Microsoft and the Metaverse

Microsoft announced this week that it was acquiring Activision Blizzard, the maker of video games such as Call of Duty and Candy Crush, in a deal valued at nearly $70 billion. Microsoft, the owner of Xbox, said the acquisition was a step toward gaining a foothold in the metaverse. But what exactly is the metaverse? And why are some of the biggest companies in the world spending billions of dollars to get involved?