Metaverse isn’t your new buzzword.
Instead, it is here to reshape the future of social media marketing.
When Mark Zuckerberg announced that Metaverse is the future of Facebook, tech freaks rushed to explore this concept. Be it Nvidia or Microsoft; every company is interested in metaverse business.
Zuckerberg terms it as “the next chapter of the Internet.” This means you will hear more about this word in the future. And this is the place to begin your journey in this domain.
What is Metaverse?
The Metaverse is a social sphere that helps people meet using personalized avatars. It will make people feel more present than an ordinary video call.
The concept of the Metaverse isn’t new. It was described in the novel Snow Crash in 1992. Later, the online communities were based on this concept, notably Second Life, released in 2003.
The modern shape of Metaverse gives a real-life experience compared to the social media feeds that we have today. It means that you will meet people in person instead of knowing about them in the virtual space.
This description of the Metaverse is quite comprehensive. So much so that some people believe it already exists in the digital world of Minecraft, Fortnite, and Roblox. Digital prodigies like Mark Zuckerberg, Satya Nadella (Microsoft CEO), and others think that Metaverse will bring deep and immersive experiences that combine with a host of technologies, including Virtual Reality and Cloud-Connected Computers.
It will resemble the world around us because it will be persistent. This means you won’t have to begin from scratch in this landscape. It will cover all activities you want to conduct with other people, such as concerts, playing games, and shopping.
Some people anticipate that Metaverse will overlap the physical world, including AR overlays. Investors are already wondering about the plots in the virtual arena.
On the flip side, some people are highly skeptical about it. They talk about the cumbersome headsets which will be required to carry around. Plus, they are rightfully concerned about hate speech, bullying, and misinformation.
What is the difference between the Internet and the Metaverse?
The Internet that we use today is a network of billions of computers, servers, and electronic devices. It allows people to communicate, interact with web portals, and buy or sell goods online.
On the other hand, the Metaverse doesn’t compete with the Internet. It builds itself over the facilities of the Internet. The users of metaverse transit into a virtual world that mimics the physical world. It uses ultra-technical tools like VR headsets, digital currency, AR, and social media.
It would be accurate if we put it like this:
“The Internet is to browse, but metaverse is to experience.”
Even the governments are interested in exploring the concept of Metaverse to their avail. For instance, countries have a static presence on the Internet right now. But some progressive ones like Barbados are already planning to launch a diplomatic embassy in the Metaverse.
The Internet initiated many technologies, and Metaverse is just an upgraded world that thrives on the Internet.
Why is Metaverse gaining popularity?
The sudden transition to exploring Metaverse didn’t begin with Mark Zuckerberg. Instead, there were many forces at play behind the expanding awareness.
People have started to delve into avatar-based games quite recently. Moreover, the onset of the pandemic urged people to find a real-time world to interact with their fellows. Big industry players like Microsoft and Amazon were trying to see what is next after the smartphone technology.
These trends gave rise to some rightful concerns:
Who will be the new gatekeepers of this virtual world?
The organizations investing in AR and VR technologies are all set to benefit from the Metaverse. The tech giant Meta (formerly known as Facebook) is willing to go the extra mile for Metaverse because the company didn’t take the necessary steps to invest in mobile hardware. This has compelled them to follow the regulations of Apple and Google stores.
Who will pay for developments in the Metaverse?
Today’s Internet is based on advertising. Along with this, some subscriptions bring plenty of revenue. Perhaps the same models will be pursued in the Metaverse too. There might be a comeback of transactional business structures running on a decentralized financial system. The business model in the Metaverse will modify the company structures and the players in this domain.
How will Metaverse change the future of workplaces?
When a pandemic struck the world, we learned to have all the gear needed to swim in the digital arenas. Millions of employees retreated to work-from-home, and organizations conducted conferences on the Zoom application. This was when corporate entities realized the need to upgrade their systems.
The metaverse phenomenon will change the way companies work. An article from Quartz describes how Metaverse can work as a virtual office and a room for employee hangouts. The employers will curate this workplace so the workers won’t be worrying about stacking the documents.
Crypto will be the game-changer in the Metaverse
Infrastructure and gaming are the race leaders as the world moves into the Metaverse. Entities like Fortnite and Roblox are contributing immensely to the virtual economies. Users in these landscapes can buy, sell, and exchange items in the native currencies, like AXS and V-Bucks.
These digital spaces live on the virtual economy to create new assets. These have also helped lay the blueprint for the finances of the Metaverse.
The companies cannot expect to live in the Metaverse if there aren’t any economies to support them. So, creating value that could be monetized easily is the crucial element of a virtual world.
Bear in mind metaverse can support a wide range of activities, but the users need a solid incentive to stay in this landscape. Demand and supply, competition, and scarcity are the real-world economies that speak to us about the validity of a domain.
