Five reasons why the metaverse is waiting

The metaverse: a magical, unknown place that, according to Bloomberg, could grow into an $800 billion market. It is more than a new form of interface technology, more than a 3D social media platform and much more than an extension of gaming, web 3.0 and the growing NFT market. In reality, the metaverse, like the Internet, is simply the next expression of the future of business as usual. But don’t get me wrong, that doesn’t mean we should all dive in blind. When McDonalds released its “Speedee Service System” with fifteen-cent burgers, it was a true revolution. But that didn’t mean we all had to eat burgers all day long for the rest of our lives. It simply answered a specific need, for a specific situation, within a specific society. And this also applies to the metaverse. Whether you’re in the B2B, B2C, or B2B2C world, you can’t ignore the metaverse. The opportunities are too great for that, but it also presents challenges. In this blog, I will take you through the main challenges that stand in the way of rolling out the metaverse.

Mass adoption still has a long way to go

Attempts to get people to flock to the metaverse have so far not been very successful. There is a good chance that the reasons for this are generational. Younger people who see gaming platforms as a ‘normal living environment’ are already in the metaverse. The problem lies with the established technology parties. They may not know how to connect with this younger age group. This makes it more difficult to ensure that the general public also moves to the metaverse. The secret? Ensure the content available is of high quality, develop features with greater impact, and build valuable use cases. And always remember that you are speaking to a community. And communities have fences and codes. For example, people who were previously on Second Life went there to escape from the real world, to connect with people like them, with the same language, interests or problems. If you try to invade this room, they will flee and find another place. But once you understand the codes and regulations and make sure these improvements are in place, implementation will accelerate. Just think carefully about why you need to be in the metaverse. If you can answer this question, you can take the step into the metaverse. The road is also important. Don’t make the mistake of going to the metaverse as soon as possible, but come up with a good strategy. Who is your audience? What do they need? And how do you address them?

Legal and technological framework

Another challenge lies in business. Industries and companies that are very different from each other must agree on new legal and technological frameworks. This is necessary to enable traceability of users and connectivity between their own environments. And it must be done in a way that gives users a hassle-free experience. Think about how you can easily walk from one store to another on a shopping street. That’s how it should be in the metaverse. Users must be able to move smoothly between different parties. It is important that each participant’s rights and intellectual property rights are guaranteed. Establishing partnerships that implement these changes can help with this.

Commercial conflicts

Big players are trying to own different parts of what should be an open and immersive environment. Because of this, they all have their own ways of managing or charging for access. Think about surcharges on certain in-app purchases and not wanting to exchange certain data. In this area too, there is a need for agreement on how these commercial conflicts should be handled.

Interests in a world without borders

The Metaverse’s greatest strength is also its greatest weakness. It is an online, immersive 3D environment that can be inhabited as if it were the real world. In this environment, not only the interests of commercial organizations and individuals but also the interests of governments meet. The metaverse is about privacy, shaping new social habits, compliance, taxation and determining which (trans)national authorities are responsible in a world without borders.

Data and security

The most important part of the metaverse is the data. The amount of data to be processed is likely to increase tenfold over the next decade as the metaverse takes off. After all, this concept cannot exist without the ability to process huge amounts of data. And it is not only about the amount, but also about the type of data. Think of all our biometric data, such as how often we blink and what we feel, which is picked up by iris scans and voice sounds, for example. How do we keep it safe? And how do we ensure that we continue to comply with the rules at the same time? Only in this way can we look after the interests of private individuals and companies. We all understand that there are security issues in the cloud and various other forms of online IT. The same problems exist in the metaverse, but on a larger scale. And that is a big problem.

So there are still a few big hurdles to overcome before we can get started en masse in the metaverse. Industries, corporations and government agencies must work together to ensure that the metaverse takes off and we can all enter this Narnia-like place.

To learn more about the metaverse, read the full white paper.

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