The Metaverse, a possible future for our Society?

In technology, buzzwords come and go. However, some of them remain, and the Metaverse seems to be the one that becomes more important every day. What is the Metaverse precisely? Simply stated, the term refers to a universe in which our daily activities transcend a single reality and contain elements of virtual reality. Over time, it has evolved to embrace the virtual reality experiences, augmented reality efforts, and other digital simulations that have grown ubiquitous in the contemporary day. With Covid-19 accelerating large-scale digitisation and compelling people worldwide to engage themselves in the digital environment, the Metaverse is no longer a futuristic fantasy. Indeed, it is the possibility that is closest to complete manifestation than any other.

Facebook is employing thousands of programmers in Europe, while video-game businesses are laying out their long-term plans for what some perceive to be the next big thing online by leveraging the Metaverse. Consider it to be the internet brought to life or at the very least portrayed in three dimensions. Zuckerberg has referred to it as a "virtual habitat" that you can enter—rather than just see on a screen. In essence, it's a world of infinitely linked virtual communities where people can meet, work, and play through virtual reality headsets, augmented reality glasses, smartphone applications, and other devices. The Metaverse will also include other parts of online life, such as shopping and social networking. It's the next step of connectedness, where all of those things come together in a seamless, doppelganger world, where you live your virtual life in the same way you live your real life.”

Benefits of the Metaverse

The Metaverse brings a plethora of innovations, which will touch upon all areas of our lives and society.

Economy

The Metaverse will enable enterprises located in disparate physical places to engage in a unified market economy without encountering trade restrictions. In essence, businesses will be able to trade freely without regard for geographic boundaries. Moreover, enterprises will need to transition away from pay-per-click advertising on the web and toward a shared, virtual economy. Individuals' behaviour and inclinations in the Metaverse may be radically opposite to their actual-world behaviour and purchases.

Culture

As is the case in the real world, enterprises must be cognizant of the Metaverse's culture. Brands may benefit significantly from digital clothing, world-building, and marketing. Individuals will not be free to roam the Metaverse on their own. They will develop connections and relationships (with autonomous NPCs, holograms, and other humans) that will influence their choices. Brands must continue to adapt to their customers' play and engagement patterns. Customers will be able to connect with businesses in 3D form and communicate with them through social media.

Shopping

In the Metaverse, online buying is assumed. However, it is more than just virtual fitting rooms for clothing that consumers may buy in real life. Virtual fashion and real estate will all have their own intrinsic value in the Metaverse. Businesses will need to develop distinct brands for individuals at various levels of prosperity. Individuals that invest extensively in the Metaverse may own companies and real estate, creating the potential for collaboration with firms that do not exist in physical reality^[1].

Entertainment

In the Metaverse, brands will no longer have the capacity to conceal themselves behind pre-made advertising, commercials, or merchandise. They, too, must be accessible and inclusive. For instance, in Fortnite, real-world celebrities play alongside gamers, which in turn become famous. Another excellent example of how the Metaverse is beginning to appear in entertainment is John Legend's recent Bigger Love virtual concert, which utilised Wave XR technology to broadcast a virtual John Legend, collect donations for charity, and was seen by 500,000 live attendees^[2].

Challenges ahead posed by the Metaverse

Since the technology underpinnings are continuously growing, no agreed-upon standards for interoperability between numerous metaverses have been established. This is crucial since consumers want to transfer and exchange virtual assets and experiences effortlessly across several platforms, while developers expect to freely pick the appropriate cross-platform tools. Many large-scale platforms will need to adapt their business models in the future in order to function in an interoperable metaverse. Additionally, privacy and data protection will be critical given the vast volume of highly sensitive personal information implicated. Other worries centre on mental health, namely if virtual worlds cause users to avoid real-world obligations and interactions^[3].

Although businesses and organisations are constantly improving their security systems, users of any online environment have long been concerned with data privacy and security. Developing new methods for protecting personal data and privacy in the virtual world will be necessary to ensure the safety of an individual's identity and possessions. As a result, personal verification may eventually need users to supply more personal data than is now anticipated in order to authenticate themselves and verify that the security system functions properly, ensuring the safety of their personal data.

Whenever it comes to the real world, the issue of personal identity and representation is quite straightforward. However, while discussing virtual worlds or the Metaverse, one can ponder the true components of one's identity. And, maybe most significantly, how to demonstrate that you are who you say you are, rather than some other person or even a machine attempting to replicate your life. This is where reputation might be critical, not just for authentication but also for establishing the legitimacy and trustworthiness of the entity with whom one communicates. The primary obstacle is the ability to counterfeit face characteristics, video, and voice; as a result, new verification techniques are certain to be developed in the near future.

Future Prospects for the Metaverse

Incorporating the Metaverse into our systems increasingly blurs the boundaries between reality and other universes, which may be advantageous in certain respects. Individuals may experiment with alternative versions of themselves by playing with gender, physical attributes, and superhuman talents. The world's largest technology corporations are teaming up with game developers and start-ups to create an immersive digital environment, something some have been working on for years. Users may access the Metaverse through virtual reality, obliterating imagined divides between digital and physical realms. Virtual representations of people, things, and landscapes will enable us to explore previously uncharted territories and make experiences more accessible to everybody^[4].

A Prodigious Chance

Without question, a new version of our reality is being constructed at the moment, with far-reaching social implications. This emerging era of the Metaverse will unleash enormous creativity and open the road for both people and businesses to diversify their offerings. Are you willing to explore the novel possibilities provided by the Metaverse? SolidFish might help you in your journey within the Metaverse and VR. You can access weblinks in VR. Furthermore, SolidFish has an innovative sharing function that enables you to share ideas and portfolios with someone else in the Metaverse via easily memorable SolisFish codes. As privacy is paramount for this initiative, you will be able to do this without sharing any personal and sensitive information! Furthermore, through SolidFish you will be able to sell your skills and abilities in VR!

Sources:

1. [UP] Metaverse Fashion Week: The Future Of Fashion?
2. [UP] The World Of Metaverse Entertainment: Concerts, Theme Parks, And Movies
3. [UP] Council Post: The Challenges And Opportunities With The Metaverse.
4. [UP] KPMG Global: The future of the metaverse and Extended Reality