Blockchain-based currencies will allow assets in the Metaverse to be shared, exchanged, and tracked. This will allow the items in the Metaverse to be seamlessly transferred from one point to another.
How are workers using Metaverse?
Companies are using metaverse technologies to upgrade the skills of their employees. It helps them create better communication channels and collaborate on multiple projects. However, most of the technologies are limited and need further maturing.
Take the example of Walmart in this regard. The employees at this retail store use virtual reality to get training for tasks like running the kiosks that allow for online order deliveries. These employees also get training about handling active shooter.
Verizon has started using virtual reality to prepare them for complex customer service calls following the suit. Astronauts have also begun to use virtual training to prepare for spaceflight preparations.
Metaverse allows you to meet people
We are all aware of how social media enables people to get closer to their fellows. You can toss your concerns at your friends with a few clicks and resolve issues within seconds.
When it comes to the Metaverse, you can hang out with your friends in the cool spaces. You can also play in virtual game rooms, such as Spatial. The Spatial virtual world is divided into rooms. You can visit the rooms or design your own.
Meta (previously known as Facebook) creates a social hub for its VR headsets. Games like VR Chat allow you to enter rooms full of people wearing VR headsets and dressed in their favorite avatars.
Besides the gaming zones, companies like MetaHub are also creating virtual spaces for business meetings and conferences. This is the aspect where the boundaries of Metaverse begin to blur, and a marketing frenzy starts unraveling.
Challenges faced by the Metaverse
Some challenges are standing in the way of the mass adoption of the Metaverse. The most important ones of these problems are as follows:
Reliance on hardware
Currently, Metaverse extensively relies on AR (Augmented Reality), VR (Virtual Reality), and MR (Mixed Reality). Given that these devices are not portable and affordable, there are high chances that Metaverse will not have a wide-scale adoption rate.
Besides accessing the hardware, there is also a challenge regarding high-quality and high-performance models that will help to secure the correct retina display and a pixel density for virtual immersion.
Addiction and mental health
Addiction to smart devices is already on the rise. With Metaverse entering the scene, we will find a substantial increase in mental health problems. Issues like depression and anxiety will increase as people witness two worlds simultaneously. It will also cause health problems like obesity and heart issues because of a sedentary lifestyle.
Identity problems
People who make online friends often wonder if their digital friends have the same personality in real life. The same could happen in the Metaverse.
People will be in this landscape wearing avatars. Another issue lies in proving your identity because the bots will cheat your style, personality, and data. Users will require other verification methods such as voice recognition, facial scans, and retina scans.
Digital payments
As we discussed earlier, the users of the Metaverse will be indulging in a plethora of activities. It will become an online marketplace where billions of users will dive into buying and selling. People need to pay attention to secure transactions using digital currencies.
Data security and privacy
The Metaverse will store plenty of your information. Besides the email IDs and passwords, it will record your behaviors too. This technology needs to ensure personal security and privacy for every user. This asks for advanced security strategies.
Law and jurisdiction in Metaverse
Diving into the Metaverse will raise the question of jurisdiction and legislation. This will demand countries and organizations to look deeper into the virtual legal domains.
As the virtual space becomes accessible to worldwide users, it becomes essential to identify means according to which jurisdiction will be applied. The increasing adoption of Metaverse will bring a wide range of users to the same page. This will make it an incredible opportunity to exchange and connect.
Simultaneously, it makes the users vulnerable because there will be no laws regulating these boundaries. It will be challenging to identify the legislation and jurisdiction to ensure that the Metaverse is safe for everyone to explore.
Sense of time in the Metaverse
The perception of time could be different in the Metaverse. The users tend to be less aware of their physical presence and time when immersed in a virtual space. This could lead people to spend more time in the Metaverse than they should. This makes it essential to design mechanisms that will help people stay connected with the time in the real world.
Another concept they should be aware of is space. The Metaverse assumes an infinite space which could be challenging for the users to immerse in this intensive universe as they try to comprehend the information.
Thus, people in the Metaverse will need training regarding the maintenance of the sense of time and space. Users should be comfortable in this virtual landscape and know how to dissociate themselves from it in real life.
Conclusion – The future is Meta!
Metaverse represents new work opportunities for some people as big-shot companies and startups try to get a piece of this emerging virtual landscape. It also means further training and connection opportunities for many people.
Workplaces using services from large technology companies will have access to the new features. They get chances to innovate and advance their progress. At the same time, they have the opportunity to upgrade the skills of their workforce to make them more productive and motivated members of their force.
Nonetheless, one should keep in mind that working entirely in the Metaverse is unlikely when it comes to the current time. The technologies we have now need further advancements, and the challenges need solutions.
Thankfully, innovators and researchers are on their toes and working round the clock to overcome all the problems associated with the Metaverse. Ensure that you stay in the study loop to stay aware of the trends. Those who dive in right away will be the leaders of the race.
