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What is the metaverse and why are billions of dollars being spent on it?

The metaverse is all anyone in tech seems to be talking about right now, but what actually is it?
06:28
Mon, Apr 25 20228:31 AM EDT

Tech companies like Meta are investing billions of dollars into the so-called metaverse.  

It can loosely be defined as a virtual world where people live, work and play. While there are some early versions of the metaverse out there, it doesn't really exist yet.  

Many of those early versions were touted by the tech giants at this year's Mobile World Congress event in Barcelona.  

But there's a long way to go and questions are already being asked about whether the metaverse will end up being a utopia, or a dystopia. 

Watch the video above to learn more.