From science fiction to reality, the idea of the Metaverse is the pursuit of new technology that promises a new paradigm for humans regarding how to live, work, and play. It has been described as a networked universe in which the inhabitants can have real-time communication using avatars and represents a world of breathtaking vision; wherein the physical world is exactly equal to its virtual counterpart. The kind of money that Meta (formerly Facebook), Microsoft, and Epic Games are investing into building this new virtual world is humongous. But once the metaverse gains more steam, the more difficult questions arrise: Is it a possibility to build an even better reality or an escape from all the problems of this real world? The article seeks to delve deeper into the transforming potential of this metaverse, its consequences toward society, and the ethical dilemmas connected to it.
The Metaverse: A Vision in Progress
The term "metaverse" first entered public consciousness through Neal Stephenson's 1992 novel Snow Crash, which described a virtual reality-based successor to the internet. Now, the metaverse is being thought of as a decentralised network of virtual worlds that one might access via devices like augmented reality glasses, virtual reality headsets, and even ordinary screens. The giants of technology are now competing with each other in an effort to define its architecture.
Meta Platforms, owned by Mark Zuckerberg, has committed $36 billion since 2019 for developing metaverse-related technologies, ranging from VR hardware through Oculus to the development of the platform, Horizon Worlds. Microsoft already possesses enterprise solutions, including features of the metaverse, in its application of digital twins used in commercial operations. Epic Games leads the immersive gaming trend in the concept of the metaverse by working on Fortnite and the Unreal Engine advancement.
As Bloomberg Intelligence states, the metaverse market is now forecast to hit $800 billion by 2025, spread across sectors like gaming, e-commerce, education, and even virtual workspaces. That is an unimaginable growth pace; it's quite attractive to work in a place where physical restrictions fade away into nothingness while becoming unfathomable possibilities.
Building a New Reality: Opportunities and Innovations
Under the metaverse, prevailing opportunities will change many areas. It is going to completely reshape how society functions.
The metaverse transforms learning by establishing an immersive, interactive environment. For instance, a student can experience a historical event in the form of a simulation or learn how to perform a medical procedure without danger from a virtual room. The Stanford Virtual Human Interaction Laboratory has already utilised VR to develop learning and empathy effects. PwC (PricewaterhouseCoopers) reported that learning retention increased up to 75% with training through VR, relative to traditional instruction.
In the sphere of healthcare, they will be employed in modelling even more advanced operations that will assist patients in psychotherapy and virtual consultations. Let us take a case in hand to understand this better. Some of the tests involve VR therapy to be administered as an intervention in the treatment of symptoms from post-traumatic disorders, where situations are reproduced in people in controlled settings to subject the subjects to the process of therapy. A research company, Markets and Markets, predicts that by 2030, the health metaverse business will amount to US$5.1 billion.
Meanwhile, the COVID-19 pandemic has accelerated the pace of remote work technologies, eventually defining metaverse workplace interactions. Virtual offices and meeting rooms allow teams to work in a shared virtual space without the bounds of geography. One of the best examples is the Mesh platform provided by Microsoft, where teams can collaborate with each other through mixed reality experiences.
These spaces will allow people to be able to assemble and celebrate, as well as attend virtual concerts. There were over 27 million views of Travis Scott's concert for Fortnite in 2020, and such virtual capacities that go beyond any bounds of space are undisputed game changers.
Metaverse would give real value to virtual goods and services. The Non-Fungible Tokens (NFTs) would enable someone to be a true owner of unique artefacts ranging from art forms to plots of virtual land. A telling example was the portion of virtual real estate sold in millions in the virtual universe of Sandbox and Decentraland. This is particularly different from conventional real estate, whereby properties are bought and sold in the real world. Here, investors (or those who believe in the potency of future currency forms) make investments worth millions, and sometimes even billions, to buy “real estate” or hold a stake in the virtual world, which enables them to diversify their portfolio and even earn decent profits down the line.
Escaping the Real World: Risks and Critiques
While exciting, the metaverse also sends a cautionary note regarding being more careful with escapism, inequality, and disengagement. Critics loudly proclaim that the metaverse is even worse or makes bad situations worse than they are at the present.
There is something wrong with the concept itself, inciting people not really to live but to retreat from the concrete realities of obligations. Statistics show that prolonged exposure to VR triggers psychological psychosis and causes alienation and addiction. According to facts, The American Journal of Psychiatry estimated that 3-4% of all online gamers in this world are influenced by gaming addiction—a stage which is the precursor to experiencing the metaverse.
