Is the metaverse the future of the internet? A Globe journalist steps inside to find out

In the metaverse, I saw things that were strange, confounding, depressing and intriguing – and once, even beautiful.

I went to a dance party at a virtual club, where dozens of people in the form of cartoonish avatars were bumping, grinding and throwing dollar bills in the air. I made virtual coffees for people who could not actually ingest said beverages. I popped by a job fair, where only cryptocurrency and metaverse firms were hiring.

I found sleep rooms, softly lit spaces with beds and pillows for quiet contemplation – but also cuddling, as avatars held one another and murmured. I heard about Jesus at a virtual megachurch, meditated among digital trees and attended a group discussion on the purpose of life.

But the question I was most interested in – whether at a Dolce & Gabbana digital fashion show with anthropomorphic cats for models, or exploring a desolate virtual Wendy’s restaurant – was simply: What are we doing here?

It’s an important question, as some analysts contend we will spend much more time in immersive constructed lands in the years ahead. The metaverse is an elastic term, but think of it as encompassing any virtual world in which you can explore, shop, play games, socialize or even work. Some require a virtual reality headset, while others can be accessed with just a laptop.

Roblox, the wildly popular kids’ gaming platform, has retroactively been labelled as part of the metaverse, as have Fortnite and Minecraft. Some people argue the metaverse will not exist until you can port your digital identity across different worlds – which might not ever happen – and what we have now is a precursor.

Mark Zuckerberg for one, thinks of the metaverse as a singularity. “It’s about a time when basically immersive digital worlds become the primary way that we live our lives,” he said recently on a podcast. His company is betting on it, changing its name from Facebook to Meta (formally, Meta Platforms Inc.) and releasing a VR platform called Horizon Worlds. (The company’s VR division lost more than US$10-billion last year.)

Decentralized worlds are also emerging that are run by users, not private companies, who vote on proposals affecting how each operates. Such lands have their own cryptocurrencies and marketplaces for digital clothing and accessories for avatars. If so inclined, you can buy digital property, build on it, and rent it out or sell advertising space.

That land, along with any clothing purchased for your avatar, are technically non-fungible tokens (NFTs), and transactions are recorded on a blockchain. Lately, a virtual world called Decentraland has attracted a variety of companies eager to test the digital waters.

Consultants are salivating. JPMorgan Chase & Co. estimates the metaverse will represent a US$1-trillion annual market. Research giant Gartner Inc. projects 25 per cent of people will spend at least one hour a day in the metaverse by 2026 for work, shopping or entertainment. PwC is telling business leaders that “getting started early can help make sure your company won’t be left behind.” Accenture warns executives that if they ignore it, they “will soon be operating in worlds defined by others.”