The Future of the Metaverse: Insights from David Shrier
Crypto.news spoke with David Shrier, author of the book ‘Basic Metaverse,’ to discuss the potential of the virtual world. Recent reports suggest that the global metaverse market could reach $1,237 billion in revenue by 2030. However, security and privacy concerns may hinder its growth.
The Potential of the Metaverse
Shrier emphasizes that the metaverse is not limited to Meta, Mark Zuckerberg’s company. The market includes augmented reality and three-dimensional browser-based metaverses like Roblox and Minecraft. Despite the NFT market experiencing a healthy correction, viable products in the NFT space continue to thrive.
Challenges for Mark Zuckerberg’s Metaverse
Shrier attributes the failure of Mark Zuckerberg’s metaverse concept to being too early in terms of technology. Virtual reality has limitations such as motion sickness and gender-differentiated usage barriers. These challenges hinder widespread adoption.
Privacy and Deepfake Concerns
Shrier acknowledges that privacy and deepfake concerns are valid. Blockchain technology can help establish unique digital identities anonymously. Additionally, artificial intelligence can both create and detect deepfakes. In the near term, corporate use cases are expected to dominate the metaverse space, such as virtualized training environments.
Metaverse Adoption in Developing Countries
Developing countries tend to embrace metaverses due to limited access to real-life events and their technological optimism. Economically prosperous countries often take technology for granted, while developing nations see metaverse technology as a solution to their problems.
Risks of Disinformation in the Metaverse
The metaverse provides an engaging platform for spreading disinformation, making active defense crucial. Shrier suggests that regulation, disinformation detection groups, and AI technologies can help combat this issue.
Regulating the Metaverse
Shrier highlights the importance of principles-based regulation to support innovation while protecting consumers. Commonly accepted standards and interoperability are key. Rules-based regulation is not ideal due to the rapid evolution of technology.
The Future of Brain Implants and Augmented Reality
Shrier predicts a three-stage evolution of metaverse access: lighter, cheaper, faster devices; invisible technologies like contact lenses; and implantable solutions. While current technology is immature, brain implants and augmented reality experiences will likely become a reality in the future.
The Role of Cryptocurrencies in the Metaverse
Cryptocurrencies will play a significant role in the metaverse as portable identities require money to move seamlessly. The embrace of cryptocurrencies by mainstream financial services indicates their continued growth.
Hot Take: Embracing the Potential of the Metaverse
While challenges exist, such as security concerns and privacy issues, the metaverse holds immense potential for transforming various aspects of our lives. As technology continues to evolve and overcome its limitations, we can anticipate a future where interacting with virtual worlds becomes more seamless and immersive. It is crucial to address regulatory and ethical considerations to ensure a safe and inclusive metaverse experience for all users.
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