The metaverse will face many challenges

Metaverse is an evolving mega-theme that engages companies from all technology sectors, including semiconductors, component manufacturers, application software, advertising and more.

While the metaverse will make digital experiences more immersive, inclusive and accessible, it will raise social concerns from data privacy to other forms of online damage, and this will only continue if not explicitly addressed within in companies. The current issues of security, trust, management, identity, data privacy encountered on today’s social media platforms are likely to be extended, if not exacerbated, into the metaverse and need to be updated. It’s a safe bet that it will follow a similar ad-based model, but it will be more immersive, more involved in most aspects of users ’lives, and more difficult to regulate.

GlobalData defines the metaverse as a virtual world where users share their experiences and interact in real time in simulated scenarios. It’s still a lot of concept but it could change the way people work, buy, communicate and consume inside.

GlobalData’s “Metaverse-Thematic Research” report identifies the main trends that will affect the growth of the theme over the next 12-24 months, divided into three categories: technology trends, trends in macroeconomics, and regulatory trends. He noted that the use of augmented reality (AR), virtual reality (VR), and advertisements is an important part of the metaverse, however, it will highlight data privacy concerns. Factors include the full extent of personal data that could be mined, the involvement of a large number of different developers and companies, its dissociation from any national authority, and the left known achievement and its potential. Metaverse developers need to consider ethical moderation as a fundamental aspect, as harmful actions will only increase as more and more consumers sign up for the platforms. Failure to filter toxicity will negatively affect the ambitions and reputation of the company’s metaverse.

Chain of value

Before the basic definition, metaverse meant different things to different people depending on the nature of their business. That means most companies can do it what they want. To show the many layers and aspects of the metaverse, the GlobalData report presents a thematic value chain, dividing the components into four categories: foundation, tools, user interface, and experience.

The metaverse combines a wide range of next -generation technologies, from artificial intelligence (AI) to blockchain and adtech. Over the next decade, the growth of the metaverse will depend on the maturity of its underlying technologies. The report also points out that the hype around the metaverse is more focused on consumer use cases. Gaming and social media companies are ahead of the growth in the metaverse, but corporations will lead the payoff over the next three years. This shift will be spurred on by future employment and digital transformation initiatives in all sectors, from retail to health and financial services. Big Tech championed the Metaverse, with Microsoft and Meta promoting it as the ideal environment to support hybrid work.

In April 2022, Meta Platforms spent $ 10 billion to build Metaverse 2021. The company built the world’s fastest supercomputer to facilitate metaverse -related workloads, with completion expected this year. Meta Platforms seems to have taken a big step towards monetizing Metaverse using its Horizon Worlds virtual reality social platform. The company announced that it is currently testing a way for creators and developers to sell virtual objects and experiences in the three-dimensional world of Metaverse.

The ultimate goal

The ultimate goal of the metaverse is to be fully interoperable. Your customers and employees may one day be able to transfer their identities, assets, experience and data from one platform to another. Even if unsure, it is expected to be easy for them to shop anywhere, navigate all social connections and attend any meeting. The idea is that the current system of “garden walls”, where each platform provider controls the data and sets the rules, will disappear.

This vision of overall interoperability could be utopian. But even a partial step toward facilitating transitions between platforms could create new trust challenges. Without walled gardens, you and your colleagues risk losing control of the data. In response, a new approach to data collection, management, analytics, and security may be needed – one that can follow your stakeholders wherever they go, while protecting their privacy and inspiring trust that encourages data sharing. . This approach should include clear rules, especially for authorization, so that your users can understand who is using their data and for what purpose.

Leave a Comment