Metaverse: Advantages and Disadvantages

This article explores the advantages and disadvantages of the Metaverse, including its functionality and various use cases.

What is the Metaverse?

The term “Metaverse” combines “meta” (meaning beyond) and “verse” (derived from universe). It represents a new 3D virtual universe that extends our physical world. The Metaverse comprises numerous virtual worlds, each with distinct themes and purposes.

Several companies are actively developing and promoting the Metaverse, including Meta Platforms Inc. (formerly Facebook Inc.), Microsoft, Apple, NVIDIA, Epic Games, Decentraland, Unity Software, Roblox, Autodesk, and Qualcomm.

Essentially, the Metaverse is a concept of a virtual world where people can share 3D environments, known as digital spaces. Users or participants employ avatars to interact, work, play, teach, and learn using digital currencies or tokens.

An avatar is a 3D representation of yourself within the digital world. Tools like MetaHuman Creator, developed by Unreal Engine, enable the creation of digital human equivalents that closely resemble you.

The Metaverse primarily relies on two building blocks: assets and currencies, both powered by blockchain technology. Access typically requires a VR/AR/MR headset. VR (Virtual Reality) provides a 360-degree immersive environment, while AR (Augmented Reality) overlays 3D elements onto the real world. MR stands for Mixed Reality. Holographic projections and eyewear are also used within the Metaverse.

Assets are represented using NFTs (Non-Fungible Tokens), and cryptocurrencies function as money within this virtual world. NFTs are unique, non-interchangeable data units on a blockchain, establishing ownership of digital assets. These NFTs can be bought and sold outside the specific world in which they were acquired. Each virtual world can have its own native cryptocurrency, convertible to other cryptocurrencies or physical world currencies based on real-world exchange rates.

The image below illustrates the requirements for users to access a blockchain-powered Metaverse.

As shown, users need a mobile device or laptop, a VR/AR headset, digital currency, and a compatible platform to begin using the Metaverse.

The Metaverse finds applications in diverse domains, including healthcare, sports, long-distance education, social communication, entertainment, travel, fitness, retail, and remote work (WFH).

Applications and Use Cases of the Metaverse

• Real Estate: Virtual marketplaces like ‘Decentraland’ facilitate the buying, selling, and development of virtual land plots. The MANA token serves as the cryptocurrency for this platform. The price of 1 MANA fluctuates, similar to currencies in the physical world.
• Education: The Metaverse can replicate a real classroom environment, enabling interaction with colleagues and friends in virtual schools or colleges.
• Work: Colleagues can meet, interact, and discuss projects as if they were physically present in the same room or space.
• Events: Virtual events and conferences can be organized using platforms like NextMeet and VRXtream.
• Healthcare: The Metaverse supports consultations, training, and counseling for medical students using holographic models. Hospitals are also utilizing MR platforms to assist paramedics.
• Retail: Virtual shopping stores offer an enhanced shopping experience without requiring physical store visits. Shoppers can virtually browse and purchase items of their choice.
• Social Media: Individuals can connect with friends and share virtual spaces, enjoying games and movies together.
• Fitness: AR glasses provide solutions for runners, enhancing their workout experience.

Advantages of the Metaverse

The following are the benefits of the Metaverse:

• The Metaverse is a massively scaled, interoperable network of multiple virtual worlds accessible to an unlimited number of users.
• It stimulates demand for goods and services, leading to job creation for developers, designers, and creators.
• The Metaverse demands significant processing power and data, fueling demand for semiconductors and sensors within headsets, such as ultrasonic, infrared, force, strain, and motion sensors.
• Individual technologies within the Metaverse will become more efficient, yielding better results and opportunities for all stakeholders.
• It boosts e-commerce and the virtual economy. Customers can interact with merchants and merchandise. Cryptocurrencies and NFTs will gain popularity and wider adoption.
• The Metaverse enhances social media platforms like Facebook and Twitter.
• The Metaverse’s compatibility with blockchain technology enables its use in various applications through digital currencies.

Disadvantages of the Metaverse

The following are the limitations or drawbacks of the Metaverse:

• It requires a fast and reliable internet connection, ideally through fiber-based connections and 5G wireless networks.
• VR or MR headsets, essential for providing immersive experiences, are expensive and may be unaffordable for average users initially.
• Access to digital tools is necessary, potentially excluding poorer families and communities until affordable options become available.
• The disparity between the real and virtual worlds can lead to psychological disorders, such as stress and trauma.
• Prolonged use of VR/MR headsets (e.g., over 30 minutes) can cause headaches, eye strain, and motion sickness.
• The headset devices can be heavy and uncomfortable.
• Internet usage within the Metaverse raises privacy and data theft concerns.
• Adjustment to new virtual worlds and realizing the benefits of the Metaverse may take time for individuals accustomed to the physical world.
• Current AR/MR headsets are less competitive compared to mobile phones in terms of functionality and convenience.
• Animation quality is still developing and needs improvement to gain widespread appeal.