The admission fees to access the metaverse are represented by the investment in hardware. These are exemplified by hardware like VR headsets, besides offering high-speed access to the web—pushing ordinary people to the periphery of the digital world. Such devices cause problems in what is known today as digital exclusion. For example, the Pew Research Centre found out that 40% of rural Americans lacked high-speed internet access, shutting them out from the digital revolution.
A major concern associated with the metaverse is the concept of privacy, owing to the mass collection of user behaviour data. Given that Meta has already been involved in one data breach and a few controversies earlier, chances are that the centralisation of sensitive information will happen within a few tech conglomerates. According to the Electronic Frontier Foundation, surveillance dangers exist in the metaverse, given that the mass collection of biometric data, such as eye movement and facial expressions, takes place in a regular manner.
The metaverse also blurs the lines between reality and fiction, and thus, it becomes very difficult to discern what consent, identity, and accountability are. For instance, virtual harassment cases have already been reported on metaverse platforms; hence, the need for new governance and regulation frameworks becomes compelling as days go by.
Meta platforms require massive infrastructure, from data centres to blockchain technologies, that consume highly energy-intensifying measures. A report by Cambridge University estimated that the energy consumption by bitcoin mining alone takes up more energy in one year than many countries, such as Argentina, signifying the disastrous consequences that a platform like the metaverse can bring upon the world.
Political Implications of the Metaverse
Politics and governance raise deep concerns over the metaverse, which is much more complex in its implications on world relations, national sovereignty, and digital governance.
It is in the realm of governance and regulation that the question of who rules the metaverse comes: whether it is to be private enterprises or international bodies that come forward to constitute a global system of regulation. For instance, questions regarding such monopolistic practices by companies like Meta incite antitrust policies in the virtual space as well. China has already set up harsh regulations regarding gaming and virtual space, which further reiterates the high geopolitical stakes associated with the metaverse.
The metaverse might also just become the next battlefield for cyberwarfare and espionage. With sensitive user data and virtual infrastructure at stake, the nation-states need to step up their cybersecurity protection. According to Cybersecurity Ventures, the total rauded amount under global cybercrime scams will hit $10.5 trillion by 2025, and the metaverse is at the pivot of it all.
Virtual spaces have also started to become campaign grounds for politicians and social movements. The risk is, however, there—the danger of misinformation and botting or AI-generated avatars—which might affect public opinion through democratic processes. The case in point would be the U.S. 2016 elections and how it became evident that digital platforms (especially social media platforms like Twitter, Facebook, and Instagram; other than news streaming services carrying polarising agendas) shape citizens’ views—this trend might just pick up speed in the metaverse.
A Complex Future: Building or Escaping?
The metaverse might redefine the human connection and thus, in the end, provide the tools to move past the challenges facing the globe with regards to innovation and creativity. There is also a bit of a risk about escapism, inequality, and ethical dilemmas. It will either be the tool that can help build a better reality or something that allows a quick escape from it. The duality of development and acceptance will go on to determine the future story.
It is both a hope and a fear for society, as it stands at the juncture of technology and humanity. It is a space, therefore, so full of options, but it has to be steered with such caution, so as to stride on its potentials optimistically while staying vigilant at the same time. Lastly, for the metaverse to find its success, it has to be created not only keeping in mind the technological aspect but also our ability to responsibly and inclusively make use of it to create a better tomorrow ahead for our kin.
References
Bloomberg Intelligence. (2022). Metaverse Market Size Report.
Pew Research Center. (2021). Broadband Access in Rural America.
PwC. (2020). The Effectiveness of Virtual Reality in Corporate Training.
MarketandMarkets. (2022). Healthcare Metaverse Market Forecast.
American Journal of Psychiatry. (2019). The Impact of Gaming Addiction on Mental Health.
Cambridge University. (2021). Bitcoin Energy Consumption Index.
World Economic Forum. (2023). Ethical Guidelines for the Metaverse.
Electronic Frontier Foundation. (2022). Data Privacy in Virtual Spaces.
Stanford University Virtual Human Interaction Lab. (2021). VR in Education and Empathy Development.
Epic Games. (2020). Fortnite Live Events: A Case Study.
Cybersecurity Ventures. (2021). Cybercrime Costs and Trends.
About the author
Pramit De is a 2nd Year student pursuing B.A. (Hons.) Political Science at Hindu College, Delhi University. He takes a keen interest in international relations and public policy, with European affairs being the main focus of study.
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