There is room for the Metaverse in 2022, but the virtual space is far from perfect

It is difficult to resist the vision that Meta (formerly facebook) and other virtual world platforms. A digital utopia that can transform lives in multiple ways, be it how we socialize, work, or even stay healthy, is hard to turn down.

This is especially true when you consider that these platforms are described as the biggest technological disruption to human life and a multi-billion dollar opportunity for businesses. However, there is skepticism from some that this is all too good to be true, at least for now.

The technological architecture that would allow this promised immersive experience to come to life is missing. Take the example of the live performances used in the Facebook metaverse video in October. The idea of ​​experiencing those authentic real-world sensations through headphones seems far-fetched. What seems even more unlikely is that a virtual reality headset will become a must-have item in the home.

Most likely, advanced virtual reality equipment will be needed to allow us to immerse ourselves in these virtual worlds. However, customers have previously shown resistance to buying the often expensive and bulky VR headsets and other hardware. The first Oculus headset was released more than five years ago. It hasn't come close to the same widespread adoption as more compact and convenient hardware like the mobile phone or laptop.

Expensive equipment is not a necessity for the foundations of the Metaverse. Accessibility is key to start incorporating users to any technological innovation.

Pokémon GO is the perfect case study. The augmented reality game took users into the real world by collecting the titular fictional creatures. It was successful not only because of the attractiveness of the game, but also because of its accessibility: anyone with a mobile phone could participate.

Related: More games and less wins will make better Metaverse games

Use cases and the Metaverse

We've seen accessible metaverse platforms for some time now. Second Life was one of the first, having launched in 2003. But in its 19-year history, it hasn't come close to incorporating the number of users Meta predicted.

Decentraland is a newer platform and has taken off since the Meta announcement. It is capturing the imagination of businesses by incorporating blockchain and economic elements such as NFT and its MANA token.

With customers confined to their homes due to the global COVID-19 pandemic and the decline of brick-and-mortar stores, Decentraland provides brands with an opportunity to reinvigorate audience engagement.

Instead of just filling a virtual basket, companies have turned to these existing metaverse platforms with creativity in mind. JPMorgan bought virtual real estate and opened his own metaverse lounge. Suddenly, it doesn't seem too far-fetched to be able to create a real bank account in a virtual world.

Related: The Metaverse is booming, bringing revolution to real estate

There are more subtle tactics to get users to talk about a brand. Take pharmaceutical giant Pfizer, which gave vaccinated players a blue badge for their avatar.

It's not just the marketing team that gets their hands dirty in these virtual worlds. There are many opportunities for sellers to monetize content and profit from the Metaverse.

Blockchain technology has been waiting for this. NFTs are bringing real value to digital products and lend themselves perfectly to the Metaverse. Artists can trade virtual paintings, architects can sell digital real estate, engineers can auction off Metaverse-based vehicles.

Related: Blockchain-enabled digital fashion creates new business models for brands

Currently, fashion is the industry that generates the most interest. If the Metaverse becomes a staple of modern life, users will want to look good. High fashion brands like Dolce & Gabbana, Gucci and Louis Vuitton have sold NFTs and most have fetched premium prices.

E-commerce giants are also jumping on the bandwagon and creating a healthy and competitive space. Nike bought virtual shoe company RTFKT as it attempts to build a Metaverse-powered brand.

Acquisitions can be crucial for large corporations to survive in this rapidly changing virtual environment. Having a young, capable and trendsetting team can be the difference between sinking or swimming.

not without problems

Even though the rules of the Metaverse have yet to be proposed, let alone agreed upon, some of the problems that have plagued the Internet are already beginning to plague our shiny new reality. The recently released Horizon Worlds is Meta's first metaverse project for the Oculus VR headset. Already, Currency.com has reported about the sexual harassment that takes place in this metaverse, as well as the dangers that lurk in the corners of other platforms.

Toxicity on social platforms is nothing new, but resolving it in the Metaverse will be crucial if it is to be a digital utopia. Businesses and, more importantly, users will have a hard time buying into a future ruled by hostile virtual realities.

Related: If the glass slipper doesn't fit, break it: unraveling the myth of gender equality in cryptocurrencies

Meta has already implemented a solution in the form of a “safe zone” that can act as a protective bubble where no one can touch or talk to a user. It's also making blocking others as easy as possible.

While Meta has laid out these general plans for community moderation, it has yet to detail suggestions for policing a large-scale metaverse. Regulating hate, harassment, and free speech could be your biggest hurdle.

Horizon Worlds gives the impression that it is an experiment, testing the current capabilities of the Metaverse. There is no public timeline for the full metaverse release of Meta or any other similar platform. So, in theory, it could be years or even decades before the Metaverse becomes a part of everyday life.

This hasn't stopped companies from announcing metaverse plans or setting up shop on existing platforms, be it JPMorgan, Disney, Adidas, Coca-Cola or Gucci. But the confusing delivery times evoke comparisons to the dotcom bubble and its equally promising sales pitches. Without the delivery, there is every chance that this too will become a bubble with the related risk of eventually bursting.

Related: Why are major global brands experimenting with NFTs in the Metaverse?

With the dust from Facebook's rebranding yet to settle, it's too early to call it out. It is certainly plausible that there is a place for the Metaverse in the world, but it remains far from the immersive and idyllic vision being sold to us by those hoping to cash in on it.

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