The metaverse is dystopian – but to big tech it’s a business opportunity

Facebook's plans to build a $10bn virtual reality world were ridiculed yet the rest of Silicon Valley has serious Fomo and is piling in

Once upon a time, a very long time ago - until Thursday 28 October 2021, to be precise - the term metaverse" was known only to lexicographers and science fiction enthusiasts. And then, suddenly, it was everywhere. How come? Simply this: Mark Zuckerberg, the supreme leader of Facebook, pissed off by seeing nothing but bad news about his company in the media, announced that he was changing its name to Meta and would henceforth be devoting all his efforts - plus $10bn (7bn) and thousands of engineers - to building a parallel universe called the metaverse.

And then, because the tech industry and the media that chronicle its doings are basically herds of mimetic sheep, the metaverse was suddenly the newest new thing. This was news to Neal Stephenson, the writer who actually invented the term in his 1992 novel, Snow Crash. Since there seems to be growing confusion on this," he tweeted, I have nothing to do with anything that FB is up to involving the metaverse, other than the obvious fact that they're using a term I coined in Snow Crash. There has been zero communication between me and FB & no biz relationship."