The Metaverse Attracts Investment

The metaverse refers to a life-like scene, representation or virtual world that has been generated by specialized software. The user’s experience is enhanced significantly when viewing and participating in virtual reality (VR) environments through special VR viewing equipment (such as a helmet/googles with 3-D viewing screens and earphones, sometimes used with gloves that contain sensors). VR creates an experience that is immersive to the user. Many observers consider the emerging metaverse to be a segment of virtual reality, but some metaverse sites may be accessed without VR headsets. To get a clear idea of the potential of this technology, imagine riding a unicorn, fighting as a gladiator in Rome’s Colosseum in the 4^th century B.C. or walking your dog on the moon, in a life-like, immersive, 3-D experience, made possible by specialized headsets that you wear. VR headsets are made by firms like Oculus, HTC and Sony, and start at $299.

Large tech companies are investing billions in metaverse technology, and Facebook even changed its corporate parent’s name to Meta Platforms, Inc. The company reportedly spent $10 billion in 2021 on its Facebook Reality Labs unit. One project, Horizon Workrooms, is an app that enables Oculus Quest 2 headset wearing users to enter virtual offices as avatars to participate in meetings. Despite huge investments, the metaverse in general is having difficulty gaining broad adoption by consumers or businesses.

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