An analyst at the multinational investment banking group Jefferies said in a live broadcast on Yahoo Finance that the social media company Snap is developing a meta-universe far ahead” than Facebook.
“Meta universe” is a term used to describe a virtual environment in which users are immersed in the interconnected Internet space. Some companies are already using meta-universe-like features in their apps, especially social media and online shopping apps.
“I mean, if you look at today’s Snap, they have the closest thing to the meta-universe,” Hill said. The photo-sharing app Snapchat has developed an interface where users can create their own virtual emoticons (called Bitmojis), dress them and place them on the app’s 3D map.
“You can try on clothes and use these augmented reality lenses to see how the clothes match,” Hill said. “I mean, in my opinion, Snap is way ahead of Facebook in this regard. So we still have a lot of work to do.”
Facebook has recently made a bold attempt to enter the meta-universe, although the project is still in its infancy. The social media company announced on Monday that it expects to substantially increase its investment in augmented reality and virtual reality.
“We said that in our opinion, Snap is already ahead of them in terms of these experiences,” Hill said, “So if you want to play Metaverse now, I think Snap is a better platform. Facebook Will do this too.”