What is the Metaverse? Well, the Metaverse seems to be taking over many tech news channels, it’s clear to see the immense buzz accelerating in the past few months and years. Even though the term itself is not new.
According to Neal Stephenson’s novel Snow Crash, the Metaverse is a collective virtual shared space. It’s an interconnected network of “virtual” environments linked through multiple user avatars.
Today we’re on our way toward this future vision – or at least trying to figure out how to get there. In this article we breakdown some of the key questions associated with the Metaverse such as:
- What is the Metaverse and what are its origins?
- How does the Metaverse work, and what are its features?
- How safe is the Metaverse, and what security measures have been put in place to protect users’ data and privacy?
- What challenges does the Metaverse face as it continues to develop, and how can these be overcome?
- Who’s behind the development of the Metaverse, and what are their plans for its future?
What is the Metaverse? and what are its origins?
The term “Metaverse” is made up of the prefix “meta” (meaning beyond) and the stem “verse” (a backformation from “universe”), which was coined by Neal Stephenson’s 1992 novel Snow Crash. Humans, as avatars, interact with one another and software agents in a three-dimensional space that is metaphorised by the real world.
Snow Crash (Novel by Neal Stephenson)
In his 1999 essay “In the Beginning… Was the Command Line“, Stephenson revealed the title of the novel as his term for a particular software failure mode on the early Macintosh computer. Stephenson wrote that “When the computer crashed and wrote gibberish, the result looked vaguely like ‘snow crash’ or static on a broken television.
In Snow Crash; a pizza deliveryman for the Mafia, named Hiro Protagonist, runs territory in what used to be the United States. Mr. Protagonist plugs into the Metaverse when he’s not working. This world is a networked virtual reality where people become self-created “avatars” and engage in activities ranging from mundane to the extraordinary. Ranging from simple conversations to fantastical sword fights. Stephenson’s Metaverse, like the internet, is a collaborative, evolving project that is always on and beyond the control of any one individual. People play the role of characters that travel through space in much the same way as they do in a video game.
What is the Metaverse? From Snow Crash Metaverse to Ready player one:
The next widely known Metaverse reference comes up in Ready Player One. A novel by Ernest Cline “Ready Player One” depicts the future in 2045 in which global warming and energy crises are rife. This results in social problems and economic stagnation. The only escape — in the novel — is a metaverse called the Oasis, which can be accessed with a VR headset and wired gloves.
Ready player one Metaverse versus facebooks Meta:
Who could have thought that more than 30 years later, Facebook would pivot their entire business to the Metaverse? Well in 2021 they did exactly that. Facebook announced that they changed the company name to Meta.
Since acquiring Oculus in 2014, Zuckerberg has been quite open about the new virtual social interaction and collaboration the Metaverse provides. Therefore it was only inevitable that this Metaverse pivot would happen.
Now as Meta, the Metaverse has now become front and center of Facebook’s aim of bringing people together from all corners of the globe. The Verge reported that the vision revolves around the creation of one unified virtual universe, connecting community, products, commerce, workspace, entertainment, creators, and much more.
It’s not just facebooks drive into the metaverse either. We could actually be much closer to delving into the virtual universe than one can imagine. VR headsets sales continue to soar, projected to surpass 34 million units by 2024, driven by VR hardware pioneers like Oculus, VIVE, Varjo, Pico, and many more.
What is the Metaverse? How does the Metaverse work, and what are its features?
Some of the features of the Metaverse
Digital Avatars
One of the central aspects of the Metaverse is creating digital avatars. Giving users the option to customize their avatars induces the idea of gamification, leading to an interactive and immersive experience. Consider the fact that there are 4.66 billion people using the internet right now. What if each of us developed AI-enabled Digital Twins that could go to the most isolated locations, share information, and interact with other avatars?
Hardware
When we think of the Metaverse, many people think of Virtual Reality headsets that will transport us to a dimension full of limitless interactive space. That is just one option for entering the virtual universe, however. Smartphones, tablets, PC’s, and laptops are all tools that allow us to enter the Metaverse.\
Infrastructure
The Metaverse is an online world that will continue to develop in the same manner as the internet today. Given this reality, it should go without saying that we’ll need powerful 5G towers to deliver high-speed connections, more capacity, and ultra-low latency when using the Metaverse.
Beyond the physical infrastructure necessary, the Metaverse will feature a similar number of interconnected realms to today’s internet, with nearly limitless numbers of websites connected. This implies that users will need access to methods for seamlessly traveling between one Metaverse world to another. All while keeping their avatar, 3D inventory, and other cross-platform characteristics.
