Ever since Facebook announced it was changing its name to Meta, the metaverse has become part of our daily lexicon. The metaverse promises to transform how we interact with the world the same way the internet and smartphones did in the 1990s and early 2000s.
However, many misconceptions exist about what the metaverse is and what it will become. To help you sort fact from fiction, we've compiled a list of some of the most common myths about the metaverse.
1. Does Facebook Own the Metaverse?
No. Facebook doesn't own the metaverse, but the company has its sights on playing a prominent role in shaping and developing this virtual world. Facebook hasn't wasted any time getting started making inroads into the metaverse.
The company has acquired Within, a start-up most famous for its Supernatural workout app. It has also announced deals with other companies related to the metaverse, including Downpour Interactive, Bigbox VFR, and Unit 2 Games.
Although the metaverse doesn't belong to Facebook, it has made significant inroads into the metaverse. Some believe it may end up dominating the new realm.
Facebook executives have downplayed concerns about the company's role in the metaverse, saying, "Meta is not going to build, own, or run the metaverse on its own. We are starting conversations about our vision for the metaverse early, before some of the technologies even exist…"
Only time will tell what role Facebook will play in the Metaverse. We'll all have to stay tuned.
2. Is the Metaverse New or Does It Already Exist?
From Roblox and Minecraft to Sandbox, Axie Infinity, and Decentraland, the Metaverse has been with us in some form for well over a decade.
Many trace the metaverse back to Second Life, a virtual world that debuted in 2003, allowing users to explore, socialize, and trade goods and services with other users.
With big tech investing heavily in this new world, the metaverse will expand and evolve, becoming an immersive world and a part of our daily lives.
3. You Need a Virtual Reality Headset to Access the Metaverse
Although virtual reality (VR) headsets seem to appear in almost every story about the metaverse, you don't have to buy one to access the metaverse.
You can use a VR headset on sites like CryptoVoxels for a more immersive gaming experience, but it's not required. You don't need a VR headset to visit some of the most popular metaverse sites, including Decentraland and The Sandbox. All you need is a computer, smartphone, or tablet.
While VR and augmented reality (AR) headsets aren't required to access today's metaverse, we can expect them to play a significant role in the future of the metaverse. Tech companies are racing to build VR and AR headsets with Meta, Sony, and Apple set to release new VR and mixed headsets in 2022.
You don't need a VR headset to access today's metaverse, but it'll probably be required for the complete metaverse experience in a few years.
4. The Metaverse Is Only for Gaming and Has No Real-World Value
Gaming is often the first thing that comes to mind when someone mentions the metaverse. While the virtual gaming worlds in Minecraft, Roblox, Fortnite, and other games are often listed examples of the metaverse, they're still stand-alone universes (and it's debatable whether these online gaming worlds count as a "metaverse," either).
As the metaverse evolves, virtual worlds will be interconnected, and it won't stop at gaming. Instead, the metaverse will include health, fitness, fashion, entertainment, and work.
Most importantly, the metaverse will allow you to move content between digital worlds, something not possible within today's metaverse games.
Companies such as PWC have already opened branches in the metaverse, allowing them to access customers wherever they happen to be in the world. Other companies like eXp Realty have leveraged virtual worlds for years, never setting up brick-and-mortar offices.
In the future, the metaverse will encompass much more than games.
5. The Metaverse Is One Big World
The metaverse often sounds like a vast alternate universe backed by corporate giants like Meta. In reality, the metaverse comprises many interconnected worlds using powerful technology, including artificial intelligence, VR, AR, blockchain, and 3D graphics. At least, it will.
Anyone can create a world within the metaverse, with its own set of rules and possibilities—all connected to the real-world economy. As the metaverse expands, you can expect worlds with realistic avatars, detailed maps, and diverse backstories.
You get to choose the worlds you want to participate in, which happens to be one of the best things about the metaverse.
6. The Metaverse Is Dangerous
The metaverse isn't without risks, but it's not riskier than using the internet. Criminal hackers will undoubtedly see opportunities to steal information and other goods in this alternate universe.
Just as stalking, bullying, and other harmful behaviors moved from the real world to the online world when the internet became mainstream, we can expect the same to happen in the metaverse.
The privacy issues that have plagued the internet, including tailored ads, will also likely exist in the metaverse. You may look up at a billboard while driving your virtual car through the metaverse and see an advertisement for the computer you're considering buying.
If you use common sense and take adequate measures to protect your privacy, there's no reason to consider the metaverse an inherently dangerous place.
7. Buying Real Estate in the Metaverse Is a Bad Investment
When deciding to invest in property in the real world or the metaverse, the most important thing to consider is the ROI or return on investment. If you believe the metaverse is the future and has room to grow, you'd probably conclude that investing in real estate in this new world is a good idea.
Many companies and investors have concluded that metaverse real estate is worth their money, with sales topping $500 million in 2021. While it may sound strange to purchase real estate in a virtual world, metaverse property has many of the same characteristics as real-world real estate, including scarcity, immobility, and uniqueness.
Now, we're not saying whether investing in land in the metaverse is good or bad. Only you can decide that, and you should complete as much research into metaverse land ownership as you can before investing anything. Remember, never invest more than you can afford to lose.
Fact: The Metaverse is Here to Stay
Although we have a good idea of what the metaverse will look like in the future, we won't know exactly what to expect until we get there. The metaverse can potentially transform how we interact with the world, with some arguing that we will live more in the digital world than in reality.
What we do know is that the metaverse will probably be the biggest digital revolution since the World Wide Web.