Facebook’s announcement that it was rebranding to ‘Meta’ was arguably the moment the metaverse was brought into the spotlight. With a demonstrative video and an open letter in October 2021, Mark Zuckerberg outlined how the company was changing direction from a text- and video-led service towards the world of Web 3.0, the next iteration of the internet, underpinned by blockchain, virtual reality (VR) and artificial intelligence.
While Meta only made the headlines late last year, the metaverse was long into the process of being built. For example, after being initially launched as a mobile game in 2012 and following its acquisition by Animoca Brands in August 2018, The Sandbox has evolved into a blockchain-based version that allows users to monetise their in-game creations. It was further expanded and an alpha version of the metaverse platform went live in November 2021.
