in 1992 in Neal Stephenson’s novel Snow Crash to describe a place where people could go to escape a corporation-dominated world. A lot has happened since it was published and Zuckerberg is keen to place his corporation at the center of a new metaverse.

The COVID-19 pandemic has accelerated a trend towards spending more time in virtual spaces. While at work this has meant logging on for meetings and events, social and leisure time has also moved online. Multiplayer games like Fortnite represent a step towards the metaverse, but Tim Sweeney, CEO of Epic Games, sees the future differently to Zuckerberg.

Sweeney believes that instead of ad-laden news feeds and a metaverse presided over by social media giants, it should be a free-to-explore space. The difference between the internet and the metaverse is the VR element, offering a more seamless experience, where users occupy their online world with others in a way that mimics real life.

The failure of regulation to be applied to the first wave of social media in a timely fashion has led to fears that the metaverse will open up even more serious issues. Governments continue to face challenges trying to protect people online and an immersive virtual world has the potential to give big tech companies access to vast amounts of data and a huge degree of power.

What are the opportunities for businesses to take advantage of the metaverse?

Just as traditional advertising has had to adapt to social media platforms, marketers will need to make changes to reach their audiences within the metaverse. It’s not just about taking your content to where your prospective customers can be found on the internet, but finding ways to ensure that it’s presented in a format that suits its setting.

For the metaverse, this will mean going from a 2D world to a 3D situation, where brands must create truly immersive experiences to promote their products. While the marketing solutions will need to be more high tech and accessible through VR in order to keep up, it will also open up opportunities that have never been so readily available before.

Physical showrooms for large ticket items have endured over the years as customers want to be able to touch and test drive products before parting with big sums of money. Instead of your audience having to go to such locations, the metaverse will be able to bring these showrooms right to them, allowing them to step inside with the help of a simple headset.