The growing popularity of Metaverse has resulted in a boom for Metaverse development companies. Metaverse technology is undoubtedly becoming more and more popular amongst tech enthusiasts as well as non-tech enthusiasts because of the unique offerings it has for the audience. Ever since Mark Zuckerberg changed his company Facebook’s name to Meta during the pandemic, social media was taken by stir and Metaverse became a massive topic of discussion among people from different demographics and regions alike. Gartner predicts that by 2026, 30% of businesses will have Metaverse compliant products and services ready for their audience to experience. This means that businesses have set a benchmark of less than half a decade to launch their presence in the Metaverse. With the growing demand of Metaverse tech, the world is seeing a whole new avenue of employment for professionals who understand technologies like Metaverse, Blockchain, Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), Non Fungible Tokens (NFTs), Cryptocurrency, Internet of Things (IoT), Machine Learning, 3D Reconstruction, Cloud, Spatial Technologies so on and so forth. In this article we will tell you about what the Metaverse exactly is and the 3 basic ethics businesses must follow while working with a Metaverse company.
What exactly is the Metaverse
The term Metaverse has very recently came into massive limelight, however, it was first coined in Neil Stevenson’s sci-fi novel “Snow Crash” published in the early 80’s decade. The word “Meta” comes from a Greek prefix and preposition which means beyond or after and “Verse” refers to the universe. Together Metaverse means beyond the universe. As the name says, this technology is indeed beyond the universe in every sense possible. Metaverse is envisioned to be an immersive virtual platform where people can carry out their day to day activities like working, studying, shopping, entertainment, leisure etc. This platform is 3 dimensional, contrary to the 2 dimensional digital interactions we have today in Web 2.0. It will allow people to not only engage and interact with one another, but will also allow people to just exist on it without needing to interact with one another. This means that people can carry out a virtual life in the Metaverse based on their imagination whileparallely living their real world life. Yes, people can buy land, property, cars, clothes, avatars, token and much more and add to their virtual world collection in the form of Non Fungible Tokens (NFTs). Gartner predicts that by 2026, 25% of people will spend at least 1 hour in the Metaverse every single day, these numbers are huge and are only going to grow bigger and multiply with time.
A very unique offering of the Metaverse technology is that it is completely decentralized. No single entity or groups of entities can control or hold any monopoly in the Metaverse whatsoever. Unlike Web 2.0 where top tech giants limit the access of individuals and hold a monopoly in the digital presence and movement of users, the Metaverse will free users from all such limitations and allow them to have complete control over there digital footprint and actions on the platform.
This makes it even more appealing for users as it gives them more authority and ownership of their digital presence and movement, which is currently lacking in our existing digital interactions. All in all, Metaverse is the future of digital interactions and tech giants and top investors from around the world are pumping in millions of dollars to make this technology a global mass adoption.
3 Basic Ethics Businesses Must Follow While Working With A Metaverse company
Since Metaverse tech is envisioned to take over the world of digital interactions, businesses are shifting their focus on making their products, services and engagements Metaverse compliant. Many brands like Adidas, Gucci, Nike, Coca-Cola, Samsung, Hyundai etc. have already made their debut in the Metaverse and people are appreciating this new way of digital interactions as compared to the traditional way that currently exist. Since a majority of brands are strategizing their entry in the Metaverse, there are a few points to keep in mind while working with any Metaverse development company, below mentioned are the top 3 ethics businesses must keep follow at all times.
1. Copyright Issues
In an environment like the Metaverse, copyright issues can be a very sensitive and critical topic of discussion. Cybercriminals can potentially duplicate or create digital twins of assets without underlying Blockchain technology and exploit these assets with great risk to the owners. With the Non Fungible Tokens (NFT) market growing exponentially, copyright infringement is not only difficult to track but also hard to identify. Businesses must be uptight about their copyright compliances and legal bindings with their Metaverse development company to avoid any breach of security and safety of user data. And both, the brand and the development company need to be in sync with their copyright tonality and approach.
2. Privacy Concerns
Since the Metaverse is a very new concept for tech professionals to work on hands on, we cannot rule out the possibility of privacy breach instances on the platform. Even though Blockchain technology is considered to be one the safest, the Metaverse can pose greater risk of security as compared to current social media platforms. This is because Metaverse environment owners record purchases and trades on third-party Blockchains or database which limits the privacy of individually identifiable information. This information can be collected from public Blockchain records and can be tampered without being identified or tracked. Businesses need to ensure that they scrutinize their privacy policies to provide their users with an inclusive and safe environment.
3. Online Dispute Resolution
Currently, there is no centralized authority or jurisdictional framework to govern and monitor Metaverse related disputes and feuds. It is in the hand of businesses to govern user disputes and resolve them in the most efficient and fair manner possible. Because of Blockchain, it becomes easier to hide and remain anonymous to validate any kind of fundamental or jurisdiction breach, hence businesses must pan out their ability and approach towards resolving such disputes with their development company beforehand to avoid any sort of mishap, risk or damage to the user, environment or the brand itself.
Keep in mind the above pointers while panning out your Metaverse entry and we wish you all a safe & secured Metaverse journey!!
FAQS
What is the scope of metaverse?
The potential for the metaverse is massive. The idea of buying and selling digital property where a user can log on through a 3D avatar is not just limited to video games. The metaverse could be an online shopping destination where users can buy goods from any place in the world, no matter how high-tech or low-tech it may be. The possibilities are limitless.
Why metaverse is the future?
The future of the metaverse is filled with endless possibilities, such as buying real estate, engaging people through virtual avatars, or connecting with other people in different locations. With time, these opportunities will only increase & expand. In the future, we are excited to be part of this revolution and look forward to experience it all.
Who are the key players in the metaverse?
Companies like Meta, Sandbox, Nvidia, Epic Games, Roblox, Unity, Decentraland and Microsoft—among others—are the key players in the future of the internet. They have established themselves as leaders by investing heavily in the Metaverse at its infancy through collaboration and technological innovation.
How do you start a metaverse?
The metaverse is a virtual universe that is completely controlled by the user. This means that it is governed by the rules that you make, and no one else can interfere with your experience. The metaverse can be created using blockchain technology. When you use Web3, you get a virtual world in which you can interact with other users of the same virtual universe.