Experiences
It is quite mind-boggling to imagine all of the physical experiences that we have in the real world coming under one virtual roof. Be it Zoom or Discord calls to our colleagues or getting into Monday morning meetings in the Rec Room. All of these scattered experiences will converge into one holistic experience, which will help us to navigate the infinite world. For instance, in the education space, students will join a shared virtual room and collaborate remotely. Teachers will take students through endless field trips and hands-on learning experiences through the click of a button.
Security
The metaverse will be a limitless wealth of data, therefore those in control of it must make certain that personal information is kept safely and deleted once no longer required. Blockchains can be utilized to help solve many of the issues that are currently plaguing the online gambling industry, specifically in regards to ethics and privacy. There will always be a need for secure transactions remotely, as well as the monitoring of individuals’ actions to verify that they are acting ethically, just like today’s Blockchain is an intriguing technology that may enable this to happen on a large scale, but we must also consider the company’s principles and ethics.
This three-dimensional, networked, immersive world will one day replace the two-dimensional internet that exists today for Silicon Valley visionaries. If you consider Fortnite’s enormous world, Facebook’s Horizon—a virtual-reality game in early development—and other big tech investments in similar products, as well as how the epidemic has motivated millions of people to spend their days immersed in online video, the metaverse is approaching reality than it was when Stephenson first envisioned it.
How safe is the Metaverse, and what security measures have been put in place to protect users’ data and privacy?
As the internet has shown, new technology always offers fresh dangers. The metaverse will undoubtedly add to these problems. Stalking, intimidation, and unpleasant behavior are all concerns that safety experts have when it comes to virtual or mixed reality environments. Misinformation and manipulation might be hosted in the metaverse.
There will of course be advertising, Without regulations to prevent it, advertising in the metaverse could make today’s TV and movie product placement seem like childs play. Imagine a world where products you have an affinity with seem to appear in every virtual world you in habit. Think minority report on acid!
What challenges does the Metaverse face as it continues to develop, and how can these be overcome?
We anticipate that the development of the metaverse will accelerate in the coming years with commercial applications driving many advertising and crypto-currency enabled initiatives (among others). Businesses looking at the metaverse will need to be mindful of the privacy considerations and ensure that best-in-class practices are employed, both in the development of and participation in the metaverse.
Here are some of the key themes:
Identity in the Metaverse (and reputation)
Personal identification and representation are comparatively simple in the real world. However, when it comes to virtual environments, or the Metaverse, proving you are who you say you are is fraught with challenges. For example, how do you even prove that you are who you are, instead of another person or even bot trying to mimic your existence? This is where reputation can play an important role in terms of authentication, and as proof that the entity one interacts with is legitimate. The main difficulty is in the ability to fabricate facial features, video, and voice, therefore we can expect new verification approaches to emerging in the future.
Data security in the Metaverse
Despite the fact that organizations and institutions continue to innovate their IT security systems, data privacy and security have long been a major issue for online users. Security measures will have to advance to a whole new level, approaching that of the Metaverse’s ever-expanding realm. This will require building new methods of personal data and privacy protection that will be able to ensure the safety of one’s identity and possessions in the virtual world. With that being said, personal identification might come to the point where users will have to provide significantly more personal data than what is expected today, to identify themselves and ensure the security system works efficiently, keeping personal data safe.
Payments and Transactions in the Metaverse
Cryptocurrency has been around for almost 30 years, with Bitcoin being one of the most well-known cryptocurrencies. The same can be said for online marketplaces like Amazon and eBay that connect millions of people all over the world. There is no question that the Metaverse will have its own version of a virtual marketplace, connecting different actual and digital currencies to enable speedy and simple exchange. Regardless of the currency and marketplace format, when it comes to transactions, it will be especially essential to develop a unique new transaction verification system. The challenge will lie in convincing users that they can rely on and most important feel safe while engaging in any trade within the Metaverse.
Property rights and ownership in the Metaverse
When we speak of a single virtual universe where you may interact with both the world and other people, such as in reality, it’s easy to imagine that you’ll be able to purchase and own different items and assets. NFTs (Non-Fungible Tokens) have picked up their pace of growth in popularity and have been making headlines in 2021 attracting more investors and users to the digital assets and tokens. The opportunity is to create a system that can be used to verify the possessors of virtual assets in the Metaverse, similar to how NFTs presently represent real-world items. The problem will be in developing a single system that may be utilized to authenticate holders of virtual assets in the Metaverse.
Laws and regulations in the Metaverse
The nature of virtual property will be scrutinized in greater detail, as well as the legal status and jurisdiction of everything that goes on in the metaverse. Nations states will be disrupted by virtual legal domains as engaging in the Metaverse raises questions regarding legislation and authority. It will be critical to figure out how you can apply jurisdictional rules in the Metaverse. As the Metaverse is bound to bring large numbers of users together, making it a place of great opportunity to connect and exchange, however at the same time makes users vulnerable in case there are no laws that regulate the boundaries. It will be a true challenge to identify jurisdiction as well as a set of legislations that can ensure the virtual space is safe and secure for its users.
