Who Created the Metaverse? Origin, Owners and Meta’s Bet

Introduction

Updated September 24, 2026.

The word “metaverse” was created by science-fiction author Neal Stephenson. As Britannica puts it, Stephenson “coined the term metaverse in his novel Snow Crash (1992).” The metaverse as a technology, however, has no single inventor - it was built by game studios, tech giants and blockchain developers over three decades.

The term metaverse has become one of the most talked-about concepts in technology, finance, and entertainment. It refers to a collective virtual space where users interact, trade, and create using virtual reality, augmented reality, and blockchain.

But the big question remains: who created the metaverse? Unlike a single invention such as the telephone or the internet, the metaverse is the result of decades of cultural imagination, technological progress, and blockchain innovation.

The Origins of the Term “Metaverse”

The word metaverse first appeared in Neal Stephenson’s 1992 science fiction novel Snow Crash. In the book, the metaverse was a digital universe where people interacted through avatars. While fictional at the time, this vision sparked interest in what a connected digital world could look like.

Thirty years later, the author stepped into the industry himself. WIRED reported that Stephenson partnered with Peter Vessenes to start Lamina1, “a company hoping to create a scaffolding upon which creators can build an open metaverse.” Both founders agree “that ultimately there should be a single metaverse, just like there’s a single internet.”

Early Attempts at Virtual Worlds

Before blockchain existed, early virtual worlds provided glimpses of the metaverse.

• Second Life (2003) allowed users to create avatars, buy virtual land, and interact socially.
• Online games like World of Warcraft and Roblox developed immersive virtual environments.

However, these worlds lacked one critical element: true digital ownership. Players could not actually own assets outside the control of the company operating the platform.

Tech Giants Driving the Modern Metaverse

The modern conversation around the metaverse accelerated when major tech companies invested heavily in virtual reality and 3D experiences.

• Meta (formerly Facebook) rebranded to emphasize its focus on building the metaverse, acquiring Oculus and pushing VR adoption.
• Microsoft launched projects like Mesh and enterprise-focused digital collaboration tools.
• Nvidia, Google, and Apple began developing AR/VR devices and 3D computing technologies.

These contributions built the foundation for immersive environments, but many remain centralized, owned and controlled by corporations.

Who Owns the Metaverse?

Nobody owns the metaverse as a whole: in the same way nobody owns the internet. What companies own are individual virtual worlds and the platforms underneath them.

• Meta made the biggest corporate claim. On October 28, 2021, Mark Zuckerberg introduced Meta as the new company brand, stating that “Meta’s focus will be to bring the metaverse to life.” Its own world is Horizon Worlds.
• Game and virtual-world companies own their platforms: Second Life, Roblox and others control the land, currency and rules inside their worlds.
• Blockchain worlds such as Decentraland and The Sandbox split ownership differently: land and items are tokens held in users’ wallets rather than records in one company’s database.

That difference, who holds the asset, the platform or the user, is the practical answer to “who owns the metaverse” for any business planning to build there.

What Happened to Meta’s Metaverse?

Meta’s bet turned out to be the most expensive in the category. According to TechCrunch, Meta’s earnings report showed that Reality Labs, its virtual reality unit, “had lost some $19.1 billion in 2025, which is slightly more than it lost in 2024 (that year, the losses hovered around $17.7 billion),” against about $2.2 billion in sales for 2025. In January 2026 Meta laid off 10% of Reality Labs staff, reportedly as many as 1,000 employees.

The company is changing direction rather than leaving. On the earnings call Zuckerberg said: “For Reality Labs, we are directing most of our investment towards glasses and wearables going forward, while focusing on making Horizon a massive success on Mobile and making VR a profitable ecosystem over the coming years.”

Blockchain’s Role in Creating the Metaverse

The true breakthrough came with blockchain. Unlike early virtual worlds, blockchain enables decentralized ownership of digital assets.

• NFTs (non-fungible tokens) make it possible to own digital art, clothing, avatars, and collectibles.
• Metaverse real estate investing emerged on platforms like Decentraland and The Sandbox, where users buy, sell, and lease virtual land.
• Tokens and smart contracts power in-world economies, enabling staking, governance, and DeFi services.

