Metaverse and its potential to revolutionize the internet

"The best way to understand the metaverse is to experience it yourself, but it's a little tough because it doesn't fully exist yet."

Mark Zuckerberg, CEO Meta Platforms Inc.

The term metaverse has received exponential attention since Facebook rebranded itself as 'meta'. The concept of Metaverse has been here for a while now. Once considered too sophisticated, the technologies like VR, AR and 3D computing are the pillars of Metaverse. The drive to enable ordinary people to benefit from these advancements in everyday life has led to extensive developmental efforts towards enhancing and introducing the Metaverse to everyone.

What exactly is Metaverse?

A metaverse is a parallel digital universe that combines technologies like video, VR and AR to enable the users to live in this universe. It is a digital environment stimulated by implementing diverse cutting-edge technologies like virtual reality, blockchain, social media and more to build spaces that imitate the real world and facilitate a rich user experience. In the upcoming future, the Metaverse could become a place where users will work, play and connect with friends over events like concerts, seminars and even virtual tours. 

Some premier examples of Metaverse
 

Disney's Virtual- World Simulator
It aims to re-construct the famous Disney theme parks into a 3D dominion allowing users to indulge in bespoke 3D virtual experiences without any AR viewing gear. Disney's plans to breakthrough into the Metaverse was announced in November 2021 by CEO Bob Chapek. The vision is to eliminate boundaries and closely connect the physical and digital worlds in Disney's very own Metaverse so that customers get to have an authentic Disney experience across all platforms despite their location (WDW News).

To create its Metaverse, Disney is synergizing the virtual, digital and physical worlds to enable the users a smooth journey across all its platforms. Disney is also launching Magic band+ in 2022 with added features that will help users dive deeper into Disney stories and resonate with characters. 

Microsoft

Recently Microsoft announced its plan to acquire Activision Blizzard Inc., the video game giant with a $70 billion deal. It is being referred to as Microsoft's biggest acquisition deal ever since its inception. Online gaming is one sphere where the concept of Metaverse is quite apparent. Satya Nadella, the CEO of Microsoft envisions the concept of Metaverse as decentralized platforms that can transform our perception towards the world along with our mannerism of participation at all business levels; from a factory to a boardroom. 
 
Microsoft's Mesh is based on the same principles. It delivers a digital overlay to facilitate the user to mark its presence and participate in shared experiences from any location by using mixed-reality apps. In the view of top analysts, through this deal, Microsoft is attempting to strategically position its already bolstering gaming business alongside making way to itself towards the futuristic concept of Metaverse. As the integration of Activision Blizzard with Metaverse is world-renowned, Microsoft is killing two birds with one stone (The Verge).  

Roblox

Roblox is the underdog that made it big and did so without making much noise about its existence. It is an online gaming creation system that enables users to develop and play games created by other users. In 2020, the Fast Company named Roblox 'The most innovative gaming company' globally and rightly so. Way before the term metaverse came into vogue, Roblox built a Metaverse, One of the main factors responsible for its worldwide success. Not only did it create a multiplayer gaming platform, but it also offered a free gaming programming platform called Roblox Studio which took its popularity to the sky, especially among the younger audience. It even has an in-game currency called Robux, which allows making transactions inside the Metaverse. 

The success of Roblox  in Metaverse could be estimated by the fact that NFL has a virtual store in Roblox (Samb Digital). Nike has created a realm called Nikeland in Roblox that allows users to play games, check out products and socialize (CNBC). Roblox is also acting as a platform to host concerts and impart lessons. Another name on this prominent list is Hyundai Motor Company which has created a Metaverse dominion called Hyundai Mobility adventure that showcases its products, offers futuristic mobility solutions and fosters loyal relationships with users (Hyundai).

Meta

Facebook rebranded itself as Meta with Mark Zuckerberg announcing the plans to construct maximalist and conjugated experiences by enormous investments in Metaverse. He describes it as the next evolution of social connection entailing 3D spaces that enables users to socialize, learn, cooperate beyond their imagination. Meta reimagines a virtual world where the digital avatars connect via work and pleasure with the help of virtual reality gear. Meta invested in Oculus, a VR gear building company back in 2014 that produces the famous Quest Headsets, a key element in Facebook's endeavour to create Metaverse. Zuckerberg claims that Meta will surface colossal junctures to individual artists and creators that wish to work remotely (Meta).

The below section highlights the advantages and disadvantages of Metaverse to revolutionize the web:

Advantages of the Metaverse:

• Affordability: Metaverse will open avenues for the economically deprived people to access a broad spectrum of products, services and experiences. It will augment opportunities for people facing physical and financial constraints with education, recreation and creativity. The internet opened up a plethora of information and entertainment for all segments of the human race. Similarly, the Metaverse will bring forth transformational changes across experiences like travelling, communication, education and more.
• Endless possibilities: The innovative concept of the Metaverse holds tremendous potential to create novel possibilities beyond our imagination. Just imagine virtually experiencing far off galaxies in high quality, witnessing earth's core or previous civilizations. Big tech companies have been investing billions in VR development to turn these ideas into reality and hold immense implications for all walks of life.
• Eco-friendly: Efficiency and remote access are core to the concept of Metaverse. Employees can work, students can learn and social animals can attend gatherings virtually. This is quite significant in terms of conserving non-renewable resources. Metaverse can help to reduce carbon footprint as it will demand lesser commute for work-related needs. As the Metaverse will facilitate remote work, people will consume less material clothing and accessories as their digital avatar will have innumerable digital attire options to choose from.
• E-commerce and economic boost:  Businesses can offer digitized versions of their offerings by placing digitized products in a virtual world shared and navigated by users. In the Metaverse, the e-commerce businesses using augmented reality can offer engaging and fortified interactions among the targeted customers and marketers. 

Challenges  of the Metaverse:

• Authentication of identity: Digital platforms can distort the validation of identity and reputation. When it comes to the virtual world, a clear description of the elements that supposedly make up one's identity is imperative. Users need lucid answers to questions like how will they prove their identity if a person with malicious intent or a bot attempts to imitate their identity. This is where the importance of reputation and legitimacy of the entity representing the Metaverse matters. Forging vocal and facial features by implementing cutting-edge tools and methods can help entities overcome this issue. 
• Data Security: Phishing and other cyber-crimes are a harsh reality of the digital world despite rigorous attempts by IT companies to inhibit these notorious attacks. The Metaverse is much more indulgent and immersive than the current internet experience. The users will practically live in it, making data security a virtual concern. Businesses are collecting a humungous amount of data right now from users. Keeping in view the immersive nature of the Metaverse the magnitude of data collection is likely to witness a manifold increase. Hence, Metaverse entities must assure users that they will not infiltrate their data and privacy.
• Negative impact on mental health: Although digital consumption can temporarily divert our minds from stress, in long run, excessive digital use can create problems like depression, psychoses, somatic symptoms and more (Family Addiction Specialist). The 3D avatars can be problematic as they enable users to modify their appearances further from reality, escalating problems like anxiety and depression among children (CNBC). The Metaverse could cause addiction and self-image issues as its engaging capacity will be many times more than the internet engages its users right now (which is already alarming).

The term Metaverse was coined in 1992 in a science fiction novel called Snow Crash. It has come a long way and undoubtedly holds magnificent potential. Like every trail-blazing technology, the idea of Metaverse comes with anticipation and apprehensions. Metaverse can transform the face of the internet, social media, the way we do business, learn and experience things. We can merely speculate how big tech players will overcome these challenges to devise a digital space valuable for the users in the years to come.