Digital experiences have been evolving, over the course of time, continuously improving with interactive elements. Today we are talking about the Metaverse. Years ago people could communicate with each other only through mail by post, which took many days. Today, technology helps us talk to friends across borders like they are sitting right next to us. 

The evolution of digital networks, high-speed communication, and the internet’s growth have fostered such advancements. So, talking about the Metaverse and a new age of the internet should not be a surprise for anybody. 

Of course, the concept of a Metaverse is comparatively new and decades away from becoming fully operational. And the hype around this term may have reached its climax last year when Facebook announced that it was renaming its portfolio of companies “Meta” to align its businesses with its ambition to build the Metaverse. But what is this new world, what companies and technologies uses it and what is its main problem? The following article helps you find the answers to all this questions:

What is the Metaverse and what technologies are behind it

Science fiction author Neal Stephenson first used the term Metaverse in 1992 in his book, “Snow Crash”. And just a few years ago, this technology became reality for so many people around the globe though the global phenomena that was the Pokémon Go game. Over the years, numerous sci-fi books, television series, and movies are set in Metaverses — digital worlds. The concept of the Metaverse is quickly becoming a buzzword in technology and business.

But what is the Metaverse? Simple put it, is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually.

Nowadays it is primarily used in gaming and social media platforms, but this amazing world is still under development. In the long run, it will expand beyond this platforms into various applications. For instance, digital identity management, remote workspaces, and decentralised governance could be some of the most promising functionalities you can discover with the Metaverse. It can create online spaces where user interactions are more multidimensional than current technology supports. Instead of just viewing digital content, users in the Metaverse will be able to immerse themselves in a space where the digital and physical worlds converge. The potential of the Metaverse for growth in the future is one of the prominent reasons for growing attention on top technologies for Metaverse development.  

What companies are getting involved in the Metaverse world

In the last years, maybe encouraged by the coronavirus pandemic, a lot of investors and companies were attracted by this idea and wanted just to be a part of the next big thing. This happened while technologies like AR and VR are on track to contribute $1.5 trillion to the global economy by the end of the decade, according to PwC data, pushing businesses to make their interpretation of the Metaverse the most appealing for consumers and enterprises alike.

Last year, Mark Zuckerberg said that his company Meta will try to transition from being a social media platform to a Metaverse one, in the next five years or so and for that they invested $50 million in global research and program partners to build the Metaverse in a responsible way. 

On the other hand, Microsoft unveiled its Metaverse-focused alternative, Microsoft Mesh, in November last year, with immersive virtual spaces for users to collaborate on work. Microsoft Mesh enabled the functionalities such as Microsoft Teams and other Microsoft solutions in one digital space for all users. 

Meanwhile, popular children’s game Roblox, listed last year on the New York Stock Market, describes itself as a Metaverse company. Epic Games’ Fortnite is also considered to be part of the Metaverse. And, performers, such as musicians, can do virtual concerts for their fans – Ariana Grande’s Rift Tour is just an example:

Read also: It’s time for Smart Shipping: Blockchain in the Shipping Industry

The elefant in the room: privacy and security concerns

When discussing about the Metaverse we have to keep in mind the ethical and social concerns beyond this technology and its widespread adoption. The privacy and security of users have to be a priority for everybody involved in this world. Because people already have concerns about that. In a research from software company NordVPN 87% of respondents expressed privacy concerns with Meta/Facebook’s Metaverse. In the same study, 66% of Americans think this can eventually replace social media, but half fear it will be too easy for hackers to impersonate others. Plus, according to this research, people area also concerned about:

  • their identity not being legally protected (47%)
  • more data can be collected and used against them (45%)
  • not being sure of the identity of others (43%)
  • being able to protect their real identity from their Metaverse identity (41%)
  • their transactions won’t be secure (37%)

Keep in mind, when building the technology of tomorrow you also have to put the people first. So, if you are a Metaverse enthusiast looking for a job opportunity or do you need the best technological solution for your business, Ventivo is your perfect partner. Drop us a line and let’s code the future together.