Imagine a three-dimensional virtual world, which includes everything of our physical world, including human-beings (Sparkes, 2021). The metaverse is a virtual world with interactions on both social and economic aspects which uses certain technologies, such as blockchain, XR, VR, AR, and MR to make these interactions possible (Momtaz, 2022).
Some people expect the metaverse to replace the physical world in most aspects, while other see it as a game where you can form your own avatar and buy properties, land, goods and much more.
However, the metaverse is in some aspects outperforming the physical world. One of the most important aspects is the social aspect. The virtual world has a lot of opportunities that are not directly visible to individuals. One of these opportunities is the expansion of job offerings in the virtual world, whereby a shift towards remote working is expected internationally (Rospigliosi, 20222). A work visa, necessary documents or relocation costs are only examples of barriers that would diminish. For example, an individual in Peru looking for a job with a higher wage can work remotely for a firm in the U.S. without facing the barriers of entering the U.S. labor market. Therefore, the metaverse will diminish high entry barriers and make it possible for individuals living in countries with low-wage job offerings to get remote jobs from firms in countries with high-wages. This would be an opportunity to decrease discrimination and enhance diversity.
Furthermore, in comparison to the real world, the metaverse could be a pioneer in social sustainability (Momtaz, 2021). In the virtual world individuals are free to choose their gender, if any, race, sexual orientation, physical appearance and much more.
However, the metaverse comes with its challenges and limitations that need to be taken seriously if the virtual world is going to replace a lot of the physical world. One of most important challenges is privacy. The virtual world will contain lots of data and it is crucial and challenging to protect the privacy of everyone entering this world. Besides this, ethics and morals could be another challenge of the metaverse.
Next to the challenges, the biggest limitation of the metaverse is that the virtual world is still subject to censorship, and laws and regulations (Momtaz, 2022). Therefore, just like NFTs the metaverse could expect to face more difficulties in some countries than others.
References:
Momtaz, P.P. (2022). Some Very Simple Economics of Web3 and the Metaverse. Fintech.
Rospigliosi, P.A. (2022). Metaverse or Simulacra? Roblox, Minecraft, Meta and the Turn to Virtual Reality for Education, Socialisation, and Work. Interact. Learn. Environ.
Sparkes, M. (2021). What is a Metaverse. New Scientist, (251)3358, p.18.
Very interesting article highlighting the possibilities of the Metaverse. I have recently watched a presentation focusing on this topic, and I see some of the important points back in this blog. Indeed, I wonder to what extent the Metaverse will and can be regulated through government bodies. If I sell virtual property via the Metaverse to someone who lives in the United States, will there be any laws assuring my rights as the seller? Will these laws be imposed by Meta, the Dutch government, or the US government? And to what extent will economic and social principles hold true in the Metaverse? There are very exciting opportunities that come with the Metaverse, but one cannot deny that it comes with a fair share of uncertainties as well. Curious to see what the future holds! Good job on the blog 🙂
A very interesting take on the scope of Metaverse in the future. Some other use cases that I found intriguing myself was how ERP and Metaverse can combine to transform supply chain, and how it can be used by organisations operating heavy machinery such as oil and gas for maintenance and upkeep. I do have a question for you though, if we apply it in social interaction heavy use cases such as remote working, would it not lead to much more social isolation as well? Would love to know your take on it.
Very fascinating post Senem! The reduction in high entry barriers for remote working is an aspect of the Metaverse that I had not thought of before, and is quite interesting indeed. This would definitely provide much more accessibility to those in developing countries looking for jobs and hoping to gain better working standards. Another challenge, however, that Metaverse might face once it is adopted in a larger scale globally is that it might draw people away from experiences that they can enjoy in real life. I can very much see a part of the population that would much rather spend time inside the Metaverse than explore the real world. This is something that scares me, and I hope that we as humans are able to draw a fine line distinguishing the real from the unreal!