What is the future of the Metaverse?

The concept that emerged in the science fiction novel Snow Crash, by Neal Stephenson, ceased to live in fiction to be closer to reality.

The metaverse was popularized when Mark Zuckerberg decided to change the name of his company to “Meta”, appropriating this concept in a smart marketing move. But how far are we from this reality? What aspects of our life could impact? What are its challenges? How is it related to cryptocurrencies and blockchain? Why should you care? In this blogpost we will try to cover how little we know so far and how much we still ignore.

What will the Metaverse be like?

Much has been discussed about what the Metaverse will be like and what it will consist of, a subject that encompasses many interpretations. It is expected to replicate the physical world in a digital context allowing similar interactions to those we experience in our daily routine. We can define it as an online 3D virtual space that covers all aspects of users’ lives, in this new world we will not talk about people, but about users. It will connect multiple platforms like the Internet does, containing different websites accessible through a single browser. Virtual reality will shape this universe, where each user will control a character or avatar. For example, you can have a work meeting in the morning, play a game in the afternoon, and go out dancing with friends at night. In addition to supporting games or social networks, the metaverse is expected to combine economics, digital identity, decentralized governance, and other applications.

The Metaverse presents an infinity of opportunities for people and companies from diverse sectors and needs. For example, banks could finally tap into the global economy, or stores could provide a unique shopping experience by browsing virtual stores tailored to each user. The conception of value in digital intangibles and the possibility of dispensing with usual trusted third parties, is a breeding ground in which the metaverse has opportunities never before presented in the world of video games, education or business.

There are several actors involved in the creation and maintenance of the metaverse, from those who build the base technologies to the creators of NFTs and the producers of virtual reality.

Privacy and Regulation

The massive amount of data on the Internet raises concerns about trust and privacy. Some technology companies have recognized the potential issue of control and privacy and have started developing solutions to ensure decentralized control and protection of user information. Identity theft is one of the main concerns that the precursors of the metaverse have. If we think that each person will have their own avatar associated with various goods and services, identity theft can be a big problem that affects users’ trust.

Many believe that with the metaverse arrival, countries will have to embrace the digital economy in order to compete in the global digital and economic spheres, but many of the existing regulations will need significant adaptation to cover the Metaverse. We have already seen increasing regulation of cryptocurrency ads in recent years, ranging from a complete ban on crypto transactions in China to the adoption of bitcoin as legal tender in El Salvador, but in terms of identity and data control in the Metaverse, there is a long way to go.

It is clear that the Metaverse will cause a great change in the interactions between people, places and economies.

Cryptocurrencies, Blockchain and Metaverse

Cryptocurrencies may be ideal for the metaverse. They allow to create a digital economy with different types of tokens and virtual collectibles (NFTs). The metaverse would also benefit from the use of crypto wallets, such as Trust Wallet and MetaMask. Furthermore, blockchain technology can provide transparent and trustworthy governance systems.

There are already applications similar to the metaverse that generate income, for example Axie Infinity is a game to earn money (play-to-earn) that rewards users with digital money. SecondLive and Decentraland are other examples of successfully mixing the world of blockchain and virtual reality applications.

If we all work, socialize, and even buy virtual items in the metaverse in the future, we’ll need a secure way to safeguard ownership. We must also feel safe transferring these items and money. It is believed that the blockchain and cryptocurrencies can provide a necessary security that the metaverse needs to be implemented.

What is the future of the metaverse?

The metaverse has the potential to change various aspects of our lives. There are already some examples that are laying the foundations on which this new virtual world could be built.

Shopping

The metaverse is already changing the way we shop. IKEA pioneered its Place app, which uses virtual reality technology to place furniture in our rooms so we can see what things will look like inside our home or office.

Education

In the future, the metaverse is expected to provide immersive and engaging learning opportunities in various educational areas.

Children can already take lessons by transporting themselves to different places and at different times, using immersive virtual reality technology. In Poland, teachers are using the virtual reality game Half-Life: Alyx to teach science lessons. 

Health

The metaverse will provide new and innovative ways to take care of our health. Virtual reality counseling is now available and therapists are using virtual reality goggles to provide exposure therapy to patients, so they can experience their frightening situations in a safe and controlled environment.Companies like Skanska are also doing their health and safety training using virtual reality.

Surgeons are also using virtual reality technology to guide certain surgical procedures and can train for operations using digital twins.

Trips

Hotels are already using virtual reality as a marketing tool by creating immersive experiences like virtual reality tours around the world.

Conclusion

While a unified metaverse is likely a long way off, we can already see some hints of its formation. It’s not sure if we’ll ever really get to the point of a metaverse. But in the meantime, we can already experience metaverse-like projects and continue to integrate blockchain more into our daily lives. 

What is certain is that if the arrival of the metaverse occurs as some think, it will have an impact on various aspects of our lives. For companies it can mean both challenges and opportunities, the brands that are encouraged to innovate and try new communication platforms will have an advantage over the rest. At Lychee, as an ad tech company designed for the digital world, we encourage and accompany our clients’ innovation processes. Our technology supported by machine learning allows us to measure the results of campaigns on various platforms, we became an extension of our clients’ teams.