The meta-verse will face many challenges

Metaverse is a budding mega-theme involving companies from all technology sectors, including semiconductors, component manufacturers, application software, advertising and others.

While the meta-verse will make digital experiences more immersive, inclusive and accessible, it will raise social concerns ranging from data protection to other forms of online harm, and these will only continue if they are not explicitly addressed in companies. The current issues of security, trust, governance, identity, data protection encountered on current social media platforms are likely to be extended, if not exacerbated, to the metaverse and need to be redesigned. It’s a sure bet that it will follow a similar ad-based model, but it will be more immersive, integrated even more into most aspects of users’ lives and harder to regulate.

GlobalData defines the meta-verse as a virtual world where users share their experiences and interact in real time in simulated scenarios. It’s still largely conceptual, but it can change the way people work, buy, communicate, and consume content.

GlobalData’s “Metaverse – Thematic Research” report identifies the key trends affecting the growth of the theme over the next 12-24 months, divided into three categories: technology trends, macroeconomic trends and regulatory trends. He notes that the use of augmented reality (AR), virtual reality (VR) and advertising will be an integral part of the meta-verse, but these will highlight concerns about data protection. Factors include the breadth of personal data that can be extracted, the involvement of a large number of different developers and companies, its dissociation from any national authority and its unknown reach and potential. Metaverse developers should consider moderation behavior as a fundamental aspect, as harmful actions will only increase as more and more consumers sign up for the platforms. Failure to filter out toxicity will adversely affect the ambitions and reputation of the company’s metaverse.

Value chain

Without any standard definition yet, the metaverse means different things to different people depending on the nature of their business. This means that most companies can do what they want it to. To demonstrate the many layers and aspects of the metaverse, GlobalData’s report presents a thematic value chain that divides the components into four categories: foundation, tools, user interface, and experience.

Metaverset brings together a wide range of next-generation technologies, from artificial intelligence (AI) to blockchain and adtech. Over the next decade, the growth of the metaverse will depend on the maturity of its underlying technologies. The report also points out that the hype surrounding the meta-verse is largely focused on consumer cases. Gaming and social media companies are at the forefront of metavers development, but companies will lead in the next three years. This shift will be driven by the future of work and digital transformation initiatives across all sectors, from retail to healthcare and financial services. Big Tech advocates Metaverse, where Microsoft and Meta promote it as the ideal environment to support hybrid work.

In April 2022, Meta Platforms spent $ 10 billion building Metaverse 2021. The company is building the world’s fastest supercomputer to accelerate metaverse-related workloads, and it is expected to be completed within the year. Meta Platforms seems to have taken a big step towards making money on Metaverse with their Horizon Worlds virtual reality social platform. The company announced that it is currently testing a method for creators and developers to sell virtual objects and experiences in the three-dimensional worlds of Metaverse.

The ultimate goal

The ultimate goal of the metaverse is to become fully interoperable. Your customers and employees will probably one day be able to transfer their identities, assets, experiences and data from one platform to another. While nothing is certain yet, it is expected to be easy for them to shop anywhere, navigate all social connections and attend any meeting. The idea is that the current system of “brick gardens”, where each platform provider controls the data and sets the rules, will disappear.

This vision of total interoperability may prove to be utopian. But even a partial step towards facilitating transitions between platforms can create new confidence challenges. Without fenced gardens, you and your partners risk losing control of data. In response, a new approach to data collection, management, analysis and security may be needed – one that can follow your stakeholders wherever they go, while protecting their privacy and inspiring trust that encourages data sharing. This approach should include clear rules, especially for consent, so that your users understand who is using their data and for what purpose.

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