Among the most anticipated developments in the history of the internet is the Metaverse, and it may finally be here this decade. You may be familiar with the concept of virtual reality from film. Perhaps you play video games on your own virtual reality headset. The Metaverse, however, is considerably more extensive than that. Virtual Reality, AR, and maybe even a brain-computer interface are all brought together in this. The Metaverse has developed greatly from its infancy in the 1990s.

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Every tech enthusiast should know these 12 awesome Metaverse facts:

        1. The Term “Metaverse” was Created in 1982

One way to get a better feel for the Metaverse is to investigate its history. It all began in 1982, when novelist Neil Stevenson adopted the term. And therefore, the question remains, what did he intend? A bleak "actual" world where his heroes may find refuge in a virtual utopia.

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        2. Who Coins the Word ‘Metaverse’?

Metaverse may seem like a phrase from the realm of science or the domain of an IT guru, but it was really created by neither. The popularity of the word has skyrocketed in recent years, although it's been around for a while. Neil Stevenson used the term "Metaverse" to depict a three-dimensional virtual world in his novel Snow Crash. It's mind-boggling to consider the possibility of a sci-fi concept becoming a real-world reality so quickly.

        3. SEGA Created VR Arcade Consoles in the 1990s

We have SEGA, a Japanese video game corporation, to thank for the early demonstrations of the Metaverse. In 1994, SEGA VR-1 arcade games were developed by the company and placed in Japanese, British, and Australian amusement parks. The customer will further put on a headgear, the "Mega Visor Display," which functioned similarly to current VR goggles.

        4. Does it Really Come from the 90s?

A fantastic science fiction book written by Neil in 1992 is where we first encountered the word "Metaverse." Films such as Tron clearly draw ideas and inspiration from virtual reality as well as the Metaverse. A game designer who becomes mired in his own virtual realm narrates his tale in this film.

        5. Facebook Invested $10 Billion in the Metaverse in 2021

Together, the Metaverse as well as VR make up the ultimate experience. Facebook and augmented reality are natural partners. In 2014, Facebook (Now Meta) paid a stunning $2 billion to acquire Oculus. Facebook is still committed to the project despite the lack of immediate returns on their investment. Instead of backing down, the social networking sites behemoth is doubling down, allocating an additional $10 billion to Metaverse-related costs in 2021.

        6. Is Metaverse an Entirely New Technology?

Metaverse is something we've been discussing since it seems so futuristic. However, it was brought about by AR and VR technologies. When the two are combined, a new reality known as Mixed Reality emerges. You'll require augmented reality as well as the capacity to create a completely fresh and virtual world to realize the Metaverse.

        7. Market Cap of Web2 Companies Involved in Metaverse Totals $14.8 Trillion

There is presently a $14.8 trillion market for Metaverse firms. Obviously, this encompasses any business with a hand in developing goods or services for the Metaverse. Any sort of augmented or virtual reality or even XR solution or gaming may qualify. Now, the most important fact: the combined market valuation of all parties is $14,8 trillion. But hardly any of it is spent on genuine Metaverse product development.

        8. No Fancy Technology Needed

It's possible you've heard that virtual reality and augmented reality are prerequisites for entering the Metaverse. The virtual reality headset is one of the most widely used peripherals nowadays. Even though having this equipment would enhance your experience in the Metaverse, it isn't essential. You may access many Metaverse sites without a VR headset.

        9. Market Cap of Web3 Companies Involved in Metaverse is $27.5 Billion

Our discussion of the differences amongst Web 2.0 as well as Web 3.0 will provide among the most humorous Metaverse truths. In contrast to the current Web, which is controlled by large platforms like Facebook and Twitter, the suggested decentralized Web would be run by a network of individuals and not corporations. The concept of the Metaverse as a Web 3.0 media stems from the fact that it is a location where digital avatars may transact in virtual money and acquire digital real estate.

        10. A Shared Idea

Similarly to the online platform, no single organization claims ownership of the Metaverse. Even if Facebook is now known as Meta, this doesn't imply it has absolute control over the underlying innovation. Large IT corporations are preparing their personal "Metaverses," with names such as Google and Microsoft at the helm.

        11. By End of 2022, Metaverse will be Worth Over $100 Billion

In 2021, the worldwide Metaverse industry was worth $63.83 billion. It's expected to break the $100 billion mark by the end of the year. It will also increase at a CAGR of 47.6% during the next decade. If these predictions pan out, there will be a $1.5 trillion opportunity in the Metaverse by 2029. However, it is essential to think about unforeseen occurrences like worldwide COVID-19 outbreaks as well as Battles, which may quickly make projections meaningless.

        12. Limitless Potential

You've experienced a tiny fraction of what the future of the Metaverse can be like if you've played Fortnite or Second Life. These games allow us to assume the role of a virtual character and communicate with other players in real time, but what if VR and AR were included into the development of video games in the coming years? The promise of the Metaverse is perhaps best shown in films such as Ready Player One and Free Guy.

The Bottomline

To put it simply, the Metaverse defies succinct definition. It has too many moving parts. The majority of people aren't really interested in exploring MMORPGs at the moment. However, experts predict things will alter in the future. The floor is yours. When you learn over a dozen things about the Metaverse, do you find any to be particularly interesting? We hope that fresh advances in the sector will allow us to publish other essays similar to this in the near future.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.