The Metaverse isn’t as appealing as it used to be, with most brands saying it’s “totally not relevant.” Companies that have already invested are faced with problems such as lack of privacy guarantees due to lack of authority, false identity, and time and location issues, which discourage investment. They are also concerned about violating data regulations.
What actually is the Metaverse?
The term “metaverse” was first coined in 1992 by Neal Stevenson in his science fiction novel Snow Crash. It depicted an alternate 3D world of his that people could escape to. Today, it refers to virtual 3D spaces created on the Internet that people can immerse themselves in using virtual reality or augmented reality headsets to experience life in ways that don’t exist in the real world.
This environment is persistent and can allow multiple participants. Users can communicate, interact, collaborate, and play virtual reality games. Metaverse is based on virtual reality (VR) and augmented reality (AR) technology. Consensus varies depending on whether the average person fully understands what the Metaverse is, and if so, how many.
The hype surrounding the Metaverse continues to grow as tech giant Facebook rebrands itself as a company primarily focused on pioneering Metaverse technology, changing its name to “Metaverse” in order to eventually direct all of its stock into the Metaverse space. ” appeared about two years ago.
But neither Meta nor any other company has yet explained what they mean when they say “metaverse.” However, the idea caught the attention of wealthy venture capitalists at the time out of a desire to be “part of” the “next big thing.”
Why it’s irrelevant to your brand
As people move in and out of the Metaverse, maintaining one’s identity becomes a major cause for concern. Issues of identity and authentication are important when it comes to cryptocurrencies and new metaverses. It is important to understand existing measures and their level of security, as well as the credibility and legitimacy of the organizations involved.
For brands considering joining this ecosystem, the potential for reputational damage and legal repercussions is a major deterrent. These concerns are compounded by the ease with which fraud can be carried out, such as forging facial features, voices, digital labels, and other identity markers.
As the scope of the metaverse expands to include augmented reality experiences, the need for advanced security techniques becomes essential. These methods must be compatible with the complexity of the three-dimensional augmented reality space. As a result, the amount of personal data that individuals will need to disclose to these networks will increase, and there are legitimate concerns that the information may not be adequately protected.
Legal jurisdiction in virtual space is fairly new, even in highly developed countries. In this scenario, there is no remedy for the problems that brands may face, which is further complicated if they fall into the ambush of current loosely defined laws that do not specifically provide for VR/AR.
As this virtual space expands, they are at risk of falling into conflict from time to time, increasing their real-life implications. Identifying jurisdiction and establishing a unified legislative body across diverse world governments is therefore a challenge for the Metaverse.
The common ground that most parties can agree on is that the Metaverse may be irrelevant to your target market at this time. Metaverse funding is declining rapidly. However, the scope of AR and VR is recognized and the technology will ultimately transform the industry.