Facebook Metaverse the New Hype and its Challenges
Facebook Metaverse immediately brings a futuristic scene from a sci-fi movie in front of our eyes.
We all know, our popular social media company Facebook announced its new identity for its portfolio of companies as ‘Meta’. Soon after, it turned into the most hyped topic within a few minutes.
It did not take much time for questions to spur from here and there for this new change.
Apparently, the name Meta denotes their redefined goals to create a virtual reality base. With this base, the aim is to build a different model for social media.
What’s more, Metaverse is not really confined to the actions of one company. Rather, all tech companies and concerns are likely to work for it together.
In fact, Microsoft and Nvidia already started building their own Metaverse.
For now, we are deciphering why the sudden transformation of Facebook to Facebook Metaverse happened. Adding to that, how metaverse may impact us and what changes will it bring to the digital marketing world is our concern.
Surely, the company is yet to clear out a lot of things. But the primary idea indicates a lot of significant aspects that we may face in the near future.
What is Facebook Metaverse?
Before getting down to what Facebook has done, let’s see what Metaverse in general means.
Simply put, Metaverse is a digital reality or a digital world. Basically, this virtual world’s features include virtual reality, artificial intelligence, multimedia gaming technology, augmented reality, and social media networking.
So, in the Metaverse, you can directly be present in a virtual environment with the help of technology.
To clear up any confusion, the Metaverse does not exist yet.
However, the global tech giants are working towards evolving our current internet technologies to that virtual world in the future.
From this context, Mark Zuckerberg wanted to plant this idea. Because he wanted shift the focus of Facebook by changing the name of the mother company.
The change in name is only to bring the idea to people’s minds. Obviously, the world cannot be built overnight.
Whatever we are using now, Facebook, Instagram, WhatsApp, Oculus, Giphy, etc. 92 companies in total come under the name ‘Meta’.
On 28 October 2021 at Connect 2021, the CEO of Facebook, Mark Zuckerberg introduced the idea of Meta. Furthermore, he officially declared the change in name of the brand holding all its apps and technologies.
As per him, this gives them a clarified goal.
Facebook Metaverse with all its apps will give us a hybrid online experience with heavy inclusion of VR technologies.
Moreover, Facebook, or let’s say Meta has already announced to dedicate $150 million to developers.
This is for building immersive apps and $10 billion for its Reality Labs.
Thus, we can expect to see some ahead of time technologies come to play very soon.
Facebook Metaverse: Is it only to rebrand Facebook?
Why has Facebook changed the name of their parent company? The change hinting towards their Metaverse dream, it is still a debatable question with no definite answer.
Although Facebook is at the top of social media giants, it has been lately tangled in controversies and legal issues.
Especially, the whistleblower report from former project manager Frances Haugen bringing hidden information has stirred up the media.
Past records about information transfer and other privacy issues have been discouraging Generation Z from entering Facebook.
Another school of thought says Facebook just wants to book its position as the forerunner for the next technological revolution.
Lately, Facebook has been adding features from other apps like Snapchat for stories, TikTok for reels, and so on.
This is why now they attempt to win the race with Facebook Metaverse.
With all these going on, Zuckerberg actually addressed both ideas.
Surely, he brought the idea of sci-fi novels like Fahrenheit 451, Warcross, and Feed. Also, he specifically pointed out the risks they will be careful about. Firstly, economic opportunities by giving people more choice. Then on, data privacy by building technologies to protect data and give full control to users over their data. Finally, tools for taking safety actions and equity and inclusion through designing accessible technologies.
Some futuristic ideas of Facebook Metaverse
This groundbreaking idea that made everyone stop and think for a while is not just a public bait to shift attention.
Facebook has announced XR Programs along with a Research fund for their Facebook Metaverse with an investment of $50 million.
Under this, Facebook partnered with the Organization of American States, Africa No Filter and Women in Immersive Tech. For independent external research, it is facilitating Seoul National University, The University of Hong Kong, National University of Singapore etc.
Facebook has been working with Oculus, now a company under Meta, for Virtual Reality Technology (VR). Through this, people can be in a virtual environment and hang out with friends or hold meetings.
For this, they have been working with augmented technologies like augmented devices, VR glasses, VR software, etc. Some of the current project Facebook Metaverse plan to bring in front of us are:
Horizon Home
This is the basic interface we see as we speak of the virtual world. CEO Mark Zuckerberg shows a glimpse of this Horizon home which virtually works as the user’s home in the metaverse.
Of course, this home includes every element from furniture to customized outfits for the avatar.
Horizon Workrooms
Cambria Project
Project Aria
There are also technologies like the game Pokemon Go that are being developed.
Meta with its name has stirred the entire tech world and seems to aim to hold the prime credit of all the ideas no matter which company brings these products to the market before anyone else.
Nonetheless, Zuckerberg agreed that around 10 years will go by before any of these mega plans come to regular use. Most importantly, no one company can build this metaverse.
So, Facebook with its new parent name Meta is only being part of the future revolution.
How will Facebook Metaverse Impact us?
Despite all the buzz and glimpse, we still do not know about any definite projection of Facebook Metaverse.
In this conceptual stage, the way ahead is open to many routes.
Meta can choose to go by a sustainable and sensible way of building things in this technological world or focus on their profit maximization.
What worries the experts is that Facebook has not yet addressed issues like damaging privacy, selling information, and spreading miss information.
So, without solving the issues of current social media platforms, Facebook’s futuristic plans do not really promise the security and well-being of users.
However, the safety plans that come with Metaverse building include such notions.
Impact of Facebook Metaverse on Digital Marketing
The much this Meta transformation is affecting personal users, it will affect the businesses and most importantly marketing practices even more.
Nonetheless, Zuckerberg assured that right now there will be no major changes in the algorithm. Plus, the apps and brands under Meta are going to remain the same.
At this point, digital marketing companies have to keep their eyes open for any kind of enhanced feature. Also, they have to be ready for the new opportunities that comes with the idea of Facebook Metaverse.
The much this Meta transformation is affecting personal users, it will affect the businesses and most importantly marketing practices even more.
Nonetheless, Zuckerberg assured that right now there will be no major changes in the algorithm. Plus, the apps and brands under Meta are going to remain the same.
At this point, digital marketing companies have to keep their eyes open for any kind of enhanced feature. Also, they have to be ready for the new opportunities that comes with the idea of Facebook Metaverse.
More so, services like Facebook management, Facebook ads, Instagram management, Instagram ads are likely to have structural changes in the near future.
The catch is, which company adapts to the changes before anyone and acquires customers.
As augmented reality glasses wait to come to everyone’s reach, smart marketers are already thinking about new concepts through that.
With the global spirit, I-venture is also all ears to serve the best, unique and modern tech services.
For every marketer has to agree, the new generation will live on with these new technologies.
A leap towards the future with Metaverse
Facebook Metaverse is a revolutionary idea in this ever-changing technological field.
Indeed, it marked the beginning of a new turning point and more companies are likely to jump into this bandwagon.
So, the answer to the question of overcoming significant challenges like investment, mass production, privacy protection, and environmental protection is yet to be discovered.
Now, apart from the regular internet users, businesses across the world, small and large, have to do their own research to accommodate the changes of Metaverse.
Hopefully, this, when turned into reality, will be one of the most successful steps of humankind.
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