2.1 The Significance of the Metaverse

There are several definitions of the term ‘Metaverse’, but it is most commonly used to describe the next-generation evolution of the internet, made up of 3D virtual spaces linked into a virtual realm.

The metaverse is more than a mere fad. It is incredibly attractive to companies and developers, as it may eventually be the place where all forms of entertainment and life activities can be consumed. The metaverse can create a highly connected environment with millions of players that can interact with one another throughout complex simulations, giving rise to limitless and exhilarating experiences.

Investors are now flocking into this new industry in droves, and companies have been paying heavy attention to this with companies like Epic Games raising 1 billion dollars to support their development of the metaverse, while Facebook has been eagerly attempting a major transition from a social media company to a “metaverse one”.

While there are multiple companies developing their own version of the metaverse, there are substantial differences on how they monetize them, and how they empower developers and the community to create new products and user-generated content within their world. As such, there is little cause for concern about the possibility of competition; every company has immense value to mine from their iteration of the metaverse, it all depends on how the different metaverses are structured and developed.