A couple months ago, Mark Zuckerberg announced that Facebook (FB) was changing its name to Meta, as part of a corporate pivot towards the metaverse: online environments, including virtual and augmented realities, were individuals can engage in a myriad activities. Meta is going all-in on the metaverse, with a suite of products and services including virtual reality workspaces, augmented reality glasses, and virtual reality games.
Meta’s pivot is part of a larger tech shift towards the metaverse, and attendant products and services. Microsoft (MSFT) is investing quite heavily in video games, so are newcomers Epic Games and Roblox, as are Chinese companies like Tencent (OTCPK:TCEHY). Crypto startups are creating a vibrant economic ecosystem of virtual goods on the blockchain, including artwork (NFTs), finance (DeFi), and gaming (Axie Infinity).
The metaverse is booming, and although there is no guarantee that it will permanently displace the current internet, it seems quite likely.