Since the beginning of the COVID-19 pandemic back in 2020, virtual events have became a new addition to our daily work schedules. The Metaverse is a common term among our everyday lives since Facebook announced their name change and their shift in focus to develop the Metaverse, back in October 2021. However like anything, there are a list of pros and cons that come with this new concept.
The Metaverse has been defined as a virtual world where people are able to interact with each other via digital representations and avatars. You can play games, work with your colleagues and even party with your friends in a visual representation of the real world that is driven by technology. As you can guess, there are many companies and organisations that have started planning to capitalise the Metaverse already, despite the future of it not being decided as it is predicted that a quarter of consumers will use the Metaverse daily by 2026.
- During 2020, the word realised the importance of remote-working, all the global organisations starting using online communication (Zoom and Microsoft Teams for example) tools extensively. Educational institutions around the world then adapted to the ideas of distance learning. But the Metaverse is one stop ahead, providing a completely immersive experience in a 3D virtually designed environment like no other.
- Another huge advantage of the Metaverse is that it backs the power of Blockchain, the foundation of digital currencies like Bitcoin and Ethereum. This has brought about the development of the NFT (non-fungible token, a non-interchangeable unit of data stored on a blockchain that can be sold and traded) with the Metaverse promoting NFT games.
- Stemming on from virtual currencies, virtual economies will most likely become increasingly popular with the expansion of the virtual world.
- The main disadvantage that the Metaverse has it that the basic requirement is advanced technical equipment such as VR headsets, haptics and many more. Along with this, you need access to a fast and stable internet connection. But, not everyone has access to this.
- There are many concerns around privacy and security. A breach can and would cost the organisers their entire reputation and more. With the Metaverse still developing, many organisations are unsure about the safety of the platforms and are hesitant to get onboard.
- While the intent of the Metaverse is to being the real world and the virtual world together, it blurs the differences between them completely. This can affect the way people perceive the real-life relationships, which can be witnessed without the Metaverse.