FB is planning to expand its business from social media to metaverse. The term metaverse means 'beyond internet' and is envisioned to feature:
  • The use of VR+AR over text+graphics (goggles vs screens)
  • Immersive participation vs passive consumption
  • Has its own economy (markets, currencies, economics)
  • Decentralised governance (not run by FB alone)

If metaverse is taken to mean closer to the concept of multiverse (multiple universe), FB is already a metaverse company, as FB, the social media, is a 'parallel universe'. In it, you can have your own persona, friends, communities and activities, different from and in parallel to the 'standard world'.

Use-case example. 'Parallel universe' can be a transformative green enabler. Say, if an entrepreneur wishes to build a new Disneyland, if he or she builds it in the 'standard world', it will require clearing of forests, tonnes of concrete, enormous consumption of resources and spewing of waste to build and run. If it is made in a VR universe, the environmental impact will be much less.

For more on metaverse and to find out FB's new name (could be a rebrand or a new umbrella holding company), check out Connect 2021 happening this Thursday (Oct 28th).