Facebook has found its new North Star — the metaverse or the shared virtual world environments which can be accessed via the Internet. What does this mean and why are investors rushing in?
In October last year, tech giant Facebook changed its name to Meta Platforms and its CEO Mark Zuckerberg said the new name is a nod to the metaverse, an immersive virtual reality (VR) world over the Internet. “We have a new North Star, to help bring the metaverse to life,” he said in an announcement. “From now on, we are going to be metaverse-first, not Facebook-first.”
Supported by the advent of devices, software and platforms built around blockchain technology and non-fungible tokens (NFTs), the metaverse has dominated headlines over the past few months.