Introduction
We all know that yesterday’s fantasies are today’s inventions, just like our vision of the Metaverse project. Imagine a world where you can do whatever you do in real life in a virtual world using your cellphone or computer. A smart world that allows you to live a virtual life and make progress as a facsimile (avatar). Metaverse is the simulation of the real world where you can work, buy and own virtual properties, trade your belongings, wander and have fun, etc., without getting up from your couch. While you may judge missing the real thing for an intangible one, it is worthwhile to spend a few minutes to understand how Metaverse is a digital supplement to the real world and not a substitution. This article will discuss Metaverse, how it works and how you can take advantage of this digital world.
What is Metaverse?
Unlike the sense of it, Metaverse is not a new concept. Neal Stephenson first used the term to name his Sci-fi novel, Snow Crash. However, Metaverse, as we use it today, is the Internet’s next generation. What we are using today in the form of websites, online shopping platforms, social media, online games, mobile apps, and the like are using Web 2.0, where these services are provided in a two-dimensional digital environment. Web 3.0 aims to revolutionize the Internet by adding a third dimension through the use of virtual reality and augmented reality headsets. The Metaverse project is to use the Web 3.0 medium to develop a virtual world with a focus on social connections. Simply put, Metaverse is a three-dimensional (3D) universe where you can interact with its components and other users for different purposes, such as communication, education, occupation, and entertainment.
For a famous early example of Metaverse, we can point to Second Life, a digital role-play game representing an online world where users can interact with others as avatars. Interestingly, Second Life has a native currency allowing users to run a virtual business or trade in-game assets.
How does Metaverse Work?
The answer to this question is very tentative since the Metaverse project as a complete design does not exist yet. Generally, the Metaverse project will enhance the current global network so that it contains virtually everything you can ask for. However, devising an all-in-one system where you can transfer data from one platform to another does not seem practical.
According to Lauren Lubetsky, senior manager at Bain & Company, Metaverse can be realized in three forms. The first scenario of the Metaverse application will encompass the gaming industry, including both 2D and 3D games. In the second scenario, Metaverse will be in the hands of social media giants like Facebook, lacking an interoperable quality. Finally, in the third scenario, Metaverse acts as an enormous, open and interoperable environment with the added feature of 3D technology. Overall, we can infer that Metaverse, in its perfect form, will provide a 3D experience for the users.
An example of the Metaverse project use case
Let’s paint a picture of a Metaverse use case in a popular activity, shopping. Nike has designed a brand-new hoodie, but it takes a while for your local clothing shop to put it for sale. Also, the websites that have the item available present a couple of pictures of the hoodie and list the sizes. But the given description of the hoodie is just not enough for you to buy the item.
This is where a Metaverse shop comes to the rescue with a 3D fitting room. You already have a facsimile of yourself in the virtual shop matching your size and everything. Then you put on the hoodie, and if you liked what you saw on your mobile screen or the mirror in the fitting room, you order the item. If not, you can browse through other items by pressing a couple of buttons. This will save you and the salesperson a great deal of effort in trying on different items.
What’s to Like about Metaverse?
Metaverse is a vast universe that can change the digital world for the better in many aspects, including:
Customized online experience
Well, for one thing, introverts will love the idea of virtualizing the outside world within the frames of their cell phone or VR. Why bother talking to the cashier when you get the desired service by swiping your fingers across the screen? But, of course, I do not intend to attribute the virtual experience to a personality type, as Metaverse is vast enough for everyone to find something they enjoy.
Convenience
Second, the Metaverse project is a real time-saver; you may say that the Internet has already taken care of the time issue, but Metaverse can do it better, given that the assumed interoperability works out. This allows you to have access to several platforms you use on a daily basis (your digital wallet, Uber app, Instagram, Amazon) in one place.
Educational uses
The third upside of the Metaverse project is in the academic domain. Metaverse can transform the e-learning industry by creating a virtual university where you can attend classes held across the world, consult the professor on an educational matter, and head to the lab for some experiments, all with the ease of sitting at your desk in your room.
