The metaverse is an immersive virtual world that lets you interact with others in 3-D space using virtual reality (VR) or augmented reality (AR). You will use a digital avatar to represent yourself as you explore and build your own world. You will also have the ability to make and trade cryptocurrencies and other digital assets. The metaverse is expected to become a daily part of life for billions by 2040, according to a recent survey of technology innovators and industry leaders.
The concept of a virtual world in which humans can immerse themselves has been around for decades, but it has recently gained momentum thanks to rapid advancements in VR gaming and computing power. In 2021, Facebook rebranded its virtual world platform Second Life as Metaverse, and the company has been spending massive amounts to develop this new technology.
Despite the hype, it is too soon to say whether the metaverse will live up to its promise. In fact, its full potential won’t be realized until a wide range of technology companies can develop and deliver the necessary hardware and software that allows users to access and interact with the environment.
While some of these tech giants are rushing to build the infrastructure needed for the metaverse, there are other players that have focused on developing the technology’s core applications. These include social media platforms, workplace tools, investing resources and online shops.
The metaverse is set to bring about a number of changes that will fundamentally alter how we live, work and play. For example, it will allow us to travel to places that are impossible or impractical to reach in real life, such as outer space or distant cities. It will also give us the ability to create and inhabit personalized spaces, called “experiences,” that provide unique, one-of-a-kind activities.
However, there are also many challenges that must be addressed before we can fully understand and exploit the metaverse’s potential. Some of these challenges are technical, such as the need for better computing power and low latency, as well as security concerns, including cyberattacks. Others are societal, such as the potential for harmful effects on the physical and mental health of users, conflicting incentives among researchers and corporations, privacy concerns and the exploitation of vulnerable populations by bad actors.
Ultimately, the success of the metaverse will depend on how widely it is adopted and the degree to which it’s used for positive purposes. To help businesses and consumers prepare for this future, the ITU recommends that they: