What is the Metaverse and how will it affect us in the future?

The concept of metaverse is becoming more and more popular in recent times, especially since Facebook announced they will shift their focus to developing their own metaverse. In this article, we’ll take a look at the most prominent features of the metaverse and how it will force us to redefine the definition of society in the future.

Source: Meta

Overview of Metaverse

Metaverse (a compound word of “meta-” and “universe” meaning “universe”) is an improved hypothesis of the internet in which it supports a sustainable 3-dimensional virtual environment through computers as well as through virtual and augmented realities. In the past, there have already been several similar versions that seem to be like metaverse but more limited like VRChat or games like Second Life.

The metaverse’s current ambitions are primarily focused on addressing the technological limitations of modern augmented and virtual reality devices as well as expanding their use space for business, educational and retail applications. Many entertainment and social media companies have already invested in metaverse-related research and development in recent years.

Key Concepts in the Metaverse

+ Metaverse (single universe): virtual worlds developed individually by companies to serve one or some areas/activities in people’s lives (shopping, gaming, working, etc.) or even education, healthcare, tourism, etc.

+ Multiverse: when companies agree on a common standard so that individual metaverses can be mixed together to form a complete virtual world like the real world with full of activities in people’s lives

+ Omniverse (inter-universe, “parallel” universe…): when virtual worlds “nested” into each other, the universe inside another universe (for example, you play a game about the virtual world when you are currently in a virtual world)

The vision of Metaverse in the future

Currently, the world’s technology is in the first steps of forming a metaverse based on available materials and technologies such as 3D, VR, AR tools, etc. However, with the support of AI systems, Metaverse development speed will have great leaps in the future, in which it will be able to simulate the real world faster (for example, current animated movies, games have already been able to simulate real world views or people). In addition, the senses perceived in the virtual world are also being developed for the visual and auditory parts, and the potential in the near future will be expected to also perfect the touch, taste, and smell later on.

Moreover, in the future, devices that support entering the virtual world will also be designed in the direction of becoming more and more streamlined, and eventually there would be a time when the devices are so simple that the perception of the real and virtual world would be almost no difference at all.

Potentials and risks of Metaverse

Any opportunity always comes with risks and vice versa. Therefore for investors, we need to consider each side of the trend before making a final decision:

Potentials

The world in the metaverse shall be a world of infinite space, yet not subject to the usual physical principles of the real world. By that, users can move freely from place to place on Metaverse just by sitting in one place and jumping in a split second. Life in the metaverse will also become extremely different and limitless. People are free to express themselves in any way they want without fear of being prohibited by culture, customs, or even everyday morality.

Risks

If we are not careful, personal information can be stolen to create countless versions of ourselves in the virtual world, the versions that would do illegal/evil things that adversely affect our real-life reputation.

Moreover, in terms of investment value, the Metaverse has been criticized as a purely speculative and “over-hyped” method of public relations construction based on existing technology. In addition, stemming from the current challenges facing both the social media industry and the video game industry is privacy and the addictive impact that users are negatively attracted to the program.

Plus, information security in the metaverse is also an area of concern as the companies involved may collect users’ personal information through user interactions and wearable devices. Facebook is planning to build a sustainable targeted advertising mechanism in the metaverse, which raises other concerns regarding the spread of misinformation and personal privacy leaks.