Into the metaverse

‘Metaverse’ is rapidly becoming the buzzword of 2022, but on a simplified level the concept is relatively familiar: a digital world in which everyday experiences such as working, socialising and gaming take place. The idea of virtual or augmented reality is not new, and its failure to capture the imagination until now helps explain certain observers’ scepticism: as Matt Maximo, analyst at digital asset manager Grayscale Investments, says: “We already have a metaverse, it just kinda sucks”.

But digital experiences have evolved considerably over the past two decades, and the metaverse promise is grander than those that came before it. The first mass iteration of the internet (web1) was about retrieving information, the second (web 2.0) was about interaction via games and social media. 'Meta' is a Greek word that used as a prefix implies something transcends itself. Metaverse suggests a new dimension – something web2 achieved for communication and entertainment, at the cost of users giving up vast quantities of data and privacy.