Metaverse will face many challenges

Metaverse is a huge emerging topic involving companies from all sectors of technology, including semiconductors, component makers, application software, advertising, and more.

While the metaverse will make digital experiences more inclusive, inclusive and accessible, it will raise social concerns ranging from data privacy to other forms of online harm, and these issues will only persist if they are not explicitly addressed within businesses. The current issues related to security, trust, governance, identity and data privacy encountered on existing social media platforms are likely to extend, if not exacerbate, into the metaverse and will need to be redesigned. It’s a safe bet that it will follow a similar advertising model, but it will be more immersive, more integrated into most aspects of users’ lives, and difficult to organize.

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

GlobalData’s “Metaverse – Thematic Research” report identifies the most important trends affecting the subject’s growth 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 metaverse, however, they will highlight data privacy concerns. Factors include the sheer breadth of personal data that can be extracted, the involvement of a large number of different developers and companies, its separation from any national authority, and its unknown reach and potential. Metaverse developers should consider moderation behavior as a key aspect, as malicious actions will only increase as more and more consumers sign up for the platforms. Failure to filter toxicity will negatively impact the company’s metaverse ambitions and reputation.

value chain

With no standard definition yet, the metaverse means different things to different people depending on the nature of their work. This means that most companies can make it however they like. To demonstrate the many layers and aspects of metaverses, the GlobalData report presents an objective value chain, dividing components into four categories: foundation, tools, user interface, and experience.

The metaverse 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 core technologies. The report also notes that the hype around the metaverse is largely focused on consumer use cases. Gaming and social media companies are at the fore in overseas development, but companies will lead the way for the next three years. This transformation will be driven by the future of work and digital transformation initiatives across all sectors, from retail to healthcare and financial services. Big Tech champions the Metaverse, with Microsoft and Meta promoting it as an ideal environment to support hybrid work.

In April 2022, Meta Platforms spent $10 billion building the 2021 Metaverse. The company is building the world’s fastest supercomputer to accelerate Metaverse workloads, with completion expected by the year. It looks like Meta Platforms has taken a huge step towards monetizing the Metaverse with its Horizon Worlds virtual reality social platform. The company announced that it is testing a way for creators and developers to sell virtual items and experiences in the 3D realms of the Metaverse.

The main objective

The ultimate goal of the metaverse is to become fully interoperable. It is possible that one day your customers and employees will be able to transfer their identities, assets, expertise, and data from one platform to another. Although nothing is certain yet, it is expected that it will be easy for them to shop anywhere, navigate all social contacts and attend any meeting. The idea is that the current system of “walled gardens”, where each platform provider controls data and sets the rules, disappears.

This vision of total interoperability may turn out to be utopian. But even a partial move toward easing the transition between platforms could create new trust challenges. Without walled gardens, you and your partners risk losing control of the data. In response, a new approach to data collection, governance, analytics, and security may be needed — one that can follow 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 users understand who is using their data and for what purpose.

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