So, who created the metaverse we see today? The answer is a combination of visionaries: authors like Neal Stephenson, tech giants building VR ecosystems, and blockchain innovators.

Why It Matters for Investors and Businesses

The metaverse is not just a futuristic idea, it is already a market with real opportunities for growth.. For investors, it opens entirely new categories of assets, from metaverse real estate investing to platform tokens and NFTs. For businesses, it creates fresh revenue models and new ways to engage customers.

Here’s why the metaverse matters today:

• New asset classes. Buying land in the metaverse, holding platform tokens, and trading NFTs provide exposure to digital economies that grow alongside user adoption.
• Brand visibility. Companies can open virtual stores, host events, or build branded experiences to reach global audiences without geographical limits.
• Community engagement. Interactive virtual environments allow businesses to connect with users in ways traditional websites and apps cannot.
• Cross-industry innovation. Finance, real estate, gaming, education, and entertainment all intersect in the metaverse, creating collaborative opportunities.
• Early-mover advantage. Just as businesses that embraced the internet early became leaders, those who adopt blockchain and metaverse strategies now stand to gain the most.

At the same time, the metaverse also comes with risks: speculative bubbles, unproven platforms, and cyberthreats. That is why businesses need secure crypto wallets, audited smart contracts, and white label blockchain solutions to build trust and protect users.
By combining innovation with security, companies can position themselves not just as participants but as key enablers of the metaverse economy. This is where ilink helps clients turn opportunities into sustainable growth.

Business Solutions: Secure Wallets and White Label Platforms

No matter the project, the metaverse runs on blockchain. That means users and businesses need secure tools to interact with it.

• Secure crypto wallets for the metaverse are essential to store NFTs, tokens, and virtual real estate.
• White label crypto wallet solutions allow companies to launch their own branded wallets quickly, with features like multi-chain support, biometric security, AML compliance, and payment integrations.
• Businesses can also build NFT marketplaces, DeFi platforms, and tokenization systems to expand into the metaverse economy.

For startups and enterprises, investing in secure wallet development is not just about safety, it’s about creating trust and capturing new markets.

Why Partner with ilink

Building for the metaverse requires deep blockchain expertise. ilink is a blockchain development company with a proven track record in fintech, wallets, DeFi, and NFT platforms.

• 14 years of experience in blockchain and software development.

• A team of 60+ IT specialists delivering scalable solutions.

• Expertise in custom blockchain development, white label solutions, software and application development.

• Projects spanning secure wallets, tokenization platforms, and NFT marketplaces.

By working with ilink, businesses can move beyond theory and launch practical, secure tools that thrive inside the metaverse.

The question of who created the metaverse has no single answer. From the imagination of science fiction writers to the efforts of big tech companies and blockchain pioneers, the metaverse is a collective creation that continues to evolve.

What matters now is how businesses and investors participate in shaping its future. With secure wallets, blockchain platforms, and innovative white label solutions, companies can build trust, expand their presence, and unlock new revenue streams.

Planning a metaverse project?

ilink creates bespoke virtual worlds that strengthen engagement, open new revenue streams, and reflect your brand’s real value.

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FAQ

Who invented the idea of the metaverse?

Neal Stephenson gave the idea its name and its best-known description in Snow Crash (1992). WIRED notes that “other science fiction writers had similar ideas—and the pioneers of VR were already building artificial worlds,” but Stephenson’s novel “gave it a name.”

What happened to Zuckerberg’s metaverse?

Meta still runs it, but has shifted focus. Reality Labs lost about $19.1 billion in 2025, Meta cut 10% of the unit’s staff in January 2026, and Zuckerberg said most investment is now directed “towards glasses and wearables.” Details are in the section “What Happened to Meta’s Metaverse?” above.

How much did Zuckerberg spend on the metaverse?

Meta reports the losses of Reality Labs, the unit behind its metaverse and VR work. According to TechCrunch, the unit lost about $17.7 billion in 2024 and $19.1 billion in 2025, and Zuckerberg expects 2026 losses “to be similar to last year.”

Did the metaverse fail?

The version built around consumer VR headsets has grown far slower and cost far more than expected - Meta’s losses show that. The underlying pieces are still in use: virtual worlds, digital identities, tokenized items and in-world payments. For businesses the question has moved from “will the metaverse arrive” to “which specific experience is worth building.”