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  • Xavier Cullen

The Metaverse: a hypothetical concept with lots of potential for growth

In the metaverse, people would use virtual reality headsets to connect with people from all around the world. Photo by Maurizio Pesce

On October 28, 2021, Mark Zuckerberg announced that The Facebook Company would rebrand as Meta with the idea of investing in the metaverse. The metaverse is a relatively new concept that hasn’t been fully developed as of now, but it aims to create a virtual reality space that imitates the real world.

In this digital future, users can buy clothes, go grocery shopping, socialise with friends, and go to work all in a virtual environment. Zuckerberg and Meta’s vision for the future is where physical limitations no longer hinder our imagination.

Like something straight from a sci-fi movie, the metaverse could bring people from across the globe closer together as avatars and online personas become the normal way of meeting people. Imagine going to work and school completely online through the metaverse.

How much would your life change if you didn’t have to leave your house to travel the world, or if you could explore the world’s highest mountain peaks through an ultra-realistic virtual world?

Costs for transportation could be drastically cut, and how students are taught could fundamentally change as any city is just a few buttons away.

With new technological innovation comes a prime opportunity for companies to invest in and prepare for this potential new future. While the metaverse still has a long way to go, it is quickly becoming the biggest buzzword among investors and technology innovators.

"It can fundamentally change the medium through which we socialise with others," said Edward Stanley, executive director for Morgan Stanley, a U.S. investment banking firm.

As cryptocurrencies and NFTs are quickly taking over the market, the metaverse can also serve as a platform to utilize crypto’s secure transactions to make payments and NFTs can become new clothes for metaverse avatars to wear.

As the metaverse is becoming closer to being a reality, it's only a matter of time before how we currently navigate the world will fundamentally change. With progress right around the corner, technology enthusiasts and investors are excited for what the metaverse can bring to the world.

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