Emerging Technologies for Business Professionals

CHAPTER 9The Metaverse and Non‐Fungible Tokens

In October 2021, at Connect 2021, CEO Mark Zuckerberg introduced Meta, which brings together the company's apps and technologies under one new company brand.

“Meta's focus will be to bring the Metaverse to life and help people connect, find communities, and grow businesses. The Metaverse will feel like a hybrid of today's online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can't be together – and do things together you couldn't do in the physical world. It's the next evolution in a long line of social technologies, and it's ushering in a new chapter for our company.” Mark shared more about this vision in a founder's letter.^[1]

Metaverse

Neal Stephenson first used the term metaverse in his 1992 novel Snow Crash. Even though he does not provide a specific definition, the novel portrays the metaverse as a persistent virtual world where one can work, relax, and engage in cultural activities or commerce. The metaverse interacted with and affected every part of human existence. Currently, there is no consensus definition of the word metaverse. Different industry leaders define the metaverse in a manner that fits their own company. For example, Microsoft's CEO defines it as “a platform that turns the entire world into an app canvas.”^[2] On the other hand, Facebook's CEO defines it as “immersive experiences ...