It is been nearly seven months since Facebook announced that it is going to be rebranded as ‘Meta’ and would concentrate its future on the metaverse. When top tech CEOs like Mark Zuckerberg and Satya Nadela talk about the metaverse, let us do a sneak peek into the challenges and opportunities with the metaverse.
Who doesn’t like an updated version of their phones, computers, laptops, and software, right? And there are people who love to see the updated version of the internet too. This is considered to be the ‘successor of the mobile internet’ which will go beyond our current experiences. What we have now is the two-dimensional viewing, browsing, working, socializing, and interchanging thoughts with others. It will be beyond this bringing new challenges. But along with challenges comes opportunity as it is often said as challenges are opportunities in disguise. For both consumers and companies, there are immense opportunities with Metaverse development.
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If we trace back the history of the word metaverse and where it came from, we would end up in Neal Stephenson’s novel Snow Crash. The novel is regarded as a dystopian cyberpunk novel and was released in 1992 in which a lot of genres are discussed. Similarly, a virtual reality dataspace is being discussed in Willian Gibson’s Neuromancer and the data space is called a matrix in it.
The metaverse is a user experience that is created by devices, with tools such as virtual reality, haptic gears, and augmented reality. The highlight of these sorts of tools is that they allow the sensing of users’ body motion and reaction to their experiences. Every other company is looking forward to creating metaverse platforms and also the operating system of the metaverse. According to reports, the estimated metaverse market value is $758.6 billion by 2026.
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One of the biggest challenges metaverse is facing is the lack of uniformity and interoperability between the different metaverse platforms. The biggest advantage of the internet is the HTML protocol. Using that, any user at any point of time, sitting anywhere in the world using any of the devices can browse the internet. HTML protocol is the unifying framework to enable the internet. Such a protocol is necessary for the metaverse for the free or smooth flow of interaction between the devices and metaverse. Delivering such capabilities is much needed in the metaverse platform.
Tools to set up the virtual reality and augmented reality in the metaverse platforms is a bit expensive compared to their existing counterparts and that according to the tech experts is a disadvantage. From the users’ point of view, they look for usefulness and it lacks because it is expensive. The result of this particular limitation is that only a small section of consumers will be able to use it.
In order to generate more value out of the metaverse, companies need to dig deep and investigate this platform. Only by exploring at that level will the companies be able to deliver a unique interaction channel and succeed in it.
The gaming and fitness industry has already found its success stories in this platform satisfying both the consumers and companies themselves. Research claim that the medical and healthcare fields also have a massive opportunity in front of them. Healthcare companies can even overcome the ‘geographical limitation’ they face through the metaverse. Entertainment, fashion, and publishing industries are among others that have plenty of opportunities that can be explored using the metaverse.
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Tech experts comment that this platform is still evolving and like any other experiment, this one too will have its challenges and drawbacks. But during the journey, these limitations and overcoming them will only make the companies more ready and equipped with the opportunities they will have in the future.
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