Perhaps the biggest buzzword in global tech, business and finance, the Metaverse has recently garnered considerable worldwide attention from everyone. But what is the Metaverse exactly and what does it mean for our future society?
It is used primarily to refer to an anticipated future iteration of the internet that’s often hailed as Web 3.0. The Metaverse refers to both current and future integrated digital platforms focused on virtual and augmented reality. It is widely hyped as the internet’s next frontier and seen as a significant business and financial opportunity for the tech industry and other sectors.
The functioning of the Metaverse requires the use of various technologies in tandem or in different combinations. Some of the technologies being widely used by Metaverse are augmented reality, virtual reality, artificial intelligence, machine learning, blockchain, IoT, spatial technologies etc. On the back end, Metaverse would need high-speed data infrastructure, devices, applications and the content ecosystem.
In the vision for the Metaverse articulated by social media and technology companies, devices like virtual reality headsets, digital glasses, smartphones and other devices will allow users access to virtual or augmented reality environments where they can work, connect with friends, conduct business, visit remote locations and access educational opportunities, all in an environment mediated by technology in new and immersive ways.
The majority of assessments suggest that the Metaverse has enormous potential across many industries, giving us a greater ability to build our online connections by opening the world more than ever before. The virtual reality space seeks to facilitate face-to-face interaction without physically leaving wherever we are. It should be a platform for freedom and collaboration without boundaries.
But the fact is that the Metaverse is still largely unformed. We’re at least a decade away from a persistent, interactive and shared virtual world parallel to our own and accessed (ideally) through a single gateway.
Here are some of the biggest challenges to realizing the Metaverse.
Problem #1
The information that can be collected in VR is extremely intimate. It will open entirely new categories of personal data that privacy experts fear will turn the Metaverse into the ultimate surveillance tool. As of now, there is little to no guidance on developing privacy-first Metaverse experiences or protecting one’s identity while in the Metaverse.
Problem #2
The commercial, legal and regulatory implications of the Metaverse are enormous. Take intellectual property, for example: what are the limits of IP, ownership, piracy and patents in the virtual world? Are there digital land rights? How do brands deal with counterfeit digital products? Do you need a license to practice law in the Metaverse? The Metaverse also presents a new arena for hackers and new opportunities for criminal behavior. How will misconduct be reported? What recourse do victims of avatar identity theft have? Are financial transactions protected? There are many, many issues to think through.
Problem #3
Safety is still an issue in the virtual world. We’ve already seen cyberstalking, cyberbullying, revenge porn and more in virtual reality. It’s naïve to think that online harassment or interpersonal workplace issues will disappear when we socialize and work in the Metaverse. But it’s not only biased and sexist behavior that’s worrying. Safety in the Metaverse encompasses physical safety and mental health, too.
Problem #4
Lastly, there are technical challenges such as computing power, connectivity (bandwidth) and interoperability. Cost may be an issue, too: though you can snag a VR headset today for under $300, enterprises need to account for additional costs like faster Wi-Fi and high-performance computers (especially for collaboration use cases requiring real-time rendering). Furthermore, a true ecosystem of virtual worlds, where a person’s digital assets can be carried from one world to another, would require a level of partnership among Big Tech companies that’s contrary to their nature and profits.
I don’t know if it’s possible to create a safe, secure and responsible Metaverse, but I see companies today seem to be of an “act now, think later” mindset, which obviously can lead to pessimism about the future of the Metaverse.