Community and Networks in the Metaverse
As several years have shown, maintaining contact is one of the most important aspects of society, which may result in a significant network developing in the Metaverse for both professional and personal reasons. For many, Metaverse could become the environment to engage and form meaningful relationships. We are already used to communicating online, however, the Metaverse will become a space where people can feel both emotionally and physically present, taking the virtual human connection to a whole new level. A level that can provide smooth comprehension of presence and surroundings, accompanying visual fidelity with the ability to touch and feel.
Space and Time in the Metaverse
When comparing the real world with a virtual environment, time perception can differ. Users are less conscious of their bodies while inside Virtual Reality, thus they may experience time differently. The full immersion could unconsciously lead users to spend more time inside the Metaverse. Due to the possibility of a distorted sense of time, it is essential to set up mechanisms that will keep users in check with the real world. The second concept that should be looked at in the Metaverse, is the concept of space. Users may have a hard time immersing themselves into such a huge universe, attempting to comprehend the scope and diversity of information at once, as the Metaverse expands into an infinite void. Both time and space perception in the Metaverse will require guidance during the first steps of submersion, in order to ensure users will be both aware and comfortable while inside the virtual environment.
Who’s behind the development of the Metaverse, and what are their plans for its future?
Here are a few of the companies playing a role:
Facebook, which will debut as Meta Platforms on December 1, has stated that it wants to be recognized as a metaverse firm rather than a social media one. The tech giant, which has over 3 billion users, has been investing heavily in augmented and virtual reality and is building out its VR environment Horizon, which may be accessed through Quest headsets.
Roblox
The metaverse, as envisioned by the virtual world platform Roblox Corporation (RBLX.N), which went public in 2018, is a place where “people can gather together within millions of 3D experiences to learn, work, play, create, and socialize” according to its prospectus.
Roblox’s goal is to provide users and developers with the means to build digital reality. Its CEO has also mentioned future retail and commercial transactions on the platform, which is fueled by its Robux currency and Roblox economy.
Microsoft
Microsoft (MSFT.O) CEO Satya Nadella said in an earnings call this year that the firm was working toward building an “enterprise metaverse,” a merging of the digital and physical realms in its services.
Microsoft is one of the world’s largest gaming companies, with a role in several games. Xbox head Phil Spencer has mentioned a “metaverse” or mixed-reality construction.
Epic Games
Epic Games is a software development and digital media production company that created the wildly popular video game Fortnite, which has since expanded into social experiences like dance parties and virtual music concerts. Users may dress their avatars in different costumes and construct their own islands and games utilizing the service. Epic also owns Unreal, a leading gaming engine used to create video
Tim Sweeney, the founder, and CEO of Epic Games, has said that the metaverse will have to be a participatory, public place.
Nvidia
The company’s goal is to provide a comprehensive portfolio of integrated solutions that meet the needs of a wide range of businesses and sectors. The firm’s mission is to revolutionize the banking sector using blockchain technology. It wants to create an online ecosystem where customers can access any product or service without restrictions, regardless of location or currency, on their own terms.
Unity
Another firm that might sell metaverse-related tools or technology is Unity Software Inc (U.N), which produces software for the creation of video games.
Snap
Snapchat has long been developing custom avatars and augmented reality filters to overlay digital features in the real world. This year, it debuted its first true augmented reality glasses for developers to play with creating apps for them.
Autodesk
Autodesk (ADSK.O), a provider of cloud-based software for architects and engineers, develops programs that are employed by architects and engineers to design and create buildings and goods. It also creates virtual worlds for gaming and entertainment using its program.
Tencent
Tencent Holdings Ltd. (0700.HK), a Chinese technology giant, is the world’s largest video gaming business by income and has stakes in major game studios such as Epic Games and Activision Blizzard. According to The South China Morning Post, Tencent has filed many metaverse-related trademarks for its social networking site QQ this year.
Amazon
The metaverse has been speculated to be a potential Amazon.com Inc (AMZN.O) play, which is the world’s largest cloud services provider and offers a variety of media offerings.
In conclusion – the final word
Setting up the Metaverse might be both difficult and full of possibilities, even though we are still only on the threshold of a virtual universe. It’s clear that in order for the Metaverse to become a free place rather than a replacement for reality, it must be protected from tampering with or introducing any new elements. As much as one can be drawn to the virtual realm, it is important to remain aware, safe and secure in this new vast universe.