Curated by the Observatory of Extended Reality & Metaverse

Until a few years ago, the term metaverse was known only to professionals in the fields of technology, gaming, or cryptocurrencies. This changed rapidly starting in October 2021, with Facebook’s rebranding as Meta and the official announcement by its president and CEO, Mark Zuckerberg, of plans to build the metaverse. Since then, attention to this topic has grown significantly. However, both in literature and reality, the concept of the metaverse existed long before Zuckerberg’s announcement.

What is the metaverse?

The metaverse represents an immersive, persistent, interactive, and interoperable ecosystem composed of multiple interconnected virtual worlds where users can socialize, work, transact, play, and create assets, often accessed via immersive devices.

This definition, provided by the Observatory of Extended Reality & Metaverse, synthesizes key elements from an analysis of the main definitions available on the topic.

The metaverse is shaping up to be the next major evolution of online interaction, transitioning from closed, text-based ecosystems to shared, interconnected spaces where users interact through avatars. These persistent, customizable virtual worlds are designed to host communities and content, each with specific business models and rules.

Key features of the metaverse

To qualify as a metaverse, a system must exhibit certain fundamental characteristics:

• Interoperability: The ability to connect data, objects, digital resources, and identities across different virtual worlds.
• Ownership: Users must have ownership rights over digital assets.
• Modularity: Support for the creation and customization of assets and virtual spaces.
• Accessibility: Open and free access to events, activities, and specific locations.
• Representativeness: The ability to be represented through customizable avatars.
• Persistence: Continuation of existence regardless of user presence.
• Economic functionality: Enabling the creation, sale, and monetization of digital goods and services.
• Immersiveness: Merging the real and virtual worlds to offer engaging experiences.

These features ensure that the metaverse is not a single virtual world but rather an ecosystem of interoperable, interconnected worlds.

The origins of the metaverse

The term metaverse was coined in 1992 by Neal Stephenson in the novel Snow Crash. In the book, the metaverse is depicted as a virtual space accessible through avatars, where people can socialize, work, and shop.

Since then, the concept has evolved, giving rise to virtual worlds like Second Life (2003) and more recent platforms like Decentraland, The Sandbox, and Roblox.

Immersive technologies and the metaverse

Technologies enabling immersion in the metaverse include:

• Augmented Reality (AR): Overlays digital objects onto the real world, enhancing user perception.
• Mixed Reality (MR): Allows visualization and interaction with digital elements in the real world.
• Virtual Reality (VR): Creates fully digital, three-dimensional environments in which users immerse themselves via headsets.

How to access the metaverse

To access the metaverse, you typically need a device (PC or smartphone) and a stable internet connection. In some cases, a VR headset is required, as with Meta’s Horizon World.

Platforms like Decentraland and The Sandbox allow access without an account, using blockchain wallets to manage assets like NFTs and avatars.

Applications and opportunities of the metaverse

The metaverse offers opportunities that extend beyond gaming. Concrete examples include:

• Virtual events and concerts (e.g., Travis Scott on Fortnite).
• Virtual stores by brands like Gucci and Nike on Roblox.
• New economies based on digital assets and creative interactions.