There is a lot of discussion and excitement surrounding the metaverse. In this article, we shall be discussing what it is and why it is such a big deal. The objective of the metaverse is to immerse people within the internet, creating an enriching experience, where connecting with others moves to a whole new level. In a nutshell, the metaverse equates to living inside the internet, instead of simply looking at it.
The opportunities that this can create are endless, heralding in a new world and economy. The notion of connecting with your friends and family in a customised environment, even if in reality you are thousands of miles away from each other is the epitome of technological advancement. This transition will enable people to experience life within the internet rather than just looking at it through a screen. Imagine your friend being at a concert which you can be a part of through a headset, from your living room! The metaverse will also enable groups of people to play interactive games together in real time, embracing a digital surrounding rather than just looking at it through a screen.
Considering the evolution of technology, very few will argue that this concept is impossible to implement or that the next generation will be able to see it coming into fruition. The change here goes beyond the transition to a different device such as from a computer to a smartphone, but to a completely new experience.
The implications of the metaverse are significant and it is too early to establish the full ramifications. One of the important components within this framework of the internet is the payments infrastructure. The way one buys, sells and owns things in the metaverse is crucial to the experience. This can bring about an increased adoption in blockchain and distributed ledger technologies, especially if they are deemed as the most practical. It can also create several opportunities for cryptocurrencies which are already a struggle to regulate in the real world. In view of the migration to the digital world, especially over the past months due to the COVID-19 pandemic, the eventual launch of the metaverse is indeed an exciting development.
Whilst the metaverse is an intriguing development, it would be interesting to see how measures to safeguard privacy will be implemented. Where technology evolves, so does the potential for criminality and cyberattacks.
Are you excited for the launch of this new technology? Let us know what you think about the metaverse in the comments section below.
