When Facebook — now known as Meta — declared its plans to embrace the technology and desire to alter the way we related again in 2021, the metaverse re-entered the conversation. Although the technology is still a few years away, it's becoming evident that the framework for a new metaverse-based Internet is being laid.
However, as with today's Internet, there are inherent hazards and security concerns, including privacy, financial, and mental health issues. We need to address these issues as we move toward a world of digital connectivity. While the entire potential of virtual reality environments is still being conceived and appraised, one thing is sure; the users should understand certain risk factors.
This article will explore risk factors for the users while using metaverse.
What is metaverse?
Metaverse is a new digital platform that uses Blockchain and digital identity technologies to link users through a shared metaverse or online 3D reality. Metaverse harnesses the potential of Blockchain to bring people together in a digital world to build, engage, and transact in a more efficient, secure, and cost-effective way.
"Beyond" is implied by the term "meta," whereas "verse" refers to the "universe." Furthermore, some people use the term metaverse to refer to virtual worlds in which players can travel and interact with one another; for example, a world in which developers can create buildings, parks, signs, and other items that do not exist in reality. Massive hovering overhead light exhibitions and well-known districts are among the attractions (where the rules of three-dimensional spacetime are ignored, and free-combat zones where people can go hunting and kill each other).
Why are Companies making investments in the metaverse?
The primary patterns suggest that the metaverse will be strategically employed for events, games, and certain forms of social interactions. With the spread of remote work beginning in 2020, it is conceivable to imagine several work situations that will profit from this notion.
This situation is the case with virtual meetings, product presentations, and games. Suppose employees are unable to participate in remote working. In that case, it may be a good idea for their virtual avatars to "meet in person." The conference will be more immersive as a result, and employees will be more engaged.
At the same time, if people gather at an event, meeting, or playing video games in their avatars, it is an excellent opportunity for the companies to promote their brands and earn more revenue than traditional advertising. Many companies like Stell Artois, Nike, Vans, Renner, Gucci, etc., have already started their investment in the metaverse. This initiative will, in turn, lead to the popularization of virtual reality.
Risks factors in Metaverse for Users
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This article is first published on www.blockchainshiksha.com
Written By: Shubhada Pande