Tech giants are rapidly expanding their goals in the Metaverse, the digital world we live in. Facebook recently dubbed itself Meta, a name it chose to declare itself a metaverse pioneer. Not surprisingly, Gucci and Nike piggybacked on Meta's success. But who's actually in the race? Here are a few key players. Let's take a closer look at each of them.
Facebook changed the name of its game to Meta to attract more investors, but this wasn't the only company expressing interest in the metaverse. Other Big Tech companies, including Google, Twitter, and Facebook, are also actively expressing their interest in the future of social media. Facebook's emergence as the "face of social media" is causing a flurry of excitement, but some investors are skeptical about the potential benefits.
Fortnite is an example of this new metaverse. The game's social aspect is imposing. It allows gamers to create avatars and pick from a range of skins, and use a particular currency called V-Bucks to purchase digital items. It is so social that players have even gathered in Fortnite to watch concerts and movies. Whether the game is a true metaverse or simply a gimmick, it's certainly a compelling modern world feature.
Tencent has also announced its intentions to enter the metaverse game space, including acquiring VR hardware maker Black Shark. Another notable company has stepped up its game in the metaverse space, Somnium Space. Somnium Space also has its cryptocurrency, CUBE, which is currently valued at $5.83 on CoinMarketCap.com. In addition to its virtual reality platform, it issues CUBE, a cryptocurrency with an unspecified amount of value.
Despite being a considerable investment for tech startups, Nvidia, Microsoft, and Manchester City FC have also entered the metaverse game. Nvidia has announced plans to introduce Omniverse Enterprise to the public by 2021, which will allow collaboration on 3D models, design, and simulation. With the help of AI and supercomputing, this new world will allow people to share, collaborate, and work together in a virtual environment with no physical boundaries. The race is on.
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Facebook recently rebranded itself as Meta. The social media giant is one of the world's most famous tech brands. But Facebook is not alone in the race to bring the virtual world to the masses. Google, Microsoft, Apple, and Alphabet are also attempting to take the lead in the race to create a virtual reality. So, who's in the race? And how will they win it?
More than 160 companies are building the metaverse. The US, UK, and EU are the leading countries, but China has been slowly gaining ground in artificial intelligence and VR manufacturing. Tencent, for example, has ambitious plans to create its metaverse, though they're still in the early stages of development. The future of metaverse is in the hands of users, and it will be a matter of ensuring user adoption and user-generated content are in place to make it successful.
Fortnite is a leading example of a future metaverse world. Although it entered the race accidentally, the video game has become wildly popular and evolved beyond its core shooting gameplay. The metaverse has become increasingly social and immersive, with players paying for different costumes and even building islands. Epic also owns the Unreal gaming engine, which develops the game's visual effects. That is a strong advantage.
The US and China have significant investments in the Metaverse, and China has the largest metaverse market with $55 billion in VR/AR spend. While the U.S. leads the race with more companies, more VR/AR products, and a healthy metaverse ecosystem, China may leapfrog ahead with the help of artificial intelligence. The Chinese government has put AI on its top priority list and plans to become a leader in the field by 2030. With artificial intelligence and the Metaverse, these two countries may very well be in a race for a dominant role in the future of the Internet.
The Metaverse is a shared digital area that extends beyond the existing Internet. It could allow people to live an entirely digital life with their digital personas, spending virtual money on digital goods. This vision has prompted Facebook and other tech giants to make massive investments in building the Metaverse. For example, Facebook has rebranded its popular game as Meta, and Microsoft and Epic Games are also pouring millions of dollars into this new technology.
