In July 2021 Mark Zuckerberg, CEO of Facebook announced the company's new strategy to extend the user experience, which goes far beyond the current apps, which he called the "metaverse".

The metaverse is the idea that currently haunts the imagination of the technology industry as it could be about the future.

What is the Metaverse?

Zuckerberg has described it as a virtual environment that you can enter, rather than look at the screen. "It's like the internet coming to life, or at least looking at it in three dimensions."

Basically, it is a world of interconnected virtual communities where people will be able to meet, work and play with augmented reality devices such as glasses, apps on smartphones and other devices.

The metaverse will also include other aspects of digital life, such as social media and sharing.

Metaverse Why Facebook?

With this announcement, Facebook's CEO has taken the first step in redefining the user experience on the platform by making it more immersive, engaging and with a higher retention and staying power, which means longer exposure time to advertising.

In addition, Facebook is a network that over time is becoming less attractive to the new generations, who are opting for other social networks, with new communication formats.

Facebook has pledged a multi-million dollar investment to create its new business model, which will be channeled through its "Facebook Reality Labs" division.

Last summer, Facebook has launched the collaborative business platform "Horizon Workrooms", which is linked to Oculus (augmented reality interface), which promises to offer a much closer and immersive interface compared to the classic augmented reality based applications of the competition. Early reviews have not been very good since the devices cost $300 or more, which leaves the more advanced experiences of the metaverse out of reach for many.

However, those who can afford it will be able to use their avatars to move through the virtual modules created by different companies.

Is the metaverse a Facebook-only project?

Zuckerberg has bet big, as he hopes people will start to see Facebook as a metaverse company rather than seeing it as a social media company.

Despite this, Mark Zuckerberg has admitted that no single company will build the metaverse on its own. Just because Facebook has made the metaverse a priority, doesn't mean that that or any other tech company will dominate the space.

What's Happening with Video Game Companies?

Video game companies are also leading the way. Epic Games, the company behind Fortnite, has raised $1 billion from investors to help build the metaverse over the long term.

Consumer brands such as Gucci, also want to be part of the metaverse world. The Italian fashion brand collaborated in June 2021 with Roblox to sell a collection of all-digital accessories. In addition, Coca-Cola and Clinique have sold digital products promoted as a foundation of the metaverse.