Metacities are the latest trend in the metaverse. They are considered to have the potential to fill the gap between Web 2.0 and Web 3.0.
Mark Zuckerberg’s announcement of a Facebook rebrand, as well as his Metaverse concept, has spurred developments in the industry, including the rise of “metacities.”
Facebook became Meta, a shortened name whose etymology goes back to the world of the metaverse. This would become the tech billionaire’s new obsession. The metaverse is a virtual reality world where use is an immersive experience.
“Many people think that the metaverse is about a place. But one definition of this is that it’s about a time when basically immersive digital worlds become the primary way we live our lives and spend our time,” Zuckerberg explained of his vision.
It’s a vision that has cost his company as much as $20 billion over a two-year period. This figure could match Zimbabwe’s national budget for six years, with a few changes.
Metacities: The Rise of Digital Cities in the Metaverse
Zuckerberg’s fight is largely lonely. Wall Street analysts urged him to drop the idea altogether and focus on Meta’s core business: social media.
However, new advances in technology show that Zuckerberg’s vision is not the subject of expensive multibillion-dollar hobbies. It may be something that could compress the space and time involved in communication, observers say.
One such player is Crypto House Capital. The digital real estate firm is building a new city in the metaverse: the residential skyscraper MetaReal, also known as “Skylum”, has the potential to bridge the gap between Web 2.0 and Web 3.0, according to Tomas Nascisonis, CEO of Crypto House Capital.
Nascisonis explained that physical buildings with virtual counterparts, or “digital twins,” will have the advantage of attracting existing communities. He defined the concept as a “metareal city”.
Exploring New Attractions in the Metaverse
According to the CEO of Crypto House Capital, technologies like his firm’s Skylum will allow the birth of new tourism and attractions, expanding on existing milestones. Developers will essentially play ‘gods’, but in virtual space, Nascisonis stated.
Whether the idea will become a ‘reality’ remains to be seen. However, Nascisonis and his team have an uphill task. Big companies are struggling to sell the idea at a profit point, due to low take-up.
“It’s hard to say whether or not we’re at the point of widespread adoption of the metaverse,” according to Anthony Logan, co-founder of technology website Mirrorworld. “It is a concept that is still in development, and there is no consensus on exactly what the metaverse will look like, or how it will be used,” he said.
By Audy Castaneda