Entertainment
The fourth advantage of Metaverse regards the game-changing experience for video game players. How thrilling would it be to hold a gun and fight a battle alongside other players from your followers on Facebook without actually losing an arm? Not a fan of surging adrenaline? Then sit for a friendly face-to-face chess match with an opponent in your social network or any other place.
A new form of economy
The Metaverse project, once developed, will be an alternative to e-commerce as we have today. In other words, it will transform the online business in different aspects such as ease of access, payment methods, currencies, users and audience, etc. Enterprises will have more options to promote their business thanks to the features Metaverse provides.
Investment opportunities
Metaverse is still in the developing stages, and once it is available in its perfect form, it will be in the spotlight. An early investment in the projects that contribute to the development of Metaverse can have wholesome returns for the investors.
What is Repulsing about Metaverse?
It usually takes a while for new gadgets and gizmos to find their way into your pocket or on your desk at home or in the office. No matter how practical the invention, there is always a conventional pal to criticize the users for ‘having it the easy way’.
Privacy issues
Like any other invention, Metaverse can encounter some severe criticism. Privacy is a red-hot issue in a world where social media users upload almost everything about their life on their timelines. Supposing that Metaverse consolidates various platforms together, it will have access to immense data about users’ activities. In other words, Metaverse, with a touch of AI, will establish an agenda of your moves in the virtual world and, after a while, predict your behavior. You may get a feeling of being too exposed. Of course, Metaverse can cool down the privacy-related uproar by using blockchain technology and pursuing a decentralized solution for data storage.
Psychological threats
Another downside of the Metaverse’s prevalence in the digital world regards the psychological aspect of joining this virtual world. If you google ‘the psychological effects of social media,’ you will see a ton of academic articles on the potential threats, such as anxiety and insecurity resulting from limitless exposure to social media. Now, if Web 2.0 is so addictive, who knows how heavy can users’ dependence on a more advanced and more attractive 3D medium get? Nonetheless, a set of boundaries can save you from drowning in a virtual world and detaching from the real one. As I stated earlier, Metaverse is only a supplement to the real world, and you cannot even think of replacing them.
Accessibility
The next negative point about Metaverse is in regards with its accessibility. What distinguishes Web 3.0 and, more specifically, Metaverse from the Internet as we have it today is the implementation of 3D technology. On the one hand, Metaverse developers will have to pay exorbitant sums to implement powerful processors and increase the transfer rate so that users can access the platform with a smooth experience. On the other hand, users need to buy new pricy equipment to walk in a virtual world the way it is intended to be.
Fall of traditional markets
Another drawback regarding the advancement of Metaverse is the destruction of traditional markets. It is somehow ironic that the emergence of a new type of economy (as I mentioned under advantages) can be the end of another. Supposing that Metaverse will eventually dominate the business domain, traditional markets will have no choice but to upgrade their business to adapt to the new situation. Hopefully, there are always people who prefer to walk down the local shopping centers and buy their food or appliances in person keeping the traditional marketplaces alive.
Final Words
The advancement of the digital world is at a rapid pace, particularly in connecting people across the world through innovative means. Metaverse is one of the examples of transforming the communication era by adding unprecedented features to Web 2.0. The technology encompasses most aspects of our lives, including employment, education, entertainment, etc. However, there are some downsides with Metaverse, such as breach of private information, security, centralization, and affordability. On the whole, this massive project is in its initial walk steps, and we are yet to see how this virtual world will evolve.
This article briefly introduced the Metaverse project and described some of the advantages and disadvantages that come with it. For more information, you can check the following link: https://www.investopedia.com/metaverse-definition-5206578.
Disclaimer
The guidelines we mentioned in this article are only for educational purposes. Please do not regard them as financial advice. Note that investing in financial markets requires a comprehensive trading plan. Any rash decision can easily spoil your capital.
