WHAT DOES META MEAN?

Many people ask what does Meta mean after one of the most popular social media sites, Facebook, Instagram, and WhatsApp, was rebranded to “Meta.” So, why did Facebook become Meta, and what does Meta mean?

The simple answer to this question is that “Meta” refers to new metaverse technologies and innovations and is an abbreviation for “Metaverse.”

According to Newscientist, Facebook’s rebranding to Meta is not just a name change but a strategic shift towards future company development. Their goal is to lead the way in the metaverse, a 3D version of the internet that industry leaders like Meta and Microsoft are touted as the future of online interaction. Mark Zuckerberg is at the forefront of envisioning a VR social platform, while Satya Nadella is innovating to incorporate metaverse elements into Microsoft’s products.

What does Meta mean? Illustrative photo. Image credit: Tara Winstead via pexels.com, free license

What does Meta mean, and how is it related to Metaverse?

So, as we already know what does Meta mean, it is important to define the metaverse and how it is connected to social media sites such as Facebook.

According to Callum Moates (2024), the metaverse could be defined as “a 3D space that allows individuals to have realistic interactions and immersive experiences, from shopping to working out. These digital worlds are brought to life by converging technologies like virtual reality (VR), augmented reality (AR), and artificial intelligence (AI).”

Even though, we know what does Meta mean, the concept of the metaverse is not entirely clear even until now, and not everybody knows what the metaverse is or how and to which level it is implemented. This could be explained by the fact that the metaverse is still being developed, and there is still no clear view of how it will look in the future.

So, what does the future hold for us with the metaverse? In the founder’s letter, Mark Zuckerberg wrote: “In the metaverse, you’ll be able to do almost anything you can imagine—get together with friends and family, work, learn, play, shop, create—as well as completely new experiences that don’t fit how we think about computers or phones today. We made a film that explores how you might use the metaverse one day.”

Satya Nadella, the Chairman and Chief Executive Officer of Microsoft, during his keynote at the Microsoft Ignite event said: “When we talk about the metaverse, we’re describing both the new platform and a new application type; similar to how we talked about the web and websites in the early 90s (…). The metaverse enables us to embed computing into the real world and to embed the real world into computing, bringing real presence to any digital space.”

Thus, the metaverse, characterized by interconnected, enduring, communal, virtual 3D realms, symbolizes the merging of physical and digital domains, marking the internet’s progress alongside social networks through real-time 3D technology. This phenomenon offers prime prospects for prominent online entertainment and social media enterprises to seize fresh avenues for generating revenue.

The use cases of implementing the metaverse into business

The metaverse could be understood in the context of the development of future internet technologies so that big companies could gain profits. According to Bloomberg, the metaverse has a potential of nearly $ 800 billion in the market in 2024. Moreover, it is predicted by McKinsey & Company that the economy of the metaverse technology by 2030 could reach $5 trillion.

The metaverse has the most significant potential in areas such as online gaming industries and social networks. For example, Meta plans to sell virtual clothes for the users’ created avatars that could be used on Meta’s sites such as Facebook, Instagram, and Messenger.  Meta also states that the Reality Labs of the company released the first mass-market mixed reality headset, Quest 3, in 2023, which enabled a wide range of new immersive experiences. The latest Quest 3 headsets had higher visual resolution, louder audio range, and more suitable weight than its counterpart headset, Quest2.

The metaverse is implemented in platforms such as Spatial, Roblox, and Fortnite, which propose users engage in immersive gaming experiences and real-time interaction. It is expected that the metaverse could enrich entertainment, shopping, education, and many other areas in the future.

One example of the actual use of the metaverse concept in the following areas includes the virtual collaboration platform Spatial.io, which is based on the principles of convergence between virtual and augmented reality and simulated physics. It was created in 2023 as an alternative to AltSpacVR, which stopped working. Spatial.io includes such features as real-time collaborations, creating custom avatars, and organizing virtual meetings and conferences.

Another viral online gaming platform on which users can play and create games is Roblox, which integrates metaverse into its product. With Roblox Studio as its cornerstone, users gain access to a potent toolkit for content creation. This inclusive environment empowers creators to sculpt and refine game elements, script interactions, and gameplay mechanics, enriching gaming adventures.