What is the metaverse?

The term "metaverse" refers to both existing and future integrated digital platforms that focus on virtual and augmented reality. It is widely regarded as the internet's next frontier, with substantial business and financial implications for the tech industry and other industries. Devices like virtual reality headsets, digital glasses, smartphones, and other devices, according to the vision for the metaverse articulated by social media and technology companies, will allow users access to 3D virtual or augmented reality environments where they can work, do business, visit remote places, connect with friends, and access educational opportunities, all in an environment mediated by technology in new and immersive ways.

The metaverse is a wide range of experiences. It refers to a series of immersive digital experiences that will be available to users in the future, allowing them to participate in a variety of activities in entirely digital environments. That may entail taking part in a big virtual reality multiplayer game via a VR headset, or experiencing integrated digital and physical places, such as location-specific immersive digital material from business visitors via digital glasses or smartphones. The metaverse, then, is a collection of digital locations and experiences that are now being developed by companies in order to provide more realistic and immersive digital experiences.

From augmented reality collaboration platforms that can improve cooperation and integration to work productivity systems for remote teams that could, for example, allow real estate agents to organize virtual home tours, the technology has a wide range of possible applications. Some parts of the metaverse are currently implemented into internet-enabled video games like Second Life, Minecraft, and Fortnite. These games provide rich social and virtual experiences with a persistent virtual world in which users from all over the world can participate at the same time. While not identical to virtual reality, the metaverse will provide more virtual reality experiences.

The most popular examples of metaverse and major companies included in creating it:

- Second Life was the popular online massive multiplayer game, which was founded in 2003. It allowed players to live another life within a virtual world.

- Snapchat has been creating augmented reality filters since the app was launched. In 2021 they have also launched augmented reality glasses, which can be used to experience it outside their app.

- Epic Games is the creator of Fortnite, which is an open-world online multiplayer game. They have implemented music concerts and dance parties in the game, where famous artists are performing.

- Decentraland is the newer version of Second Life, where one can create their own character and live a virtual life. This virtual world is using crypto MANA as its currency.

Among above mentioned, these are the companies with big stake or big plans for metaverse: Meta Platforms (earlier Facebook), Microsoft, Roblox, Nike, Mastercard, Nvidia and many others.