Metaverse was recorded to be amongst the top most popular words of 2020 worldwide and its popularity has only grown with time. Therefore from this article, we will see the Challenges And Benefits of Metaverse. some Ever since mark Zuckerberg changed his company “Facebook’s” name to “Meta”, the internet was taken by storm and all social media attention was diverted towards this new technological word “Metaverse”. top investor and tech giants from around the world started pumping in millions of dollars to push this technology and get it up and running.
However, what the worlds didn’t realize back then was that the term “Metaverse” was first coined in a science fiction novel named “Snow Crash” written by an American writer, Neil Stephenson in the year 1992.
This novel depicted how a boy lives a dual life, one on the real world and the other in this virtual immersive world called the Metaverse. So we can comfortably say that this concept of an immersive virtual space that is parallel to the real world has been around since a while but has only caught on eyeballs of the masses after being addressed by top tech enthusiasts and giants.
In this article you will learn about:
- What is the Metaverse?
- What are the top 3 challenges of the Metaverse?
- What are the top 3 benefits in the Metaverse?
What is Metaverse?.
The Metaverse is envisioned to be a virtual platform where people can carry out their day to day activities like working, studying, shopping etc. all in an immersive set up. Experts predict that the adoption of Metaverse will change the way digital interactions take place for generations to come.
It is one of the biggest breakthroughs in the world of technology and no such technology with such great potential has ever been spoken about before. It can be considered as an iteration of the internet as a single and one-point universe and immersive virtual world that is facilitated by Augmented Reality (AR) and Virtual Reality (VR) wearable devices.
Users can put on AR/VR wearable devices and enter this immersive virtual world and carry out an entire virtual life which is parallel to their real world life. A unique feature of the Metaverse is that users can interact with objects and other users in a 3 dimensional set up, this means that they can not only see but also touch and feel other real world replicated objects and other users in real-time as they are.
The Metaverse is powered by advanced technologies like Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Cryptocurrency, Non Fungible Tokens (NFTs) etc. and has great potential to completely revolutionize the way digital interactions take place in the future.
Metaverse example 1: Imagine if you could walk the street of Milan and shop from your favorite brands, try on footwear and clothes, make your selection and get it delivered to you physical address.. All of this without stamping your passport or buying flight tickets! Yes, the Metaverse makes this possible, you could sit at the comfort of your couch and still visit places in different demographics.
Metaverse example 2: Now imagine if you had to attend an important conference in Australia at 11am, and another seminar on the same day at 5 pm in India. The Metaverse allows you to just put on AR/VR wearable devices and be at both places without you needing to hamper your work.
You must be wondering if this is also possible through platforms like Zoom, Teams, Google Meets, etc., however, what makes the Metaverse stand out is that you can attend these meetings in 3D immersive environments, unlike the above-mentioned that allow you to only dee things on a screen in a 2D environment. With Metaverse, you can see, hear and feel objects and other people around you like it would be in a real-case scenario.
Challenges And Benefits of Metaverse
Firstly What are the top 3 challenges of Metaverse?
1. Data & Security
Organizations around the world are constantly combatting data and security breach attempts with evolving technological advancements. IT security systems has been a long running concern for the online environment since its inception and the emergence of Metaverse will require security methods and techniques to evolve to a completely new level altogether. And this has to be at par with the expanding space of the Metaverse.
2. Lack of infrastructure access
Because this concept is still being built upon, mass adoption of this technology has not hit the world yet. In order to make this technology available for the masses, AR & VR wearable devices need to be rolled out. Experts predict that over the few decades, AR/VR devices will surpass the mobile phones and take over the title of being pocket devices, but for now that this a far fetched and costly affair.
3. Law and regulatory
The Metaverse technology is something that government and law enforcement bodies from all around the world are trying to wrap their heads around. This technology is built on Blockchain technology and Blockchain technology is considered to be the most secured technology to maintain complete privacy and anonymity of their users. This is making it difficult for regulatory firms to monitor and keep a track of digital movements on this platform.
What are the top 3 benefits of Metaverse?
1. Enhancing the entire digital experience
The Metaverse is an immersive virtual platform that allows users to interact with other users and objects in a 3D environment. Such kind of technology has not been witnessed before and relatively new for the audience. They are fascinated with the concept of being able to live a virtual life parallel to their real world life, and build a life for themselves based on their imagination and creativity. This technology sure has got people from all around the world attracted and in awe, making them eager to experience it in a mass scale.
2. New avenues of wealth generation
The emergence of Metaverse is opening new avenues for wealth generation for individuals and businesses alike. Individuals are leveraging this platform to trade their talents like artwork, music, collectibles, avatars etc. in the form of NFTs. While businesses are leveraging this platform to strategize new marketing techniques and reach out to their audience in a more engaging and interactive way.
3. Eliminates geographical barriers
The Metaverse is envisioned to be a platform where people can interact with other objects and people in 3D and not only see and hear, but also feel them in a 3-dimensional set up. People can actually walk the streets of New York without even stepping out of their house. This makes up for an exceptionally advanced technology for people to explore the world in an affordable manner, without any barriers.
Marketing Head, TECHVED Consulting