What the flip is the Metaverse?

Analysis: trying to define the Metaverse in 2021 is like trying to define the Internet in the early 1990s

When Tim-Berners Lee published the first ever website in 1991, it contained only text and clickable links. There was no search engine, video streaming or social media. 30 years later, everything has overwhelmingly changed. Now, Amazon is building a smart fridge that scans your groceries and automatically orders items when you're low on stock - it’s almost like science fiction coming to life. Who could have predicted it?

During Facebook's recent Connect event, bossman Mark Zuckerberg announced that the company is rebranding to Meta and shifting their key focus to the Metaverse. Since this announcement, every tech giant from Microsoft to Tinder has been racing to announce their plans to associate with the Metaverse.

We need your consent to load this YouTube contentWe use YouTube to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences

From Meta, what can we expect from the Metaverse?

So what exactly is the Metaverse?

Trying to define the Metaverse in 2021 is like trying to define the Internet in the early 1990s. Although we understand the fundamentals of what's possible, it’s anyone’s guess how it will look thirty years from now. Steven Spielberg’s Ready Player One is perhaps the closest illustration we've seen to date. At its core, the Metaverse is the resulting combination of all the hottest technologies to form a virtual universe, or as Zuckerberg calls it, an "embodied internet where you're in the experience, not just looking at it".

What does an embodied internet actually mean?

The transition from the internet to embodied internet is ultimately a transition from 2D to 3D. Instead of using screens as a window to see into the internet, the Metaverse allows you to climb through the window and feel like you’re inside it.

Virtual reality remains the biggest focus amongst pioneers for now. Instead of visiting a website, you’ll use your VR headset to visit 3D worlds created by individuals, companies or organisations - all of which will likely serve unique purposes. Maybe you’ll attend a work meeting onboard a spaceship, try the new attraction in a digital Disney World or visit recreations of landmarks across the globe. The possibilities are limitless, but it’s impossible to know what will stick or evolve in thirty years.

We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences

From RTE Radio 1's Today With Claire Byrne, Adrian Wreckler from the Irish Independent on the Metaverse

If we don't know how what it will look in 30 years, isn’t this a big gamble?

Not necessarily. The Metaverse will no doubt continue to expand and integrate with our lives, so large investments in the early stages will allow companies like Meta to remain at the forefront of its development. This company is no stranger to large investments, acquiring Oculus, a company that produces virtual reality headsets, in 2014 for over $2 billion. Now, their Oculus Quest 2 headset retails at €349, significantly more affordable and accessible than other headsets that can cost twice as much and still require a connection to a powerful computer. This gives Meta significant dominance in the market, and makes them the first choice for most people looking to buy their first headset.

How will these companies make money from the Metaverse?

Like most large free-service companies, Meta are heavily invested in the data economy. Targeted advertising is far more effective than blanket advertising and, with the quantity of data that you generate online, these companies use artificial intelligence and feedback loops to constantly improve their efficacy at advertising to you.

When you shop on a computer or mobile phone, web pages and apps show you different items to everyone else. This is because your purchase history (and a plethora of other data) is being used to tailor the experience to you. In the Metaverse, advertising will presumably have more impact. Maybe you’ll see mannequins in a virtual store wearing similar clothing to you, or walk past a billboard that calls your name and asks how you enjoyed your last purchase, like Tom Cruise in the 2002 film Minority Report. Perhaps you’ll meet your friends in a virtual Times Square and each of you will see a different collection of billboards.

From RTÉ Radio 1's The Business, Liz Carolan from Digital Action and Elaine Burke from Silicon Republic discuss Facebook's move to the Metaverse

However, it’s important to note that the Metaverse will not be built solely on advertising business models. With the rise of cryptocurrency and NFTs, a huge portion of the virtual economy will involve the sale of digital goods. You’ll be able to buy everything from digital clothing and avatars to fully furnished digital homes, or perhaps even purchase furniture from a virtual IKEA. No assembly required.

Wait, what’s an avatar?

An avatar is a character that will represent you in the virtual world. As Zuckerberg described during the Meta Connect event, avatars will be "as common as profile pictures". Every movement, expression and gesture you make will be translated to your character. You’ll be able to create your own avatar or download one that looks like your favorite character or celebrity. Imagine walking into a virtual bar and seeing Homer Simpson playing snooker with Darth Vader, watching Jurassic Park in a theatre with a dozen Jeff Goldblums, or seeing Hillary Clinton outplaying Donald Trump on a golf course.

Popular video games such as Fortnite and Grand Theft Auto Online have proved that digital goods generate billions in revenue. Furthermore, they've hosted tremendously successful virtual concerts from artists like Ariana Grande and Marshmello. When it comes to the Metaverse, maybe you’ll attend these virtual concerts, get a job as a Meta-interior designer or attend a virtual university to earn a real degree. The possibilities are seemingly endless - and the potential remains for an entirely new virtual economy, complete with it’s own businesses, jobs and laws.

The future of the Metaverse is vast and inevitable. Although it is impossible to predict its future, we’re going to continue hearing about it for years. The internet as we know it is on the verge of complete transformation.

The views expressed here are those of the author and do not represent or reflect the views of RTÉ