Now that virtual events have become an indispensable part of our lives, one new concept that has recently emerged is that of the Metaverse. It became popular after the social media giant Facebook announced to change its name to Meta and focus on developing its Metaverse. It was then that people started to study and research Metaverse and the endless possibilities it comes with. Now that Metaverse has become a common term among people, especially the youth, we find it necessary to address the pros and cons that come with this new concept.
We believe that a discussion about the benefits and drawbacks will help the audience understand Metaverse in detail.
This blog covers an overview of all the advantages and disadvantages of Metaverse technology which, we believe, would help you develop an unbiased opinion about Metaverse.
But before that, one needs to understand what Metaverse actually is.
The famous author, Neal Stephenson, defined Metaverse as the virtual event technology world where people interact with each other digitally, in the form of their digital representations, avatars. Many organizations have already started planning to capitalize on Metaverse. Apart from that, since the future of the Metaverse is not decided, it comes as a possibility of several advancements in the Metaverse.
Now that you know what Metaverse is, let us tell you the way it works. Gaining a brief overview of its working will help you get a better insight into the merits and limitations of Metaverse. To understand in simple terms, Metaverse is the virtual representation of the real world which is technology-driven. Metaverse allows us to engage in several activities just as we would do in the real world. You can play games, interact with people, work with your colleagues, and even party with your friends. The only twist that lies here is you will be doing all this from the comfort of your own home, but the experience will be nothing short of a live experience. All you need is a VR headset, and you are all set to enjoy real-life experiences in the virtual and hybrid event technology.
Now that you have an idea of what the Metaverse is all about, let us dive straight into the advantages and disadvantages that come with the Metaverse.
Advantages of Metaverse:
Immersive Work Experiences
In 2020, the world started facing the adversities of the Pandemic, and shifted online and realized the importance of remote working. All the global organizations started using online communication tools extensively and the popularity of these tools grew. Now, we have become so used to this mode that even after things have started to go back to normal, we are looking forward to using it in the coming time.
Even educational institutions around the world have adapted to the idea of distance learning in the event of in-person restrictions. We can say that the pandemic played a very vital role in the popularity of these communication tools. Metaverse technology is one step ahead of these virtual tools. It provides an immersive experience to the attendees, and they can make the most of the 3D Virtually designed environment. They can engage with their fellow attendees, just as they do in real-life. In short, metaverse provides an extremely immersive experience to the attendees, simply like no other.
Supports the Power of Blockchain
Here is another advantage of the metaverse which is that the Metaverse backs the power of Blockchain. Blockchain can be described as the foundation of digital currencies such as Bitcoin and Ether. Along with it, Blockchain facilitates the development of NFT. The metaverse promotes NFT-based games and provides a suitable environment for these games and blockchain environments.
Develop Virtual Economy
One thing that is going to become extensively popular in the coming days is the concept of the Virtual economy. With the expansion of virtual event technology, the virtual economy would also continue to grow in the coming time. In this scenario, metaverse acts as an exchange ground of digital assets with the same economic value. Also, Metaverse also holds an upper hand in introducing new activities and possibilities in the real as well as the virtual world. It promotes widespread utilization of digital currency, cryptocurrency, Non Fungible Tokens, digital currency ownership, blockchain gaming, and other finance applications.
Upgrade the Application of Social Media
Since all the social media platforms are two-dimensional. It is because of the fact that platforms like Twitter, Facebook, Instagram, and other platforms promote and are basically limited to screen-to-screen interaction. An immersive and exceptional social media interface would allow the users to interact with each other just as they would do in real life. A platform with heavy use of graphics allows face to face interaction with all uses for content made in virtual environments.
Disadvantages of Metaverse:
Advanced Technical Requirements
One big disadvantage of the metaverse is it comes with the basic requirement of advanced technical equipment. There are several requirements and involvement that come with metaverses such as VR Headsets, Blockchain, haptics, and many more. Along with it, to access the metaverse, one needs to have a fast and stable internet connection. Not everyone has access to fast internet or these highly advanced technologies.
One of the biggest concerns of digital technology and its users across the world is the security of the platform. As it requires the attendees to fill in their data, it becomes an extra concern for the organizers to maintain the privacy of the data. The security and privacy breach can create blunders and cost the organizers their entire reputation. Also, since the world of the metaverse is still developing, organizers are still unsure about the safety of these platforms. Since it is entirely online, the issues of security breaches might be observed in the near future.
Collapsing Gaps Between the Real and Virtual World
While the intent of the metaverse is to bring the real and virtual world together, it blurs the difference between the virtual and real-world completely. Apart from this, such technological advancements have become an addiction. It also affects the way people perceive their real-life relationships.
Concerns About Social and Cultural Impacts
Another disadvantage of this latest technology is the possibility of creating new norms that it comes with. Users across the world are concerned about the possibility that the metaverse can destroy the existing cultural values. They believe that use of this technology might lead to introduction of new cultural values that would be different from the existing ones.
Concerns About Its Utility
Another common concern that global users have regarding this technology is its utilization. People are thinking if we really need this advanced technology that will leave absolutely no difference between reality and virtuality. Along with it, there lies a constant concern if we, as a society, are really ready to share a virtual space? Also, what about its costs, and if it would do any good to human relationships or not.
Now that we know advantages and disadvantages of the Metaverse, it is clear that every coin has two sides. No matter how many advantages this newest technology comes with, it has its own disadvantages. Those who are thinking of getting their hands should note both sides and then make decisions accordingly.