Metaverse is the new hot buzzword of the internet. Not to be confused with Facebook’s parent company Meta which not by coincidence is based on the same premise -- building the future of the web. Web3 as they all like to call it but more on that later.
From Microsoft to Facebook and even Non-Tech brands like Nike and Walmart are jumping on the Wagon.
So what the heck is a Metaverse and why is every big corporation so hyped about it?
Metaverse is a virtual world, just like the real world but bound to your imagination and the capabilities of the platform. Think of it like playing GTA but with VR headsets or through some AR Tech and with real people than bots.
Have you seen that recent flick, Ready Player One? Basically, it is a movie about the future where the population engage with each other in OASIS, a virtual world to escape from the problems of the dystopian future. In that world, the population is engaged with various challenges indirectly affecting the real world as well.
Yup, something along those lines! While the concepts of the movie might feel distant, it is what the pioneers of the metaverse are getting at.
But why care?
Isn’t this just a form of entertainment?
Means of escapism rather than anything productive?
Well, escapism is more than just a game to blow some steam with applications in learning, commerce and beyond.
For example, imagine an interactive classroom with kids from all around in an immersive environment, all this from the comforts of their homes. Making learning more fun and more accessible to everyone.
Recently many musicians tried hosting their concerts in the metaverse. Even Manchester United, a football sports club tried building a virtual stadium so that the fans can watch the game live and even buy virtual merch.
There is also a very obvious part of the whole metaverse, the socializing aspect. Engaging in various activities with people in the network and building a digital economy of its own.
Building a more inclusive world.
Metaverse will help us build a more inclusive world as in the virtual world, we will be defined by our avatars rather than gender, age and ethnicity. This will enable an open world for experiences even more enriching than the real world. All you need is access to the internet.
But with great power comes a great breach of privacy.
Digital identities are at the core of the Metaverse, however with so much data being stored, comes the new challenges of trust and privacy. If recent data breaches are any indicators, we obviously should vary. As building a platform to house so many simultaneous folks at once is no easy task.
But companies are already working on solutions, for instance using blockchain technology for decentralised control and data security. These companies believe for web3 to be a success, it has to be designed with open standards in mind, rather than with big corporations and governments.
For instance, using self-sovereign identities or SSI for verifying identities. Basically, SSIs are digitally verifiable identities using blockchain, so instead of relying on someone like Facebook to centrally manage their identity, they self-manage it.
What about regulations?
It is obvious that, no matter how user-centric the norms of Metaverse sound, it will always be bound by rules and regulations. It simply boosts the confidence of the general users and businesses who rely on it, ensuring data safety and security.
But how much control is required by the authorities?
Metaverse, like other social media platforms, has its share of jerks. Recently, a 21-year-old woman was assaulted and harassed almost immediately after entering the Metaverse platform -- Horizon Worlds.
Something that needs to be looked upon, because governments around the world are ruthless and would want complete control.
As new technologies emerge, there's a lot of work needed to ensure that the Metaverse develops in a way that benefits everyone involved, and identities are at its heart, so these factors are even more critical.
