Have you ever imagined a virtual world where people can hang out with friends, work, visit places, buy goods and services, and attend events if you have a vivid imagination?

If you enjoy being creative, you’ve certainly fantasized about a world where you can make something unique and carve out a niche for yourself. You can rent out your property for special occasions. Billboards can be used to promote your ideas.

If you answered yes, the events that are about to occur will not require you to think or envision, but will occur in real life. Did you realize that what you just visualized is Mark Zuckerberg’s metaverse vision of the world? It’s a location where folks can get the help they need.

What is the metaverse?

Have you heard of the game Second Life (launched in 2003) before I give you a quick summary of Metaverse?

Users can design their realistic avatars, meet other gamers, create virtual things, possess virtual assets, and trade goods and services with one another in this virtual world. And, if you’re wondering, that’s the metaverse’s world, right? No, this is simply a minor aspect of the metaverse. The phrase “metaverse” is not new; in fact, it was first referenced in Neal Stephenson’s novel “Snow Crash” (released in 1992). In Snow Crash, the supermarket is a 3D virtual reality area that may be entered using a personal terminal and virtual reality glasses. The user perceives this 3D scene as an urban environment.

Many analysts consider the metaverse to be a three-dimensional version of the internet. It’s essentially a place that exists alongside the physical world. It’s a place where you and other individuals each have an avatar and interact with each other through it. The metaverse, on the other hand, is far more diffused, democratic, adaptable, and diversified, suited to interaction and role-playing.

Metaverse, which is powered by virtual reality (VR) and augmented reality (AR) devices, allows users to have incredibly realistic experiences.

Problems that may occur in the metaverse

Personal perception

In the metaverse, people can take a 3D avatar and make their own avatar or create a fictional character. They like to present the ideal version but forget the real version of themselves. When asked about Facebook’s metaverse plan in an interview with the New York Times, former Google CEO Eric Schmidt suggested that the benefits the metaverse has over the real world could make people abandon the existing world. I am here to advocate for a digital utopia, which may not be the best thing for human society.

Data theft

On February 23, Meta, Facebook’s management firm, launched a number of projects centered on artificial intelligence (AI) technologies that would aid in the future development of the metaverse platform (virtual universe). Many people believe that the new metaverse devices will include a set of sensors capable of collecting data from both the user and the mobile phone.

Many individuals do not believe in the metaverse, which is an important aspect to remember. When recalling the issue, the corporation was still in grave difficulty after whistleblower Frances Haugen revealed records soon before February 23. internal. The previous product manager went out and alleged that Facebook was purposely damaging teenagers with inappropriate information by “placing profits before people.” This infuriated the users.

Harassment status

Many people were worried about abuse and sexual harassment in cyberspace as soon as Facebook or Microsoft set their eyes on the metaverse.Because virtual universes allow people to meet, interact, and play games together, and participants are represented by virtual dolls with parts such as heads and bodies, there will be a situation for sensitive photos, creating an increasingly lifelike experience. However, there is no convenient mechanism to report misconduct on this platform.

Fake news

As you know, along with the development of social networks, fake news also has an environment to arise and spread. Meanwhile, the public’s awareness of and ability to identify fake news is still limited.This situation can also appear in the metaverse. Without proper regulation in the metaverse, many people contribute to the spread of hate speech and fake news.

Cryptocurrency scam

According to a Chainalysis report, cryptocurrency scams will hit a record $14 billion in 2021, more than double the $7.8 billion mark in 2020. The North American Securities Administrators Association (NASAA) also said that cryptocurrencies are the biggest threat to investors. If not properly managed, the metaverse can act as a “no-man’s land” for criminals to take advantage of. For example, fixing smart contracts, buying and selling fake NFTs, or convincing users to spend real money on products and services that do not exist.

The development potential of metaverse

The growth of NFTs

Practically speaking, the idea of creating a digital universe is not new because it has always existed in games and on websites.

However, the NFT digital asset craze is driving the digital commodity economy, and platforms that provide augmented and virtual reality are experiencing virtual experiences more like reality. With the online world changing, people want to be able to create and display unique digital identities and experiences.

I will give examples of NFT projects for you to understand easily!

Decentraland Project: It is a software running on Ethereum that aims to incentivize a global network of users to operate a shared virtual world. Decentraland users can buy and sell digital real estate, and explore, interact, and play games in this virtual world.

Sandbox Project: Sandbox is a game developed based on Ethereum, where you have full rights to create, share, earn and manage your assets without going through any game operator.

Project Star Atlas: A virtual reality game based on the idea of building from space in the future 2620. This is a game that both entertains gamers but still profits from NFT tokens.

New race of technology “Big Guys”

According to experts, following the development momentum of 2020 and 2021, 2022 will be the year that technology names will step in and create a virtual universe of their own according to their vision.

Remember, Chief Executive Officer (CEO) Mark Zuckerberg announced on October 28 that he would change the name of Facebook Company to Meta Company. Facebook application with nearly 3 billion users / month still retains its name.

Since that time, the number of searches for information about “metaverse” on Google has skyrocketed. Before the potential of Metaverse, in addition to Facebook, Western technology giants in various fields such as Microsoft (specializing in software and computer support services), Nvidia (specializing in graphics and chipsets), Epic Games and Roblox (game companies), Match Group (online dating service) and many other companies are looking for ways to research to make Metaverse a reality.

Specifically, CEO Mark Zuckerberg of Meta company has committed a $10 billion investment over the coming years in the implementation of Metaverse.

In November 2021, Microsoft announced a platform called Mesh, with the ability to create avatar avatars, create virtual meeting rooms for employees as well as share text files using Microsoft Office.

In China, ByteDance has expanded aggressively into gaming in 2021. In August last year, the company acquired virtual reality headset maker Pico. NetEase, one of China’s gaming giants, has set up an office in Hainan province, focusing on the development of metaverse applications.

According to Bloomberg, in 2020, the market value of the metaverse has reached nearly 500 billion USD, and may reach 800 billion USD by 2024. The report of investment firm Grayscale also shows, the number of users joining the platforms metaverse (virtual universe) has now increased more than 10 times compared to the beginning of 2020.

Closing thoughts

We can see that the development potential of the metaverse world is very high. However, no one knows for sure how the metaverse will come to be. There are so many ideas around metaverse, some good and some not so good. The only thing that we know for sure is that building the metaverse will require a lot of trial and error.

See ya in the next article !

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