DNA Explainer: What is 'Metaverse' and why Facebook wants to rebrand it

Popular social media platform Facebook is all set to rebrand itself with a new name. For Facebook, rebranding is not just about changing the look and feel of it or changing the brand name but a reflection of the company's growing ambitions and focus on a new area called 'metaverse'.

However, users like us who are not aware of the term 'metaverse' may feel anxious as to how it will impact the way we use the social media platform to communicate socially and will it affect our activities online. And most important of all, what exactly is the metaverse and why is Facebook so invested in it? 

What is metaverse?

Metaverse is a parallel, virtual, world where users can have different identities, possessions and characters.

It is supposed to be the post-Internet world, a decentralised computing platform of sorts that is continuous and live.

It is an entirely digital economy and metaverse exists both in the digital and physical realm.

The idea of a metaverse for Facebook goes beyond just donning a VR headset and starting to play a game.

According to VC investor Matthew Ball, the metaverse does not reset or pause or end but continues indefinitely.

Metaverse is not something that just one company can build. Nor is Facebook the only one working on this.

Here your services could be offered virtually in exchange for other virtual assets or Cryptocurrencies.

The way to look at it is that your existence will be enmeshed with the digital world in a much deeper, complex way.

Because everything and everyone is supposed to be a part of this, interoperability will be key.

Facebook's plan with the metaverse?

The metaverse will let Facebook users hang out with people who are not in the same physical space.

Facebook users will be able to hang out with friends, work, play, learn, shop, create and do much more.

Facebook says the whole idea behind it is to spend your time online more meaningfully.

The definition is rather simplistic, compared to how the metaverse has been theorized by others.

Facebook admits metaverse won't be built overnight and many of the products will be fully realised in the next 10-15 years.

But Facebook says it needs to work on the questions of how the metaverse will be built 'responsibly'.