What is the Metaverse and How Will it Affect Businesses?

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The concept of the metaverse is straight out of a science fiction novel. In late October 2021 when Mark Zuckerberg announced that Facebook would be rebranded to ‘Meta’, it sent a strong signal to the rest of the world that the metaverse would enter mainstream consciousness very soon. Several other companies including Nvidia and Microsoft are also exploring the possibilities of the metaverse and investing heavily in it. One report by Bloomberg predicts that the metaverse will be worth $2.5 trillion by 2030. While it might sound beyond the realm of possibilities right now, the metaverse could actually shape the way we consume the internet in decades to come. So, what does metaverse mean in the first place?

What is the metaverse

The metaverse derives its name from: ‘meta’ meaning beyond and ‘universe’. To put it simply, the metaverse changes the relationship we have with the internet. Rather than us seeking out the internet, for example, by actively taking out our phones and searching for something on Google, the internet will exist all around us.

Existing concepts like virtual reality and augmented reality form the basis of the metaverse. For instance, imagine virtual simulation games come to life. You could create your own avatars and interact with other avatars in a very life-like manner. T