The metaverse is a universal virtual world rapidly evolving into the next big thing online. A significant amount of money is being invested in creating the metaverse, and no one knows precisely how it will operate once it’s fully implemented. Metaverse is one of the key aspects of Web3, and I also recommend reading and downloading the Web3 infographic. This infographic covers the business value of Metaverse, what Metaverse is, how the metaverse works, and the risk related to Metaverse. You can download the PDF version of this infographic here.
1. WHAT IS A METAVERSE: A metaverse is a digital space where people meet and interact virtually. Some current metaverse-adjacent platforms operate as games, some as social networks, and some as places where people go to create and distribute content. The metaverse can be considered a future version of the Internet which incorporates virtual reality, augmented reality, and real-time 3D graphics. It will be accessed via mobile phone or virtual reality headsets. The word metaverse was first coined by the novel “Snow Crash” in 1992. Rather than just one, there will probably be several different metaverses in the future, though it’s likely that there will be some interaction between them.
2. WHY METAVERSE IS IMPORTANT: Many companies have announced they will invest heavily in the Metaverse including Meta (formerly known as Facebook), Microsoft, Google, Nvidia, Apple, Intel, IBM, Nike, Disney, and many others. The metaverse market size is predicted to reach as much as $800 billion by 2024; many professionals will be needed to create products and services for this new interactive digital environment.
3. BUSINESS VALUE OF METAVERSE: Having a presence in the metaverse, will enable companies to expand their current client base and offer new products and services difficult to imagine today. It’s virtually certain that metaverse users will be able to register, trade, and circulate multiple types of digital assets. The metaverse will provide a more immersive experience than the current Internet, allowing better forms of education and entertainment than we currently have. The metaverse is about connecting the world in a way that we have never seen before. The rise of a truly new interactive online experience will change how we do business and make transactions.
4. HOW THE METAVERSE WORKS: The metaverse should not be owned by one company, but rather a blockchain-based public infrastructure where decentralized data and applications will remain open source for public use. It should enable users to manage their personal information and assets in decentralized digital identities. It should also create value and co-create products and services together. Technologies such as artificial intelligence and Web3 will be crucial elements of the metaverse.
5. RISKS RELATED TO THE METAVERSE: It is difficult to predict the future of this still-developing technology and analyze critically how to build the digital foundations of a place that may be equally beneficial to everyone. There are privacy concerns, as virtual reality systems will be able to track your movements in the metaverse, and new opportunities for commerce will doubtless lead to new opportunities for cybercrime. Spending long hours a day in a virtual environment is also likely to pose addiction challenges to some. Substantial funding needs to be allocated to researching the potential negative aspects of the metaverse before it is fully developed. This may include auditing of all metaverse products and services by third-party validators.
You can download the PDF version of this infographic here. Also, check these related infographics: