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The term metaverse is suddenly everywhere, from debates over Fortnite to the pages of the New York Times to the speeches of Mark Zuckerberg, who proclaimed in June 2021 that “the overarching goal” of Facebook is to “bring the metaverse to life”. But what, exactly, is the metaverse? As pioneering theorist and venture capitalist Matthew Ball explains, it is the successor to the mobile internet that has defined the last two decades.

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