Why are many investors interested in Metaverse?
Last year, Mark Zuckerberg, the CEO of Facebook, changed the Facebook name into Meta as well as repositioned his company’s direction. This emergence has a huge impact since Facebook was originally an application based on Web 2.0 and this transformation makes people very captivating due to being a big organization, which many users around the world use its platform.
We commonly hear this word, Metaverse, so many times since we are currently in the digital age, which is information available through computers and people can access easily. Before discussing Metaverse, I would like to provide some information backgrounds that will help you catch up on why many investors are fascinated by Metaverse. As we are living in a Postmodern Era which is the subsequence of modern media-saturated which mixes popular culture into the content without any standards set rules whether is applicable or not. Some say it is the Golden Age of producing art, but some disagree due to no standardization. Plus, sometimes we cannot distinguish whether it is real or fake. The human may be afraid of such a thing; however, we cannot escape from the reality that the world always changes. Everything has pros and cons, and we themselves create all things. Even though you are not innovators, you, as a human, are still dependent creatures so you have to adapt and learn this evolution to survive in society.
What is Metaverse?
Metaverse, a portmanteau word between Meta and Universe, is one of stuff existing in the Postmodern era which is a virtual world for people to create their own characters without any limitations, have interactions, and do some activities with other individuals in the same space. Why is it so popularly mentioned in the current situation? Flashback to the 1992s, Metaverse appeared first time in a science fiction novel, named Snow Crash, written by Neal Stephenson, mentioning a 3D virtual reality space i.e., it is another world that allows users to interact with one another through the simulation of various characters, called Avatar. As time passes, everyone can thoroughly access the internet and technology with strong development. The scope of Metaverse is simply not only unlimited to our world, but also could be anywhere that characters in there are connected and interact with each other.
However, there is no exact definition for Metaverse. It is simply an ideal concept that everyone can adopt into their own stuff. The nearest thing that can be compared with is the World Wide Web of the future becoming a 3D model, constantly circulating, and transmitting business, data, and communication tools. Plus, it can be used simultaneously seamlessly as if simulating the physical world to be in a digital parallel world. I will give an example to make it more visual. When you are sharing the Google Doc with your friends, everyone who has the link will be able to edit and comment at the same time without any interference. Friends also can edit via iPad or other devices that support this platform.
It would never obviously exist if there was no COVID-19!
Last 2-3 years ago, we wouldn’t have seen the Metaverse ever happen very clearly like today since our lives still depend on traveling and having to communicate with real people. But with the Covid-19 situation has accelerated the development of a sudden change in our lives to be in the digital world. Social distancing has forced millions to work from home and do activities over a distance. This has led to the emergence of digital platforms such as Zoom or Microsoft Teams. It is undeniable that many people have become accustomed to simulating themselves as a character (Avatar) to interact with people in the digital world without borders. Also, we rather use digital platforms and online games than before. So that is why the concept of Metaverse began to gain attention from many people around the world.
In addition, the emergence of cryptocurrency and digital assets builds awareness for people that we could trade goods and services with fictitious money in the digital world consisting of intangible product ownership such as arts and online video clips. After being generally widespread, digital activities become more varied and accessible.
The near future is coming soon
Many giant investors, — Google, Meta, and Microsoft —have already invested in Metaverse because of our forthcoming platform, implying that we, general people, should be well-prepared for this intriguing evolution. In the long run, Metaverse will emerge more commonly and strongly since the internet is a key for developing the Metaverse concept to be the next most effective computing platform. Its concept is anticipated to enhance the internet platform to be a better version, maintaining an interactive virtual 3D environment and perhaps cannot distinguish whether it is hyperreality or not. I also believe that every prevailing digital platform — social media, games, and e-commerce — would gradually adapt this concept to its own, indicating that it would be very powerful. In a nutshell, we cannot ignore such incredible things as humans always deserve the best one although it sounds novel and unfamiliar to you.
So…who is exactly creating this trend?
Most people tend to realize that the trend is usually created by audiences but unexpectedly the companies themselves are able to create the trends for marketing purposes as well. They, as capitalists, highly expected that metaverse would have space for a company to trade goods and services, interact with customers, or give new experiences to customers, etc. We, as audiences, usually have curiosity; even you claim that you are ignorant, you still should know what the world is going on in order to survive in society and not to be a complete victim of marketing trends. However, as previously stated, humans are dependent creatures, the trends too. Both business and audiences help each other to draw the direction of how the trend is going to be. To illustrate, I will give you a clear example. The increasing interest in the Metaverse is peoplesearching on Google as well as mentioning about metaverse by using #metaverse on Instagram and Twitter, while many companies try to modernize their platforms productively and improve their platform to be trendy in the society
What is the pros and cons of Metaverse?
Pros of Metaverse
|Upgrading social interaction||Metaverse aims to improve communication to be more interactive and engaging. Since there is a COVID-19 pandemic, workplaces and educational institutions perceive that working from home and remote study could be another good choice for some occasions that we are not able to have a face-to-face meeting. Google meet, Zoom or Microsoft Teams are great examples of progress on Metaverse. I believe that now inventors try to adapt this idea to this application for users exploring the virtual offices or learning spaces while staying at home.|
|Creating opportunities for brands||Nowadays most businesses rely on social media as the primary platform for promoting brands, selling products, and engaging with the audience. Expanding marketing to a virtual space will give a special customer experience. For example, Epic Games has announced that they invested approximately one million dollars in paving the way for game developers to study and apply metaverse in their games.|
|Decentralization||Many of you feel that the internet is completely decentralized, implying that no one can control, censor the data, or even shut down the internet. Metaverse will also be evolved from the internet by using blockchain strategy to maintain decentralization concept, anyone will access this system without any interference from authorities. Yet, noting that this advantage come from the main goal of Metaverse’s ideal concept. If a company create their metaverse space and have a regulation without agreement or consent from the users, it is centralization.|
|Immersive experience||The 3D virtual world is very new to us and not surprisingly that everyone feels impressed with this high technology. Users will feel very realistic while they are doing activities in the metaverse.|
Cons of Metaverse
|Losing connection to a physical world||Metaverse aims to improve communication to be more interactive and engaging. Since there is a COVID-19 pandemic, workplaces and educational institutions perceive that working from home and remote study could be another good choice for some occasions that we are not able to have a face-to-face meeting. Google meet, Zoom or Microsoft Teams are great examples of progress on Metaverse. I believe that now inventors try to adapt this idea to this application for users exploring the virtual offices or learning spaces while staying at home.|
|Privacy and Security||It is a huge concern that always occurs. I believe that capitalists will not bring this concern up to be their main problem because undeniably audience’s data can make the benefits. Sad but true!|
|Cybercrime||This would happen because human is terrible. It has been existing since there is the internet even though every section, user, or authority, try to campaign this issue. Also, because of decentralization, the government does not have much power to control cybercrime.|
|Addition problems||Like the current situation. To elaborate this, people nowadays tend to be addicted to social media and sometimes ignore the physical activities that they are in that time; for example, while having dinner with family, happening in some houses, almost everyone uses their phone or have to watch TV every time they have meals. According to cyberscrilla.com, Kids and teenagers are the most risks which will affect their healthy development. Furthermore, they, growing up in a virtual world, will be difficult to differentiate between the real and virtual world due to being children.|
Finally, I hope that my first official blog will help you have a clearer vision of Metaverse because our lives will rely on it. The 3D virtual world is coming soon. If you want to see some brands that adapts the Metaverse, I will post them below this blog. Thank you in advance!
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