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Metaverse: Challenges & Opportunities

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It is often said that challenges are disguised opportunities. This mantra certainly applies to the metaverse, where many challenges present tremendous opportunities for consumers and businesses.

As reviewed by Internet 2.0 Conference’s speakers, the metaverse is being billed as a phenomenal new, highly immersive experience, as well as the "successor to mobile internet," going beyond our current two-dimensional experience of browsing, viewing, working, socializing, and interacting with others.

The metaverse is a user experience generated by devices and tools such as virtual reality (VR), augmented reality (AR), and haptic gears that detect users' body motions and reactions to the experience. Furthermore, the software platforms enable the creation of those experiences to shape the metaverse.

Experts from IT conferences of 2022 believe that the metaverse market value is estimated to be $758.6 billion by 2026.

This article will focus on three critical challenges the metaverse faces, in addition to cybersecurity and privacy issues.

Interoperability Of Platforms

As will be discussed at upcoming tech events, one of the most difficult challenges is the lack of interoperability and uniformity among the various metaverse platforms.

The HTML protocol served as a unifying framework for the internet's development. HTML allows you to access the internet from any browser on any device. A similar protocol is desperately needed to facilitate user movement between metaverses and devices.

The alternative has a few dominant players with integration protocols or APIs, similar to how Apple's iPhone and Google's Android operating systems dominate. Users can still exchange information and connect despite having different devices, and Metaverse devices and media must provide such capabilities to users and content providers.

Utility & Ease For Consumers

The utility is primarily determined by ease of use, while users are determined by the different content and apps that consumers can experience across multiple metaverses.

For consumers, usefulness means that it is worthwhile to invest their time and money in playing, purchasing, and interacting with content, as well as collaborating with others in the metaverse.

Companies' Value

To succeed, businesses would need to generate value from the metaverse. To achieve this, businesses across all industries should investigate this new platform and explore it as new delivery and interactive channel in an omnichannel delivery architecture, similar to how companies engage with or deliver their products to customers via the web, social media, or smart speakers.

The Evolution Of The Metaverse

Early successful opportunities for businesses and consumers exist in the gaming and fitness industries. On the other hand, other industries can create valuable user experiences and products.

For instance, metaverse implementations have proven effective in medical education and training.

The publishing and entertainment industries also have opportunities that will undoubtedly provide unique metaverse experiences. Other forms of entertainment, such as movies, can offer immersive, interactive, one-of-a-kind, and elevated experiences.

When considering the metaverse as a new delivery channel, it can provide more than simply regenerating existing content into the new platform. It allows the creation of an interactive version of the content with which users interact.

This is a critical step in the process of creating content that is relevant, competitive, and unique to the metaverse. An interactive user design experience would have to drive and guide it, and the design should emphasize interactions with the environment and external devices that enhance the immersive experience.

The metaverse is still evolving, and some argue it is still in its infancy. We are still far from having fully integrated or dominant metaverse platforms with a diverse set of usable apps and devices. This should not deter businesses from experimenting with and exploring content and service delivery on these platforms. That is why upcoming tech events like the Internet 2.0 Conference will focus on rising opportunities in the metaverse.

Kashif Ansari

Passionate about technology, Kashif, a part of the Internet 2.0 Conference’s organizing team, loves listening to podcasts focusing on the launch of innovative new tech tools. The upcoming edition of the Internet 2.0 conference will offer attendees the opportunity to learn from some of the world's best technology experts and gather information on scam/fraud prevention strategies, everything that’s new in IoT, robotics, cloud computing, and much, much more.