Table of Contents
- What is the Metaverse?
- Will the Metaverse Become the New Internet?
- What Technologies Will be Needed to Access the Metaverse?
- What are Some of the Challenges that the Metaverse Will Need to Overcome?
- Cybersecurity and privacy difficulties
- Incurred Costs
What Is Trust Wallet?
Although the metaverse had been around for years, it wasn’t until Mark Zuckerberg announced that his company Facebook was rebranding to ‘Meta’ to better position itself as a metaverse company that the metaverse hype started.
There have been conversations and debates on whether the metaverse, once fully developed, will have the potential to replace the internet as we know it today.
Read on to find out whether the metaverse will really replace the internet.
What is the Metaverse?
The metaverse is a virtual world – created parallel to the physical world – that will merge augmented reality (AR), extended reality (XR), virtual reality (VR) with artificial intelligence (AI), cryptocurrency, and blockchain technology.
In the metaverse, people will be able to spend their lives digitally by living, playing, and working in the virtual world. Users will be able to use personalized avatars to connect and interact with family, friends, and colleagues.
Despite being a new technology, the metaverse has a projected market value worth an estimated $758.6 billion by 2026.
Currently, a single metaverse does not exist as the technology required to support one metaverse is complex and will take a few years to develop. Instead, what we have is a collection of virtual worlds seen as early stage versions of the metaverse, like Fortnite and Roblox.
As the metaverse is still in its infancy stage, only time will tell whether we will end up with one metaverse or several metaverses.
Will the Metaverse Become the New Internet?
No, probably not.
The metaverse will most likely not replace the internet. At least, not anytime soon.
Instead, the metaverse will require the internet to function and provide services to users as it is being built on top of the internet itself.
In fact, the metaverse will likely be an extension of the internet as it will create a virtual world where people can interact as they do in the physical world. The only difference is that in the metaverse, human beings will be represented by avatars and utilize immersive gear to interact. As such, the metaverse will only enhance the internet as we know it.
People will still be able to carry out normal activities on the internet as they do today. The only difference is that the utilization of VR glasses or headsets will help to significantly elevate your internet usage experience.
What Technologies Will be Needed to Access the Metaverse?
The metaverse will be an interconnected system of different immersive technologies and services that will enhance a virtual world.
To bring the idea of the metaverse home, let’s use an example of mobile phones. In the initial stages, mobile phones were simple tools used to communicate via voice and text messages. But today, we have smartphones that enable us to do a myriad of things because of the technologies and services that have been interconnected in one single device.
However, achieving this took years of development and iteration. The same applies to the metaverse, and that’s why we are yet to see one single metaverse.
Even at that, there are crucial technologies and devices that users will need in order to access the metaverse.
For starters, immersive tech devices that support augmented, extended, and virtual reality will be a must. Secondly, ultrafast abd robust internet access will be crucial for the enjoyment of the metaverse. Last but not least, digital or cryptocurrency wallets, such as Trust Wallet or Coinbase, will be required to processes digital asset transactions across the various digital services in the metaverse. Currently Coinbase is the most popular cryptocrurrencey wallet in the USA but Trust Wallet is gaining in popularity.
Given that the metaverse is still being developed, there is a possibility that eventually, there will be additional technologies required. However, the above is as of now, the bare minimum you will need.
What are Some of the Challenges that the Metaverse Will Need to Overcome?
Now that we know what the metaverse is, that it will likely not replace the internet, and what technologies you need to access it, let’s take a look at some of the challenges that this new technology will need to overcome if it’s to succeed.
One of the biggest challenges that the metaverse needs to overcome is the lack of interoperability and uniformity amongst the different metaverse platforms that have currently been developed.
Interoperability means being able to interact between different metaverse platforms or devices without being interuptted. The challenge would be that the different metaverses might be built using different types of technology that don’t work well together.
The metaverse also faces a potential issue around monopolization. Only a handful of companies have had major control over today’s internet. Only time will tell whether the metaverse will face the same challenge where big tech giants end up developing and creating the metaverse.
Cybersecurity and privacy difficulties
To date, cybersecurity remains a major issue for companies and individuals. The metaverse is not void of this risk. Since the metaverse will be storing more than just your email address, any exposure that can be exploited by bad actors can lead to a data breach affecting your privacy.
Moreover, the metaverse will not only be a host for your personal info, but behaviors as well. This means that the metaverse will need to incorporate strong information privacy mechanisms and personal data for every user to guarantee close to zero personal data leaks.
There’s no denying that the metaverse is currently expensive. For instance, users need to own a supported digital currency that’s dependent on the metaverse platform they are accessing. Then, there are the issues of the personalization of the avatars and the tech devices needed to access the metaverse.
Accessing the metaverse will cost you money. And it might not be a few hundred dollars. The metaverse might not be user-friendly given that most of the technologies and devices are not lightweight or portable and thus not suitable (yet) for wide-scale adoption.
While there’s no denying that the metaverse could become a game-changer, it will likely not replace the internet but instead, enhance it. It’s a technology that is still in its infancy and needs more developmental work before it can be ready to be fully used and incorporated into people’s lives.
Another Interesting Article from Coin Desk
Mitsubishi, Fujitsu and Other Tech Firms to Create ‘Japan Metaverse Economic Zone’
The agreement is aimed at creating the infrastructure for an open metaverse and “updating Japan through the power of games.”
By Cam Thompson
Several major Japanese technology, manufacturing and finance firms are teaming up to create the infrastructure for an open metaverse to propel the nation’s Web3 strategy, a Japanese Metaverse.
IT services company Fujitsu said Monday in a press release it’s collaborating with nine other companies, including automobile manufacturer Mitsubishi and global bank Mizuho, to create an interoperable metaverse structure called Ryugukoku (TBD) that will be used to expand the “Japan Metaverse Economic Zone.”
The goal of the metaverse alliance is to help build the framework for corporations to tap into Web3 marketing, work reform and consumer experience initiatives, the press release said. Ryugukoku (TBD) will serve as a virtual world to connect users to different Web3 services created by companies and government agencies in the Japan Metaverse.
The platform will also implement “Auto-Learning Avatars,” which collect users’ information to provide a personalized metaverse experience. The “Pegasus World Kit” will help users create gamified metaverse experiences and its “Multi-Magic Passport” will provide identification and payment methods to facilitate interoperability within the metaverse space.
Japan has been working to integrate Web3 technology into its national agenda. In October, Prime Minister Fumio Kishia said the country would be investing in digital transformation services, including non-fungible tokens (NFT) and the metaverse. In November, the country’s Digital Ministry laid plans to create a decentralized autonomous organization (DAO) to help government agencies enter Web3.