The Metaverse – Explained in simple words

What is metaverse? explained in simple words

The term “metaverse” was coined back in 1992. But it didn’t become a household name until Facebook’s Mark Zuckerberg changed his company’s name to Meta. During that time, he also announced a plan to spend $10 billion on building his vision of the metaverse.

Since this happened, the metaverse has shot up in popularity. Many people claim it to be revolutionary. They are not shy of calling it the next evolution of the internet. It is set to take many forms, including online communities, meetings, and gaming. It will change the way we collaborate remotely. But exactly what is the metaverse in simple words? And what kind of challenges will it bring with itself along with all the benefits that we expect? Let’s talk about that.

Before we can assess the pros and cons of the metaverse, it is important to know what it is and how it works.

Table of Contents

What is Metaverse and How Does It Work?

The term “metaverse” doesn’t refer to a single specific type of technology. Rather, it is a representation of how we will interact with technology in the future. It is also known as virtual reality (VR).

This means virtual worlds that exist online and continues to exist even when you are not playing. Augmented reality (AR) is also a part of this scenario. It combines aspects of both the digital and the physical worlds.

In the virtual world, you will take part as a digital avatar of yourself. Users can engage in a wide range of activities and interact with each other in many ways. The metaverse platforms are also set to have independent economies. These will make use of blockchain to power them.

Virtual reality (VR) and augmented reality (AR), and blockchain. These are all technologies that combine to provide users with an immersive experience. An example of what a metaverse could look like could be found in movies such as Ready Player One.

Players can use VR Headsets and other gadgets to enter the metaverse. Once inside, they can access the advanced features of this world.

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What Problems Does the Metaverse Solve? – Pros of the Metaverse

1. Revolutionizing Communication in Educational Institutions and Workplaces

Businesses and institutions globally have started adopting digital technologies for interaction. We are quickly adopting remote working and distance learning.

The metaverse can help greatly with this. It will create engaging and interactive experiences for users. With its 3D virtual environments, participants could interact with one another. They could do this via virtual meeting rooms, offices, or classrooms. Also, it allows users to learn or work in spaces with a 360-degree view. This would work to make everything seem all the more real and effective. 

2. Fresher Opportunities for Marketers and Businesses

Today, the primary method that brands choose to advertise is through social media. This is an effective tool specifically for those brands whose audience is young. Social platforms allow these brands to not only promote their offerings. They also let them interact with their audience.

Safe to say, social media has led to a plethora of new marketing trends that didn’t exist before. Plus, it is a lot more effective in generating results than traditional media.

The metaverse will be an extension of social media and would play a huge role in marketing and branding. Just as social media has opened new avenues for businesses, the metaverse will do so as well.

It will have all the benefits of social media and then some. For instance, businesses could create digital versions of their products. They can then put them on display in the virtual universe. This way, users will be able to view and check the products almost as if in reality.

3. Advancement of the Blockchain Technology

Blockchain is the underlying technology behind cryptocurrencies. The function of blockchain technology can be greatly useful in the metaverse. It promotes a decentralized way of carrying out transactions. This could be highly beneficial in the metaverse.

People are already using this technology to promote their work and earn money. Non-fungible tokens (NFTs) are a popular example. In some games, players can earn an income and acquire in-game assets. These assets are tradable on other gaming platforms as well. These games are often known as NFT or blockchain games.

4. Creation of a Virtual Economy

A virtual economy is simply an economy that exists on a virtual platform.

We are already seeing the emergence of virtual economies digitally. The metaverse will likely further their virtual existence even more. Video games are a prominent example. This especially includes interactive games that allow for simulation and action. These games have their virtual economies with in-game assets that users can buy.

The metaverse will provide a much more immersive exchange of services and products. This also includes the buying and selling of digital assets, such as (NFTs).

With that, it will support the creation of new trade activities. More job opportunities will also appear for people around the world.

Further reading: Web3: The New Phase of the Internet

What are the Challenges that Metaverse Faces? – Cons of Metaverse

I) Privacy and Cybersecurity Issues

Technology, as great as it is, has always raised questions about privacy. Our online behavior is already tracked to a great extent. Since the metaverse is the next version of the internet, it will bring some security issues.

The technology that is already in use to track our behavior online will also exist in the metaverse. Most likely, the tracking will become more invasive than ever.

For instance, virtual reality (VR) headsets will include eye-tracking technology. As a result, marketers can track headset data. This might allow them to see where we are looking for immersive experiences. So, it could help them generate marketing schemes to target only those areas.

II) Identity Hacking

We will exist as avatars in the virtual world. As such, there is a possibility for identity hacking in the metaverse. If someone were to hack your identity in virtual reality (VR), they could pretend to be you. This could cause extreme harm to you, not just virtually but potentially even in reality.

Before the metaverse takes full form, there is a real need to address its security concerns. Especially relating to identity hacking and deep fakes. It simply cannot take shape without proper security steps in place.

III) Influence on Kids

Any new technology has the potential to harm the developing minds of kids. This fact is amplified when technology is as immersive as the metaverse.

It is hard enough to keep track of what our kids are doing online. That challenge may become more pronounced with the metaverse. Parents wouldn’t be able to see what their kids are looking at in their virtual reality headsets. There is also no process in place to watch their screens using phones or tablets yet.

The metaverse could also influence the health of kids. As they experience an amazingly immersive world, the real world might depress them. It may be that as soon as they come back into the real world, they become sad.

This is a problem that can persist as technology becomes more lifelike. Not only children but adults can suffer from this, too. Internet and gaming addictions are already a problem for kids and adults. With the metaverse, this risk could be greater.

IV) Desensitization

In virtual reality, you can touch and feel what you are doing. Many people will be using virtual reality to play violent games, especially kids. These immersive experiences will feel very real. This could, in turn, lead to people becoming desensitized to these violent behaviors.

In most games nowadays, you engage in things like shooting a gun at someone. There are also many other ways of attacking a person in a game. With that, there is a real risk that people may become desensitized to this. They might then want to replicate that behavior in the real world.

Conclusion – What is Metaverse and Its Pros and Cons?

The pros and cons of the metaverse will largely depend on how one uses it.

It promises us great opportunities and a level playing field for everyone. On the other hand, though, there are concerns about privacy and security.

Anyone interested in the metaverse should take note of both sides of VR. Its pros should be used effectively while we think of eliminating its cons.

There are a lot of pros and cons of the metaverse. We need to think through all of those as this technology becomes more common.

 

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    Giovana Vega

    Best Seller Author, Award Winner, Trader & Investor Blogger

    I’m Giovana currently living in Amsterdam, I used to work in big corporate firms in the finance sector. I quit my job after working more than a decade and started the path as a trader, investor and blogger. End  your search now and grow your financial knowledge with my book “Trading for Success: 8 secrets why women are better forex traders”. If there is an opportunity and adventure, count me in. 

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