The term metaverse can broadly include virtual reality, which is characterised by persistent virtual worlds, as well as augmented reality that combines aspects of the digital and physical worlds. The metaverse enables people to have real time interactions and experiences across distance.
To understand the concepts of a metaverse, think of it as the next generation of the Internet that may provide a more immersive virtual experience. Many companies that have embraced the metaverse envisage that it would bring about some sort of new digital economy, where users can create, buy, and sell goods.
The promise of an interoperable metaverse is that it could provide a greater convergence of our digital and physical lives in wealth, socialisation, productivity, shopping, and entertainment. The ideal virtual paradise is open and seamless where users and business are able to bring their digital assets across metaverses.
However, as there are many competing platforms with propriety protocols, the end-user may not be able to easily move their avatar from one world and use it in the other easily. Without metaverse interoperability due to social, businesses, design and technical challenges, it may end up a digital nightmare in navigation. Additionally, as the experience of virtual worlds and digital commerce in the metaverse grow in scope and scale, virtual crimes such as assault and theft may become a serious issue.
So, will the metaverse be a virtual paradise?
YES, THE METAVERSE WILL BE A DIGITAL DREAM AND PARADISE.
NO, THE METAVERSE WILL BE A VIRTUAL NIGHTMARE FOR US.
Advocates argue that it could be a social equalizer.
Metaverse has the potential to be built with opportunities for diversity,
equity and inclusion across the spectrum of ability and age.
Users can
experience
lives beyond their own, interact with people from other communities and become
more empathetic towards different groups.
Constraints of the physical world
could be
overcome, taking virtual
mobility to the next level for people with disabilities, breaking down language
barriers and allowing for world-wide participation in celebrations or events.
It promises many potential financial gains.
The metaverse
offers many exciting potential socio-economic
opportunities when a fully functional persistent interoperable
metaverse becomes a reality.
The potential for new
job creation in the economy has countries like Dubai targeting as many as 40,000
additional virtual jobs in 5 years. Two strands of “jobs
in the metaverse” are the technical aspects of the metaverse and existing
industries that
will
use it as a platform for their activities.
The cost of hardware such as virtual reality equipment has been
out
of reach for the average buyer, limiting the individuals who will actually be able to
participate in the metaverse and widening the
digital divide.
Enhanced immersive lifestyle and entertainment
experiences.
The metaverse could enhance consumer
experiences, with simulations allowing us to “touch and feel” products
before
purchasing.
Immersive experiences can be amplified, allowing for greater
connectivity, engagement and entertainment. 3D interactions increase non-verbal forms of
communication, improving engagement with friends and loved ones.
Elmasry, Tarek, et al. (2022, June 22). Value Creation in the Metaverse: The Real Business of the Virtual World. McKinsey & Company. Retrieved 2022, October 4.
Strange, Adario. (2022, August 19). Younger Generations Expect to Spend a Lot More Time in the Metaverse. World Economic Forum. Retrieved 2022, October 4.
Retrieved from OverDrive. (myLibrary ID is required to
access
the eBook).
Metaverse: A double-edged sword for users
While the metaverse could potentially enhance our lives in many ways, we need to be mindful that it can also negatively impact the quality of our lives. Here are some tips to safeguard yourself:
1. Reading before you enter the metaverse
Companies may have public education reminders on privacy and content, take time to read before proceeding. Making informed consent is one way to managing your personal data, funds or IP in the metaverse. Similar to how banks that make users read reminders before making online transactions, be sure of what you read, before taking action.