From gaming to enterprise, what’s Big Tech's approach for metaverse?

5 min read | November 07, 2021 12:09 AM AEDT | By Mohammad Zaid

From gaming to enterprise, what’s Big Tech's approach for metaverse? — Image source: © Ekkasit919 | Megapixl.com

What’s your take on the Metaverse?

The term metaverse was coined in the 1990s as a virtual space where people can connect with others virtually using the Internet, VR, and AR technologies. In the past, many tech companies had been actively engaged in taking VR and AR closer to the internet and bringing immersive experiences, especially Facebook in 2014 when they acquired Oculus VR.

However, AR/VR failed to find adoption among the masses and was generally limited to experiencing virtual games.

Virtual Reality

Source: © Amaviael | Megapixl.com

Many would say that the metaverse is the future of post-pandemic business; however, others would simply believe that it is another effort to revive VR/AR adoption. With tech behemoths like Facebook and Microsoft coming into play, this would trigger other big tech companies to seek opportunities.

Epic Games, the owner of gaming industry phenomenon Fortnite, has already demonstrated the potential of virtual concerts in the game in attracting large audiences. Besides gaming, pioneering industry leaders see more possibilities for a metaverse role in enterprise technology.

Facebook vs Microsoft

With the metaverse, Facebook might have first-mover advantage, but Microsoft is also testing its initial offering of the metaverse, which includes digital avatars being featured in the new version of Microsoft’s Teams chat and conferencing software/app.

Moreover, Microsoft plans to introduce its new program for users in the first half of 2022 and has around 250 million global users.

Facebook CEO Mark Zuckerberg looks to the future of social experiences and plans to develop the metaverse that will cost around US$10 billion in the initial year and more in further years.

The new version of Microsoft’s Teams chat and conferencing software/app will allow users to share Office files and features in the virtual world, like PowerPoint decks, and help in developing immersive spaces where workers can meet.

Facebook’s approach for the metaverse

Facebook/Meta’s approach for the metaverse remains similar to the one that the Company adopted for its social media offering. Under this approach, Facebook will ensure that the metaverse is accessible to its users for free while keeping it inexpensive for businesses to use tools and reach their customers.

Moreover, Facebook’s metaverse will not be created by a single company but will be developed by creators and developers who are engaged in creating new interoperable experiences and digital items.

The metaverse also looks to shell out hundreds of billions of dollars on the digital commerce platform in anticipation that it will have around one billion users for its metaverse in the upcoming decade. Moreover, the Company is not anticipating financial rewards at an early stage but is focused on spending big in the short to medium term to onboard as many users as possible.

Microsoft office building

Source: Pixabay

Microsoft, on the other hand, remains focused on practical applications that demonstrate clear benefits. The metaverse in Microsoft Teams will allow users to appear as cartoon avatars of themselves and can express their facial expressions in real time.

Bottom Line

One may not be very sure at the moment about the current use of the metaverse as the public perception of the metaverse to be a futuristic world remains in a state of uncertainty. However, business uses for the metaverse are beginning to be accessible now, and with technology behemoths investing billions of dollars may trigger people to get their hands on the technology and recreate their whole lives online.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.