Tech company Microsoft (NASDAQ: MSFT) has decided to create its own version of a metaverse, after Facebook announced its name change to Meta Platforms (NASDAQ: FB) in an effort to reflect a major step into the virtual reality space.
On Tuesday, Microsoft’s CEO Satya Nadella revealed to Bloomberg that the company is in the midst of designing a new, metaverse-like version of its Teams videoconferencing program, which will allow users to congregate in virtual workspaces using avatars to represent a digitized version of themselves.
Aside from videoconferencing, users will also be able to share files across Microsoft’s suite of programs, including Powerpoint slides and Excel spreadsheets, in an effort to further enhance the virtual work environment in lieu of play. Microsoft’s newly unveiled virtual reality efforts will be based off of its pre-existing Mesh software, which already allows users to enter an augmented reality space using google platforms.
To further upscale Facebook’s version of a virtual reality space, Microsoft also announced another product it is working on, called Dynamics 365 Connected Space. The new technology will connect users with “retail and factory spaces,” similar to that created by Anheuser-Busch InBev, which used reality-replicating software to sync with its actual production facilities. Nadella also mentioned that Microsoft may even outfit gaming platform Xbox with similar virtual reality features.
In the meantime, Facebook has been ramping up efforts to jump start its metaverse transition, which is expected to involve a significantly increased workforce. Days after revealing Facebook’s name change to Meta, Mark Zuckerberg announced the social media conglomerate would hire 10,000 new employees across the EU over the next five years, while investing a combined $10 billion by next year towards the project.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.