Everyone is saying it, but does anyone really know what it means? 

That’s the question many media execs probably have at the moment about the “metaverse,” which has been touted by some futurists as something that will fundamentally change the way businesses digitally interact with consumers. 

But to others who have been hearing the term throughout 2021, metaverse at this point may represent little more than a clever-sounding buzzword that will lose relevance in the next few years. 

The stark differences in these stances stem from a variety of factors, including misunderstandings of what the metaverse actually entails and the overuse of the term.  

In short, Variety Intelligence Platform defines the metaverse as something that will be a shared virtual space where all can interact via digital avatars navigating a three-dimensional environment.  

But more broadly, it doesn’t seem wrong to describe the metaverse as less of a particular virtual place and more of an umbrella term denoting the digital experiences we will all eventually have when technology (including augmented and virtual reality) allows for us to interact in ways that are currently impossible (like playing a game on a platform with no cap for concurrent users). 

Adopting such a broad view of the metaverse makes it no wonder Bloomberg Intelligence predicts that the market opportunity for the metaverse could hit $800 billion by 2024. 

Source: https://variety.com/vip-special-reports/metaverse-and-media-how-techs-hottest-trend-will-impact-the-entertainment-industry-1235116381/

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