Metaverse is an open platform for blockchain-based smart property and digital identity that allows users to create and experience improved versions of reality.

The Metaverse is touted as a 3D world where people can meet and communicate. Virtual reality is created using VR technology to provide users with an immersive, real-world experience where they can interact with other people, other people's avatars, or any other content created by insiders in a virtual space.

Users in this digital world can share their experiences and communicate with each other in real time in a simulated environment. The volume, variety and velocity of user-created data will require AI applications to analyze it. Virtual reality (VR) technology currently utilizes AI technologies such as deep neural networks for precise hand tracking and deep learning for eye tracking, most likely in virtual worlds.

Positive influence

One of the great benefits of the Metaverse is that it is entirely with us. It cannot be turned off by anyone. Everyone can use it for themselves without fear of being censored.

The Metaverse will radically improve the affordability of experiences and products of all kinds, giving the poor and middle class access to luxuries that were previously only available to the rich. The Metaverse enables individuals to virtually explore global destinations, engage in meaningful interactions with distant family members, and enjoy various other immersive experiences.

A new era of commerce could be upon us, with stores selling everything from fantastical digital pets to electronic clothing. Nike has applied for trademarks for virtual gear, shoes and accessories, and luxury brands Gucci, Balenciaga and Luis Vuitton have started selling electronic clothing and bags. You can also buy a $650,000 digital yacht or NFT artwork to build your immersive mansion.

Negative impact

Some experts express concerns about the potential environmental impact of widespread adoption of the Metaverse. The reliance on virtual reality (VR) technology and data centers within the Metaverse could contribute to increased emissions. While the Metaverse may reduce carbon emissions by minimizing travel, the energy-intensive nature of data centers and cloud services used in VR pose environmental challenges.

Data centers, which utilize artificial intelligence to track movements and rely on cloud services for virtual reality experiences, consume significant amounts of energy, resulting in substantial environmental consequences. The reliance on cloud services is especially crucial for virtual worlds. A study conducted by researchers at Lancaster University in 2020 revealed that if 30% of gamers transition to cloud gaming platforms by 2030, carbon emissions would increase by approximately 30% compared to current gaming practices. Additionally, the need for high-resolution visuals in virtual worlds further escalates energy consumption.

Efforts have been made in the past year to make data centers more environmentally friendly. Microsoft, for instance, has committed to powering its Azure cloud platform entirely with renewable energy by 2025. By 2030, the company aims to replenish more water than it consumes and attain zero discharge certification, demonstrating its commitment to sustainability.

The Future of the Metaverse

The fate of the metaverse will depend on how easy it is for individuals. Users will soon be able to buy digital avatars and virtual land, as well as host virtual parties and meet virtual friends, using encrypted tokens created by companies that enable these virtual connections. According to vEmpire CEO Dominic Ryder, the possibilities are endless. For creative minds and players looking to build experiences, there are options such as Sandbox.

Leading technology companies such as Apple, Google, Meta Platforms (formerly Facebook), Microsoft, Nvidia, and AMD etc are actively involved in the development of technologies that will significantly influence the evolution of virtual worlds. Wall Street is getting more and more excited about the prospects of the Metaverse. Goldman Sachs analyst Eric Sheridan wrote in December that virtual worlds could be worth $8 trillion, echoing Morgan Stanley's forecast that monetization of U.S. consumers alone would pay off.

The Metaverse can develop in a number of different ways, all relying on an ecosystem of research, innovation, investment, and policy. Any effort to predict a winner is notoriously unreliable. If the metaverse becomes a reality, it will likely expand to experiences we cannot predict, and anyone who is confident that they know what to expect may lack the flexibility to be curious and optimistic.