‘‘2022 is poised to be the biggest year yet for the metaverse, as Facebook parent Meta, Apple, Microsoft, and Google gear up to release new hardware products and software services in what so far has been a niche market for early adopters’’ reports CNBC, there is a significant metaverse impact on our society.
These stories about the Metaverse are continuously thrown at us, but the average person has no idea what it means when Facebook changes its name to meta or virtual reality takes over the future. Let us first deconstruct the intriguing metaverse’s riddles to see what lurks underneath this seeming enigma.
What is Metaverse?
Simply put, the metaverse means the unification of the Internet as a single universal world where people interact with each other via digital avatars, all this is made easy with the arrival of virtual and augmented reality headsets.
Metaverse impact is not confined to individuals, and its supporters are optimistic regarding tech giants adopting this revolutionary technology in the future, which could lead to people spending most of their lives in a virtual world where they freely interact, work, play, and stay connected.
As it happens, the optimism of Pro-Metaverse people holds as Facebook changes its name to Meta. Whether it’s called Facebook or Meta, it’s the same company working on the concept, and it aims to be the „next generation of social networking.“
Why go to a concert or a movie when you can watch and experience it in virtual reality with your friends? The applications for this virtual world are infinite, from virtual conferences to seminars and gaming, and music.
The impact is limitless and infinite, particularly in the Metaverse in Blockchain, along with e-commerce, legal, and human resources.
With the Metaverse implementation, there would be a significant decrease in carbon footprint and corporate costs. When virtual connections and commerce are possible, there is no need for „physical“ offices. Fashion and furniture companies can trade digital assets, which might be a huge benefit. The labor cost and maintenance are drastically reduced in this manner.
The metaverse works well for salespeople since they can engage directly with clients in a personal way from the comfort of their own home, something no other salesperson has ever been able to do. This lowers transportation costs and improves convenience while cultivating a solid business-client relationship. Because advertising will become increasingly more individual-oriented than platform-oriented, this will have a huge influence on how organizations spend marketing money.
Decentralized Finance (Defi) and Cryptocurrencies (Cryptocurrencies):
With the advent of this digital universe, everyone will be utilizing decentralized finance and cryptocurrencies as their primary means of payment, with the present number predicted to expand tremendously. They are highly secure, impossible to hack, and provide consumers with more independence while removing intermediaries and brokerages, lowering transaction costs.
The Metaverse will give individuals several benefits in the future, as it will provide them with more options and occupations. Big tech companies are readily adopting it. Even Samsung Enters Metaverse. The following are some of the advantages:
Affordability and Convenience:
The metaverse will provide additional chances for the middle class and the poor. It is making virtual experiences more delightful and accessible. Therefore, the underprivileged may now take lavish global trips and connect with foreigners. Luxury that was previously exclusively available to the wealthy. The majority of the world’s people will experience and explore the whole globe from the comfort of their own homes. As a result, people can engage with relatives and friends who live overseas, causing increased labor productivity and decreased costs of goods and services.
Sustainability and New Opportunities:
The Metaverse will open various new opportunities for individuals in many fields. Such as simulated surgical settings for medical students and Ocean Simulations for marine divers. As Zuckerberg stated, „Actually, if you travel for work, and working in the Metaverse means that you just take one less flight each year,“ this virtual paradigm shift will increase sustainability. With fewer people using daily commutes, overall pollution levels will fall, fossil fuel consumption will be reduced.
All the IT giants and corporations are pushing for the creation of the metaverse. Critics point out that the existing model of the metaverse has severe flaws. If left ignored, these weaknesses might endanger customers‘ privacy.
The Demand for Sophisticated Technology:
Even though many advanced technologies are commercially accessible now, firms will need to invest significantly more in developing complex technologies in the future. Because this procedure is graphically heavy, good internet connections are necessary, which is only feasible with 5G. However, like VR and AR headsets, this technology is not readily available to the general public. If businesses do not mainstream this virtual environment, the general public will be alienated.
Privacy and Isolation:
If a person spends a lot of time online, they may become disconnected from the real world. The „virtual“ world will become more appealing and entertaining. This can lead to strained relationships with family members, anxiety, sadness, and low self-esteem. Furthermore, the firms behind these projects exploited and collected customer data for a long time. As a result, there is always the possibility of a security or privacy breach.
The metaverse is a term that combines several aspects of social media. Augmented reality, virtual reality, online gaming, and artificial intelligence are part of it. Its advantages revolve around elevating existing social media experience and digital communication. The disadvantages include security and privacy risks. Still, the sheer number of individuals lobbying for and supporting the metaverse, along with tech behemoths adopting it, indicates that it is here to stay. The best we can do is regulate it.