Metaverse Myths: Is the future in virtual worlds?

The Metaverse is one of the hottest topics today. It refers to the new era of the Internet, often associated with virtual reality (VR) headsets. However, users can also access it with augmented reality (AR), and some platforms that are not solely based on AR or VR have claimed to be part of the metaverse.

Theoretically, the metaverse surrounds the idea of creating virtual digital worlds and realities similar to real life. Thus, users can communicate, sell virtual items, shop, study, work, play games and much more just like in the real world, but in a virtual space. Blockchain technology is integrated in metaverses and allows the users to solve issues related to personalization, identification and confirmation of ownership.

The concept of the metaverse, a virtual universe where people interact and engage in various activities, has gained significant attention in recent years. As discussions around the metaverse continue to grow, so do the myths and misconceptions surrounding it.

Myth 1: The Metaverse is a Single Virtual World

The metaverse is not limited to a single entity or platform. Instead it is a network of interconnected virtual worlds, each with its own rules, environments, and user communities. These virtual worlds themselves can be gaming realms, social spaces, educational platforms, and even simulated work environments. The metaverse is a collective term which combines in itself all these diverse virtual experiences.

Myth 2: The Metaverse Exists Only in the Distant Future

While the idea of a fully realized metaverse may seem futuristic, it is important to understand that elements of the metaverse already exist today. The concept of metaverses covers many different aspects – gaming platforms and virtual marketplaces are the current presence of the metaverse. However, the general idea of implementing metaverse in human life is still in development because it requires further technological advancements and widespread

Myth 3: The Metaverse is Exclusively for Gaming

As the metaverse itself is based on the gaming mechanism, the game industry is the one playing the most significant role in developing virtual realities. However, the metaverse potential goes far beyond in usage for various industries and purposes. For example, virtual spaces can be revolutionary for collective activities which can be adapted for remote purposes such as studying or working.

By 2030, it is likely that more than 50% of events will take place in the metaverse. For more than 80% of stores, an alternative in the form of virtual shopping may appear. Very similar statistics are predicted for tourism and education.

As we can see, many well-known venture capital and technology companies have recently joined the metaverse market. Fashion houses, global brands and public figures have not left this trend unattended.

There is also a huge space for virtual realities to emerge with real life by making copies of material objects, real life offers or intellectual property with blockchain technology. For example in sports, NFTs are used to trade authenticated collectible content. These can be cards or interviews of athletes, records of goals scored, and so on. One of the most striking examples is the NBA Top Shot from Dapper Labs. Also, NFTs can be used as tickets for matches or passes to special zones. They can open access to VIP content, working as a subscription.

The Metaverse may also be well for generating income. For example, advertising: events are held inside Fortnite, combined with what is happening in the real world. That is, advertisers can get a virtual world created specifically for them. And the creative mode provides almost limitless possibilities for customizing costumes, game plots, and even individual in-game worlds. This is where blockchain technology comes in handy. NFT can protect the rights to digital property, virtual real estate and land.

Myth 4: The Metaverse is a Perfect Virtual Utopia

Just like the real world, the metaverse will face its share of challenges, including governance, privacy concerns, and economic disparities. Issues such as moderation of content, digital rights management, and ensuring user safety will need to be addressed to create a sustainable and inclusive metaverse. The technology is not intended to replace the physical world. It can provide new ways of socializing, entertainment and commerce, but it cannot fully replicate the richness and complexity of physical interactions.

The potential of the metaverse is inexhaustible. It will take a long time for developers to integrate the concept of metaverse in our daily life. But with the constant evolution of technologies and with the help of artificial intelligence the internet experience will definitely get into the new level.