Theme timeline
A history of the metaverse
Credit: Bert van Dijk/Getty images.
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The metaverse has been in the making since the early 1990s, following its introduction in Neal Stephenson’s novel Snow Crash. Throughout the 2000s, Linden Lab introduced the first virtual world with Second Life (in 2003), Roblox launched an online experience creating platform (in 2006), and the blockchain protocol Bitcoin was created (in 2009). The metaverse came into public view in 2011 with the novel Ready Player One, which included a VR-based virtual world.
Advances in technologies like VR (Facebook acquired Oculus in 2014), blockchain (Ethereum emerged in 2015), and AR (Microsoft launched HoloLens in 2015 and Pokémon Go took the world by storm in 2016) laid the groundwork for the metaverse. In 2020, the Covid-19 pandemic forced consumers and enterprises to adopt digital lifestyles, which, in turn, propelled the development of the metaverse. In addition, successful music concerts in Fortnite brought the metaverse to mainstream attention in 2020.
Subsequently, Microsoft, Nvidia, and Facebook (rebranded as Meta) launched metaverse prototypes in 2021. Several blockchain-based metaverses also arrived in the market as NFTs gained popularity. Apple and Meta will launch new AR and VR devices in the coming years to strengthen their positions in the theme. By 2026, consumers will use the metaverse for work, social engagement, entertainment, and ecommerce. The metaverse will be worth between $8tr to $13tr by 2030, according to Citi Global Insights.
The major milestones in the journey of the metaverse theme are set out in the timeline below.
The metaverse story
1992
Neal Stephenson, a science-fiction writer, coined the term ‘metaverse in his novel, Snow Crash
1998
Computer engineer Wei Dei introduced B-money, a conceptual decentralised, distributed cryptocurrency.
2003
Linden Lab launched Second Life, an online virtual world.
2006
Roblox, an online experience-creating platform, was born.
2009
Bitcoin, the world’s first cryptocurrency and blockchain protocol, was created.
2011
Ernest Cline’s novel Ready Player One introduced the general public to a VR-based virtual world.
2012
Early concepts of NFTs emerged from coloured coin, tokens representing real-world assets on Bitcoin protocol.
2014
Facebook acquired Oculus for $2bn.
2015
Ethereum launched as a blockchain designed to build cryptocurrencies and decentralised applications (dApps).
2016
Niantic’s Pokémon Go became a sensation, allowing people to position digital objects on physical worlds with AR.
2017
Epic Game launched Fortnite, a battle royale game, which introduced concepts of virtual concerts and tours.
2018
Sky Mavis launched Axie Infinity, a blockchain-based game including user-owned economies and reward systems.
2019
Microsoft introduced the HoloLens 2 headset targeting enterprises for mixed-reality applications.
2020
The Covid-19 pandemic triggered a rapid shift to digital lifestyles, fuelling metaverse development.
2021
Microsoft unveiled Mesh, an enterprise-focused mixed-reality platform for virtual collaborations.
2021
Facebook rebranded to Meta, invested $10bn in its metaverse vision, and launched Horizon Workrooms.
2021
NFTs regained popularity and triggered the emergence of several blockchain-based virtual worlds.
2022
Microsoft announced a $68.7bn bid to acquire Activision Blizzard to build metaverse experiences.
2023
Apple will launch its own AR headsets, followed by AR smart glasses.
2023
Meta will launch a premium VR headset, currently under development as ‘Project Cambria’.
2024
The metaverse will be a $783bn opportunity, according to Bloomberg.
2027
Consumers will experience the metaverse for work, social engagement, entertainment, and ecommerce.
2020
Edge computing will revise the role of the cloud in key sectors of the economy.
2021
Data centre speeds are expected to exceed 1,000G.
2026
GlobalData forecasts that spending on cloud services (SaaS, PaaS, and IaaS) will be $738 billion.
Source: GlobalData Thematic Intelligence
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Thematic Intelligence uses proprietary data, research, and analysis to provide a forward-looking perspective on the key themes that will shape the future of the world’s largest industries and the organisations within them.
