What is Metaverse? – How is it Going to Change the Way We Live?

First, what is a Metaverse?

The Metaverse is a concept that was first introduced in Neal Stephenson’s 1992 novel “Snow Crash“. The concept of the Metaverse describes a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet.

Metaverse is a global virtual network where people can interact with each other through avatars. It is an environment where people can be whoever they want to be and do whatever they want to do. It is also a place where people can work, socialize or even learn.

What is Metaverse by Facebook?

Facebook is working on a new project called the metaverse. It is a virtual world that will be built on top of Facebook. The idea behind this project is to create a space where people can interact with each other and share their experiences in an immersive environment.

The metaverse will be built on top of Facebook, which means that it will have all the features of Facebook such as chat, groups, events, and more. It will also have its own currency called “Facebook credits” which can be used to buy items in the virtual world. Gartner expects that by 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social media and/ or entertainment.

Elements of metaverse

Source: Gartner

Benefits of Living in a Metaverse World

In this digital world, we are surrounded by technology and it has become a part of our lives. We are now able to do things that would have been impossible a few years ago. Let us go through some of the benefits of living in a Metaverse.

1. Communication

Technology has made communication much easier and faster. We can now communicate with people in other countries, even if they speak a different language than us. Technology also helps us to stay in touch with people who live far away from us or those whom we don’t see often.

2. Better way of Learning

One of the major advantages of Metaverse so far is its immersive learning experience. Students will be able to get more involved in digital classrooms and it makes the experience more authentic. Students can interact with the instructor and learn content in a dynamic, interactive environment.

3. Better Work Environment

With the emergence of the metaverse and VR, it is clear that work environments will also embrace these new technologies. It’s an intriguing idea to see your workplace using VR glasses or a simulator at home. They’ll likely help you interact with the workspace more efficiently whether it be in a remote location or right at work.

4. Better Business Opportunities

Rather than just looking through your phone’s screen, the metaverse can provide a 360-degree way for you to market and promote products with innovative marketing methods like virtualized storefronts, curated shows, and highly interactive engagement that can help improve your bottom line.

Metaverse trajectory

Source: Strategyr

Disadvantages Of The Metaverse

The Metaverse is an immersive alternate reality that is a shared space where people can communicate with each other and share ideas and thoughts. It can be accessed through virtual reality or augmented reality. The Metaverse has many disadvantages that are not yet solved by technology.

1. Human Emotions

The first disadvantage is the limited interaction between people in the Metaverse. There are no body gestures or eye contact, which makes it difficult for people to understand each other’s feelings. For example, if someone is angry in real life, they will show it through their eyes and gestures but in the Metaverse, there are no such indicators so people will not know how to react to them.

2. Privacy Issues

The use of technology to track our behavior online is also likely to exist in the metaverse. Even with growing privacy concerns, it will be nearly impossible to escape this kind of tracking.

3. Monitoring Kids

Many parents are already worried about what their kids are doing on the internet, and the metaverse will make it even harder.

4. Health Issues

Internet or gaming addictions are already a big problem for kids & adults and the addiction could be worse if more people spend their time in the metaverse.

5. Laws in Metaverse

The future of the metaverse can bring new challenges to current laws, but there will also be opportunities for new regulation.

6. Identity Theft

Imagine if you had your virtual identity stolen. If someone hacked into your avatar or account, they could take on your identity and pretend to be you in the virtual world. People might start trusting them, and they could easily cause problems in both the virtual and real world.

One of the biggest disadvantages is that it can be hard to tell what is real and what is not. This causes people to feel isolated from reality which could lead to depression or anxiety. It also becomes difficult for people to distinguish between an AI-generated image and a photo taken by a human being.

The Future of our Lives is Here and It’s Called The Metaverse

Experts believe that by 2030, a large percentage of people will be interacting with the meta-reality. Despite its popularity of it as of late, there’s still a lot more work to do before it becomes mainstream, but the days are not very far. It’s possible that this will be a situation where we leave VR headsets will be a part of our lives just like a Smartphone. This means we get the best of both worlds and can move between realities as we please.