Metaverse 101
The term “metaverse” is a tricky one — no one can really agree on a definition. One way to think about the metaverse is to imagine the combination between virtual reality and the idea of having a digital life that is separate from your, well, real one. Basically, it’s you, in virtual reality, interacting with others.
If you’ve ever played Fortnite or Roblox or spent time roaming the virtual halls of Second Life, then you’ve already seen elements of the metaverse in action. These are digital experiences that allow you to join a meeting, go shopping and purchase items, buy and sell land. Now picture yourself playing around in those worlds on a laptop, mobile device or using a virtual reality headset.
Key Facts
The metaverse is the combination of virtual reality and real life.
One day, if all goes according to the plans of tech companies creating metaverse experiences, the metaverse will be a place where you’ll have work meetings, meet friends for games, and even go to exercise classes.
The idea of a centralized, fully accessible metaverse is still years away.
Though you will need a virtual reality headset for a fully immersive experience, you can explore some current metaverses with only a Windows PC, an Internet connection, and a digital wallet.
Metaverse Opportunities
1. Create scenes, games, and other VR experiences.
2. Express yourself through customizable avatars.
3. Meet and collaborate with remote colleagues.
4. Socialize and make new friends.
5. Shop for real and virtual products.
6. Attend concerts, trade shows, and learning events.
7. Play virtual reality games.
8. Sell in-game assets for cryptocurrency tokens.
9. Invest in digital artwork through NFTs.
10. Get a job in the metaverse.
11. Brainstorm and design products in 3D.
12. Purchase and monetize real estate.
Read more about these opportunities »
Getting Started in the Metaverse
The centralized Metaverse that corporations like Meta envision is still a good five to ten years away. However, there are many metaverses that are already up and running, some that you can access without a virtual reality headset. The most popular ones are The Sandbox, Roblox and Decentraland.
Once you’re in, you’ll have to create your avatar so you have something to roam around with. You’ll also need to set up a digital wallet if you want to buy things like virtual land, NFTs, or other virtual objects.
Most importantly, be aware of working with a reputable metaverse creator before trading any digital funds. If cryptocurrency is required to purchase items in the metaverse, it is important to identify a reputable digital wallet or cryptocurrency exchange to set up digital payments. Search online for the best option.
Metaverse Pros
Innovations in Communication for Workplaces and Educational Institutions
A raging pandemic grasped the whole world in its clutches in 2020 and taught the importance of remote working. Businesses all over the world started adopting digital technologies or online instruments for communication. Therefore, remote working or work-from-home routines have become quite common for continuing the operations of businesses and the employed individuals. In addition, educational institutions also recognized the value of remote or distance learning in event of restrictions on face-to-face interactions.
The pandemic served as a primary reason for rising popularity of video conferencing platforms such as Google Meet, Zoom video calls, Microsoft Teams, and many others. Rather than interacting with other participants through a computer screen, microphone and speakers, you can access virtual offices or classrooms. The metaverse will allow users to explore the virtual workspaces or learning spaces in 360-degree view alongside interacting with the life-like digital avatars of other participants.
New Opportunities for Branding - Small and Big businesses
The influence of social networking sites and platforms on the media industry is clearly evident. Small business and big business use social media as the primary platform for promoting their offerings and engaging with their target audience. The new platforms for branding and marketing empower the target audience with capabilities for creating content related to the business and brand. The metaverse advantages for expanding social media beyond web 2.0 would play a huge role in establishing their role for marketing. Metaverse would bring the inherent benefits of social media for marketing and branding along with additional benefits. For example, businesses and marketers could capitalize on the value benefits of virtualization through the metaverse through a mobile device.
Developing and Promoting a Virtual Economy for all Communities
The notion of virtual economies in the existing digital realm is quite a promising one. As the virtual worlds continue to expand in the metaverse, one of the notable metaverse advantages would focus on creation of a virtual economy. The metaverse economy can serve as the ideal platform for immersive exchanges of digital assets with real economic value. In addition, the metaverse also has the desired capabilities for driving the introduction of new trade activities and jobs in the shared virtual spaces as well as the real world.
Metaverse Cons
The outline of Metaverse advantages and disadvantages may remain incomplete without reflecting on the cons. With a broad range of advantages, the metaverse seems to have no disadvantages at all. However, the proposition for a persistent, shared virtual world also raises some unavoidable concerns. Here are some of the notable answers for “What are the cons of metaverse?”.
Required of Advanced Digital Technologies
The first entry among the list of metaverse cons would obviously refer to the requirement of advanced digital technologies. Metaverse brings many new and advanced technologies such as VR headsets, haptics, blockchain, and other requirements. However, every individual on this planet does not have access to advanced technologies. For example, fast internet connectivity is one of the mandatory requirements for participating in the metaverse. Majority of people worldwide cannot access fast internet and cannot capitalize on the full potential of the metaverse. In addition, the metaverse disadvantages also point towards the need for advanced communication tools and gadgets. Many people cannot afford a high-end VR headset for entering the metaverse.
Privacy and Security Implications
Many of the digital solutions existing today have been associated with concerns regarding privacy and security. The main agenda for criticism of digital solutions revolves around the fact that they collect data from users. Such data can be used for intrusive online advertisements and identity theft. Furthermore, companies have not been able to address these concerns completely. So, the metaverse cons might also bring issues pertaining to privacy and security risks. As an online-enabled space, the metaverse can lead to new issues in security and privacy for individuals as well as institutions.
Reducing the Difference between Real and Virtual
With the objective of introducing immersive experiences to users, the metaverse blurs the gap between real and virtual worlds. Even if you can consider this as an advantage, addiction to virtual worlds can lead people to withdraw from real-world experiences. The metaverse disadvantages also bring the possibilities of the metaverse influencing the ways in which people perceive real relationships and interactions.
