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Metaverse: Who is Winning the Race to Be the Final World?

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Metaverse: It’s now only a matter of time before the metaverse becomes an intrinsic part of your everyday life, says Alex Merritt of Storm Partners.

Metaverse technology has been receiving a lot of mainstream media attention. Outside the gaming and blockchain communities, which frequently overlap, many are still unaware of the technology’s current applications and transformative potential.

Although in-game virtual worlds populated with AI and human-controlled characters have existed for years, these aren’t metaverses. Even experiences without game-like goals, such as Second Life, don’t quite meet the criteria and are referred to as “proto-metaverses.”

Metaverse: What is it?

One of the most common descriptions of the metaverse is as a 3D internet. More specifically, it is a vast online world, a virtual and mixed reality space in which users can interact with each other in a computer-generated environment. Awareness of the metaverse has grown significantly in recent years, most notably since Meta Platforms Inc. (formerly Facebook) revealed plans to develop metaverse-specific hardware, experiences, and services. However, the concept has existed for over a century, and the actual term first appeared in writing over forty years ago.

Snow Crash. Stevenson’s metaverse was a virtual escape from reality for the characters in his totalitarian world. In the early 90s, Sega released various VR arcade machines, such as the SEGA VR-1 motion simulator, essentially the forebears of the VR games available today.

Metaverse technology has been receiving a lot of mainstream media attention. Outside the gaming and blockchain communities, which frequently overlap, many are still unaware of the technology's current applications and transformative potential.

Metaverse Developers

While developers made progress in the years following the release of the earliest VR machines, a giant leap forward came in the form of
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