By
Godfrey Benjamin
April 18th, 2024
While some companies like Facebook and Microsoft are looking to extend their available technologies, there are some new names in the race to the top.
Virtual reality is nothing new, but there is some new chatter exploding in technology news. The metaverse is on its way and it will enhance every aspect of life from work to play. So, what is this “metaverse” we are hearing about, and what companies are emerging as metaverse superstars?
What Is Metaverse and Where Did It Come From?
In short, what the Internet is today, the metaverse will be tomorrow – a web of information, entertainment, communication that is so integrated into everyday life that most people don’t even think about it. The metaverse builds on all the familiar uses of the Internet by providing an extended virtual world that will erase distinctions between the virtual and physical world. In this new reality, it will be possible to conduct business, socialize, invest, collect, and do just about anything else one could imagine.
The term “metaverse” made its debut in 1992 in the novel Snow Crash by Neal Stephenson. The book described a three-dimensional world where humans were represented by avatars. A decade later in 2003, the online virtual world Second Life was born and made the metaverse a rudimentary reality (it is still used by over a million people). Shortly after, in 2006 Roblox launched a virtual world that allowed its users to create their own games and play games created by others. Today, Roblox is more popular than ever and can be credited as a leader in the rising trend of virtual technology.
The path towards a user-friendly metaverse continued after Roblox with the introductions of Bitcoin and Blockchain, by Satoshi Nakamoto in 2009. Attempts to improve the Bitcoin and Blockchain brought us to the NFT, or Non-Fungible Token, in 2012. As technology advanced, applications of a new and improved virtual reality continued to pop up with games like Fortnite and Pokémon Go. Fortnite appeals to many artists and in 2020 the first live metaverse concert took place in the video game.
The evolution of the metaverse has been a steady stream of impressive technology, but it’s just getting started. Emerging companies continue to work towards creating a metaverse that will change life as we know it. The full impact the metaverse will have on how we learn, work, and play is yet to be seen. So, who’s on the “companies to watch” list of metaverse groundbreakers?
What Companies Are Paving the Way to the Metaverse?
Meta Platforms (NASDAQ: FB), formerly known as Facebook, has announced to the public that it wants to be seen as a metaverse company. They are currently investing a significant portion of their budget and development activities on extended reality.
Microsoft
Microsoft (NASDAQ: MSFT) is also looking to further establish itself in the metaverse industry. Microsoft Xbox has already made a virtual reality name for itself through games like Minecraft, where users can build their own virtual worlds.
Roblox
Already considered a player in creating the metaverse, Roblox (NYSE: RBLX) continues to expand its company into more developed metaverse possibilities. The game already allows users to build worlds and interact in other users’ worlds but is also looking for innovative ways to engage in commerce and business activities as well.
Looking Glass Labs
Looking Glass Labs (NEO: NFTX) has emerged as a promising leader in the creation of a functional metaverse. The digital agency specializes in non-fungible token (NFT) architecture, immersive extended reality (XR) metaverse design, and virtual asset royalty streams. LGL’s first 3D studio, House of Kibaa (HoK) is currently making plans to launch its own metaverse in the near future.
Wrapping It Up
From its surprising origins in the pages of a novel to the innovations that are right around the corner, the metaverse provides an exciting future where virtual worlds exist in sync with our physical universe. While some companies like Facebook and Microsoft are looking to extend their available technologies, there are some new names in the race to the top. Looking Glass Labs, led by CEO Dorian Banks, has made great strides on its own path to the metaverse and will certainly continue to gain momentum.
Disclaimer: The author was compensated to provide with his independent analysis of the company. The author owns no shares nor plans to do so in the near future. The stock market is volatile, and investors are advised to do their own research prior to making a decision.
Disclaimer: The author was compensated to provide with his independent analysis of the company. The author owns no shares nor plans to do so in the near future. The stock market is volatile, and investors are advised to do their own research prior to making a decision.