What is Metaverse? | CryptoWallet.com

What is Metaverse?

The Metaverse refers to an ongoing Web3 project being developed by Facebook, now called Meta.

The project, which was started around 2021, has been spearheaded by Mark Zuckerberg, and his company Meta has committed to investing nearly $10 billion into the concept. Other companies like Microsoft, Google, and Nvidia are also making significant investments in the space.

What is the Metaverse?

The phrase “metaverse” was first used in Neal Stephenson’s 1992 science fiction novel “Snow Crash.”

Now the phrase refers to a broad collection of Web3 games, virtual spaces, and blockchain projects that include everything from augmented reality to digital workspaces and virtual real estate.

While still very much in its early stages, the space is allegedly earmarked as one of the most promising frontiers for the digital economy, and many companies are claiming that the future will be in the metaverse.

Audience Reception

People’s reactions to the Metaverse, however, have been somewhat lukewarm.

It’s claimed that the Metaverse boasts nearly 400 million monthly active users. However, this figure might be a little misleading as the vast majority of these visitors are children playing Roblox and Minecraft Esq games.

Critic and audience reviews of the Metaverse as it stands are a mixed bag, with many seeing its potential but disliking its bad graphics, poor performance, low player count, and lack of optimization.

It is, however, early days yet, and many feel like digital spaces like the Metaverse or perhaps something like it, will be a big part of how people interact with technology in the future.