When Meta (as we now call Facebook) announced its intentions to become a metaverse-focused company, it was met with equal parts praise and derision. The former came about because many believe we are beginning the era of Web3, which will encompass everything from VR/AR to decentralized finance to living and working in the metaverse, or so some Web3 proponents believe. The consensus from those people was that Mark Zuckerberg was right to anticipate the change in direction.
But Meta was also derided for its announcement due to this simple fact: For all the bluster about Facebook changing the world, it is still effectively an ads company. 98% of its revenue comes from adverts you see on your social media feed. It makes billions every year from looking at your data and tailoring ads. That’s it. As you might imagine, then, the company will have to make a lot of changes to build the metaverse.
So, how bold is that vision? It’s difficult to say. Meta’s rebranding launch was heavy on concepts, but a little short on the detail. But it is perhaps best to view Meta’s metaverse plans through the context of comparing them to others. And a good place to start is with one of its Big Tech rivals, Microsoft.
Microsoft sees the metaverse differently
Microsoft’s metaverse plans – through its Mesh application – have something of an enterprise focus. At the moment, it’s linked to Teams, and will incorporate stuff like avatars replacing people on video calls. They hope to use holographic technology further down the line (something a bit Star Wars-esque), but we will have to wait a while for that.
Meta sees the metaverse as being a bit more all-encompassing than Microsoft’s enterprise vision. Whereas Microsoft believes everyone will be able to access metaverse-like experiences through a single device (phone, tablet or computer), Meta wants to sell us the hardware. You are probably aware that Oculus (the maker of VR headsets) was purchased by Facebook in 2014. But it, too, has had a name change. Oculus will now be known as Meta Quest.
The point, as such, is that Meta believes the metaverse and VR are intertwined, and that we will work and play in this virtual space. The focus, unlike Microsoft, is going to be on the latter ‘play’ first, and the work part will come later. Meta hopes to build the software, then sell us the hardware so we can experience it. Zuckerberg kept stressing the idea of sitting down for a job interview in the metaverse, but the more immediate goal is to link it to gaming.
Developer of live games see VR future
How would this work in practical terms? An example of what we mean can be understood through another sector that is very interested in immersive gaming – the online casino sector. Today, if you visit an online live casino, you will see many of the games are very different from the classic table and card games. The new genre of live games has loosely been called “game shows”.
Titles like Monopoly Live and Deal or No Deal Live have transformed the live casino experience. They don’t feel like traditional casino games. They are played with what seems like a tv host (instead of a dealer), and the players are almost like an audience. Everyone wins – and loses – together. It’s a communal experience.
But the casino industry sees “getting everyone in the room” as the next step in these live games. The idea is that we will one day strap on a VR headset and play out the games in an immersive setting. Imagine striding across a Monopoly board to play out the bonus game in Monopoly Live – that type of thing.
Meta is looking to “get people into the room” too. Mark Zuckerberg said as such when setting out his ambitions for the metaverse. This is Meta’s official line on it: “it’ll be characterized by social presence, the feeling that you’re right there with another person, no matter where in the world you happen to be.”. That’s key to understanding what we mean. Whether it’s playing a casino game or sitting down for a job interview, Meta wants us to believe we are right there with others. It’s much more immersive than Microsoft’s plans, but it feels like it will be a lot harder to pull off.
So, when will this happen? Zuckerberg believes five to ten years, but that’s quite ambitious. Yet, it’s also worth remembering that the metaverse has been around for a while. It’s been talked about since the 1990s, and VR is hardly a new concept. Moreover, lots of games claim to offer metaverse experiences. But Meta seems to have the will – it certainly has the cash – to at least set the wheels in motion for a grander vision, even if the end product is not the sci-fi-like new reality we were led to believe.
“A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” – Jeff Bezos.
