Tech giants are no longer restrained to being usual social media companies, they aim to go beyond the universe in the virtual realm. Facebook CEO Mark Zuckerberg once said that “Facebook’s future lies in the metaverse” and plans to start with an initial cost of $10 billion as a step to lure back its young users. He intends to hire around 10,000 specialized engineers in the European Union over the next five years to fulfill this new initiative of building sci-fi experiences to enter the world of the metaverse.
Facebook Metaverse is a developing digital platform where people can interact in the form of avatars and artificial graphic figures. This term was initially used in a science fiction novel ‘Snow Crash’ by Neal Stephenson in 1992, referring to the merger of physical, augmented, and virtual reality in shared online spaces. Some video games like Roblox, Fortnite, etc., have already experienced this concept. Facebook will implement it in a way that people can attend meetings using the Oculus VR headsets. Additionally, they can also work on AR glasses, holograms, screens, and wristband technologies to experience the ultimate expression of social technology.
Zuckerberg, on learning about the concept, believed that metaverse is the successor of mobile Internet where people can do more than what they do now on the Internet and plans to create products that will allow easy metaverse access from PCs, apps, phones to high-end mixed reality gadgets. Matthew Ball, former Amazon Studios chief strategist also said that “this digital space can never be paused or reset, but will continue indefinitely.”
Facebook is able to successfully produce its first version of VR headsets in comparison to other popular competitors like Samsung and Google. It has netted around $30 billion annual profit to fund the metaverse concept. Zuckerberg commented on the growth and said, “We believe metaverse to be the successor to the mobile internet. We think it’s going to unlock a massively larger creative economy than what exists today.”
In addition to the 3D virtual world, Facebook has also launched its audio chat rooms, podcasts, and sound bites. The newly started Facebook fundraiser is a special feature to invite viewers to donate for a special cause. This second life given to Facebook is seen as the next big thing in the world. Mark Zuckerberg commented on his ambitious initiative by saying, “we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”