We all know that in this world Metaverse is one of the most trending things. Well, you will have to probably be ready for each and everything that Metaverse is going to give you. Well, it is a problem and possibly a shame if you tell me at this point that you don't know what a Metaverse is and what is it being used for? Well, don’t worry if you don’t know I am going to give you a brief introduction on Metaverse and it will probably be one of the best short two-lined info.
Trust me Metaverse can not be explained in a paragraph or two lines. Because it is a whole universe. No, I am not joking but you will have to trust me. Metaverse is another universe that is immersed in both
virtual reality and
augmented reality.
If we call in our native language, the Metaverse is the place where people can be together to playwork, and socialize with each other. Yes, with the help of an avatar you can literally play games and be with anyone and anywhere. The Metaverse has endless possibilities and it has been introduced as the third generation after the World Wide Web and the world of the internet.
Metaverse is also helpful in many industries like
crypto projects which we can call the essential currency of the Metaverse and NFT. Although the Metaverse has wide possibilities and you can not see it falling in the nearest future, it still has some challenges to face. No, tell me which technology did not face challenges?
WWW faced challenges in searching and talking about recent it is being challenged by the SEO, When the first internet came it was declared the turtle but now that we have the updated versions of the internet as WiFi. Do we complain about these things anymore? No, we don’t.
Metaverse is having so many challenges and opportunities so let’s discuss them in the detail.
When Mark Zuckerberg said, “The Metaverse is the next chapter of the Internet” He was sure that it is going to give us immense possibilities. He said this in 2021 when he rebranded Facebook as Meta. Meta has reported 3.6 billion users each month on its platform in 2021.
1) Virtual Ownership Economy
If you own any property in the Metaverse then it will be owned as a
non-fungible token. NFT’s current market cap is $41 billion. This platform gives a great chance for improvement to every investor in the industry. Metaverse is literally improving the chances of purchasing and transferring digital assets on the go.
A good ownership economy is really good. But is it trustworthy? From my point of view yes it is. Because it works on
blockchain technology. But people still are not able to trust this digital asset in transferring and purchasing a thing. But I hope that gradually it will become a routine and people will start trusting the Metaverse.
2) Accessibility and Wealth Equality
If we talk about the accessibility of the Metaverse then we can call it a challenge of the idea. Metaverse holds a huge price tag and that makes it a limiting factor of it. If you want to enter the world of Metaverse then you will require the immense quality headset “Oculus Quest 2” Which is being sold at the price of $320. Which is very high for a common man.
The day-to-day up-gradation in the Metaverse and there will be some upcoming costs. with these upgrades, it will be inaccessible for those who do not have a big amount of disposable money.
3) Socializing
Let’s take the example of Roblox. There are 60 million messages on daily basis on Roblox. Although it is a gaming platform it has to play a big role in socializing. This socializing thing works for Roblox because it is generating over $1.9 billion in revenue (As of 2021).
We can take socializing as an opportunity for the Metaverse. Because with the help of this people will be able to live in new interactive worlds.
4) Scalability
The scalability is one of the most decently faced challenges by the Metaverse. Because we are having Web 2.0 as our current internet. Which progresses day by day to the maximum extent. That is why Metaverse has to pay sometimes.
If we go deep then we will know that the Metaverse is reliable in the decentralization and utility. Which we can call the new iteration of the internet known as
Web 3.0.
5) Hype Vs Reality
It is essential that you know about the hype the Metaverse has created and what is the reality behind it. Metaverse has caught the attention of the giant multinational companies, we will have to find out whether it has been spread worldwide or not.
For this topic, Toby Boredelon and Jason Hall said that the false hype of the Metaverse technology can create a great challenge over the globe. Well, it is true that there are some of us who don’t even know the meaning of Metaverse and they just talk and talk about it.
Conclusion
Metaverse has a wide application in every industry but can we outlive it? What are the other challenges that we might face in the future because of the Metaverse? We have all heard of incidents with the robots. Can Metaverse harm us that much? There are a lot of questions that you need to ask, but one thing is for sure for now people who have Metaverse, are enjoying it the most.
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