Ever wondered why Facebook suddenly changed its name to Meta? From the words of Mark Zuckerberg, Facebook has rebranded to align with the upcoming concept of “metaverse” – the future of the internet. He stated, “Meta is a way to bring the metaverse to life and help people connect, find communities and grow businesses”. In simpler words, the metaverse will herald a new era of online interaction.
What is the metaverse exactly? And why is it the buzz word today?
Our world is continuously evolving. Prior to the birth of the world wide web, there was no standard way to communicate between various computer networks. Therefore, the birth of the internet in the 1990s symbolized a breakthrough for mankind, as we had access to people on a global scale, and had freedom to initiate collaborative activities through a computer. The internet then continued to evolve, emerging new breakthroughs and trends. The metaverse could be the new paradigm where our physical and online lives unite. Today, we describe the metaverse as a combination of both virtual and augmented reality where we can immersively interact with all sorts of environments and avatars beyond our imagination, in the comforts of our homes.
The term “metaverse” isn’t actually as new as you thought. It was inspired by a dystopian sci-fi book written by Neal Stephenson back in the early 1990s titled “Snow Crash”. The book depicted a story of people exploring an immersive online, digital world through digital avatars of themselves. Using virtual reality technology, these avatars can attend concerts, buy bread from bakeries, visit amusement parks and walk down the streets in the virtual world. Furthermore, the avatars were the means of communication between the people in the real world.
One of the agents of the metaverse is Roblox – the online platform that allows digital creators to develop their own games and play games created by other users. The infrastructure of the virtual world created by Roblox closely mimics our physical lives. Hence, it quickly became one of the most significant sources of interaction and entertainment for young people. Through their own avatars, they can play games, attend concerts and travel to places with other people (avatars) in the comfort of their homes. During the pandemic, statistics showed that Roblox became the third highest grossing game of the year. Now, there are other big companies that also integrate the concept of metaverse, including Unity, Gacha games and Nvidia. Some companies are even incorporating NFTs or Bitcoin into their gaming platforms.
What is currently happening in the metaverse?
“For technophiles, the metaverse represents a nirvana: a place to immerse yourself in any digital world, and participate in any physical reality, at any time – and also to be able to see and feel anything, even if you are thousands of miles away from that real place.” – The Economic Times 2020
Well, since the metaverse allows us to do real-world activities in an immersive virtual environment, an individual can now create, buy and sell goods through the metaverse. In the physical world, you can buy clothes and wear them to a concert with your friends. The metaverse allows you to do the same – buying virtual clothes for your avatars and buying tickets to the concert, all within the digital space.
Currently, many established brands such as Adidas, Samsung and JP Morgan are buying virtual retail estate land in top virtual worlds such as Sandbox and Decentraland in the metaverse. In recent months, a piece of “land” was sold for $4.3 million and another piece of digital estate was sold for $2.4 million. Even more recently, a virtual Gucci bag was sold for USD $4115, even more than the real-life bag. Fascinating, isn’t it? Content creators can now construct their own virtual goods and virtual environments, monetizing their content through currencies such as NFTs.
In conclusion, the metaverse will impact us more than we think. It will affect how we travel, shop, communicate and most importantly, learn.
Is Roblox the future of education?
Like how this video uses Roblox to teach about the metaverse, students and teachers can also adopt Roblox as a platform to create and access educational content. Children can now study at their own pace, and even expand their horizons beyond the traditional curriculum. They can also create teaching content in the Roblox marketplace in return for cash. Moreover, the Roblox platform focuses on science, technology, engineering and math (STEM) subjects instead of the generalized traditional curriculum. Therefore, students that study through Roblox can gain much more skills and attract more job opportunities in the market, especially in the STEM sector.
*See more: Digitalization: From Optional to Necessity article*
References:
A brief metaverse history: From where it started, to today. Parker Software. (2022, March 31). Retrieved June 11, 2022, from https://www.parkersoftware.com/blog/a-brief-metaverse-history-from-where-it-started-to-today/
Frank Palermo, V. (2022, March 19). What you need to know about the state of the metaverse Today. VentureBeat. Retrieved June 11, 2022, from https://venturebeat.com/2022/03/19/what-you-need-to-know-about-the-state-of-the-metaverse-today/#:~:text=The%20metaverse%20will%20be%20a,digital%20and%20online%20lives%20converge
Frey, T., & *, N. (2021, September 16). The history of the metaverse. Futurist Speaker. Retrieved June 11, 2022, from https://futuristspeaker.com/future-trends/the-history-of-the-metaverse/
How the metaverse future may look like in 2030. The Economic Times. (n.d.). Retrieved June 11, 2022, from https://economictimes.indiatimes.com/markets/cryptocurrency/how-the-metaverse-future-may-look-like-in-2030/articleshow/91175337.cms
Introduction to metaverse – the Hitch Hiker’s Guide to the metaverse, Web3 and NFT. Citi says the metaverse economy could be worth $13 trillion by 2030! (n.d.). Retrieved June 11, 2022, from https://www.aventis.edu.sg/metaverse?gclid=CjwKCAjw14uVBhBEEiwAaufYx6FEJP2CXhrjTothLG_9k3_StoriFajKbwaUfEzw6t4UKAwwbxoiPxoCNDQQAvD_BwE
Ravenscraft, E. (2021, November 25). What is the metaverse, exactly? Wired. Retrieved June 11, 2022, from https://www.wired.com/story/what-is-the-metaverse/
Schwab, K. (2021, March 29). ‘Roblox’ isn’t just a gaming company. it’s also the future of Education. Fast Company. Retrieved June 11, 2022, from https://www.fastcompany.com/90619108/roblox-future-of-education
