What is Facebook’s Metaverse? - Explained

CEO Mark Zuckerberg announced that Facebook's new name is 'Meta'. Zuckerberg made the announcement of the name change of Facebook on October 28, 2021, during an annual Connect conference.  The decision to rename Facebook to Meta is to showcase the company's growing focus on Metaverse. In a similar feat, Google in 2015 had created Alphabet Inc as a holding company to house its various ventures and establish itself as more than a search and advertising business.

Facebook on October 18, 2021, had also announced its plan to hire 10,000 people in the European Union over the next five years to build the Metaverse, a virtual reality version of the internet. Facebook CEO Mark Zuckerberg has been mentioning Metaverse since July 2021. The tech giant is looking forward work with governments across Europe to hire the right people and find the right markets across the region.

Also read: Facebook changes name to Meta in major rebrand effort, says Mark Zuckerberg

Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD

— Meta (@Meta) October 28, 2021

What is Metaverse?

Facebook defines Metaverse as a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. With Metaverse, people can experience the internet in 3D. This means one can meet, play, work or join places as if they were actually experiencing it rather than just viewing it as content.

Facebook will use technologies such as Augmented Reality (AR) and Virtual Reality (VR) to create a sense of virtual presence that will enable one to experience the event as if interacting in person. With this technology, Facebook aims to connect its 3 billion users through Metaverse.

The metaverse has the potential to help unlock new creative, social, and economic opportunities.

The metaverse is the next evolution of social connection. It's a collective project that will be created by people all over the world, and open to everyone. You’ll be able to socialize, learn, collaborate and play in ways that go beyond what’s possible today. pic.twitter.com/655yFRm8yZ

— Meta (@Meta) October 28, 2021

Who will run Metaverse?

No one company will run the Metaverse. The key features of Metaverse will be openness and interoperability. As per Facebook, different companies will collaborate, cooperate with each other, creators, developers, and policymakers to build and operate the Metaverse.   

When will Metaverse be available?

As per the Facebook official blog, the company is in the beginning stages of building the next computing platform Metaverse. It could take 10 to 15 years to be fully developed. As of now, Facebook has announced its plan to hire 10,000 people in Europe over the next five years for building the Metaverse.

Facebook has also announced the XR Program and Research Fund, a 2-year $50 million investment in research to help build the Metaverse. The Fund will set the stage for collaboration between industry partners, governments, civil rights groups, and academic institutions to explore the development of technologies.

How will Metaverse work?

As per Facebook, one will be able to access the Metaverse through AR, VR, PC, mobile devices, and game consoles.