Big Tech companies like Meta, Microsoft, Epic Games, and Apple are leading the way in the development of the Metaverse, a virtual reality concept that is gaining momentum. Real estate sales in the Metaverse surpassed $500 million last year, with India set to hold its first Metaverse wedding on February 6. However, there has been a rise in alleged harassment cases within the Metaverse, raising concerns about its safety.
The Metaverse has become a popular topic of discussion since Mark Zuckerberg announced Facebook’s transition to Meta in October. While some view it as the future of the internet, others see it as a ploy for wealth and power. However, the concept of the Metaverse is not new. American novelist Neal Stephenson spoke about virtual reality and a virtual world called the Metaverse three decades ago, envisioning it as an escape from a dystopian reality.
Today, big tech companies like Meta, Microsoft, Epic Games, and Apple are working on building the Metaverse without the dystopian elements. The Covid-19 pandemic has created an ideal environment for the introduction of the Metaverse, as people have been restricted from physical interactions. The Metaverse offers a virtual universe that coexists with the real world, allowing users to interact through a shared virtual space.
The Metaverse combines virtual reality, augmented reality, and video to create a digital world similar to our physical world. Users can interact with various platforms, games, and media apps, making it an extension of our reality. Cryptocurrencies and digital tokens, including NFTs, are the main currency within the Metaverse.
Real estate sales in the Metaverse have experienced significant growth, with investment firms spending millions to acquire digital property. Platforms like Sandbox, Cryptovoxels, Somnium Space, and Decentraland offer limited parcels of land for purchase using blockchain technology. Sandbox currently leads the market with over 60% of available land. Real estate sales across these platforms exceeded $500 million last year, and analysts predict it could reach $1 billion in 2022.
However, investing in digital real estate comes with risks, as critics warn of potential scams due to the limitless virtual property and platforms available. Despite this, the Metaverse is attracting investors as a new avenue for advertising and virtual congregation.
The pandemic has also influenced events like weddings, with Zoom weddings becoming common. In India, a couple is set to hold Asia’s first Metaverse wedding on February 6. The wedding will take place in a virtual Hogwarts-themed venue, with around 2,000 guests attending in avatar form. The NFT platform GuardianLink will facilitate the wedding, featuring backgrounds and attires from Harry Potter and cyberpunk eras.
While the Metaverse offers exciting possibilities, there have been reports of harassment within its virtual spaces. A UK resident shared her experience of being sexually harassed in Meta’s virtual game, Horizon Worlds. This incident raises concerns about the safety of the Metaverse, with critics highlighting the lack of regulations.
Overall, the Metaverse has the potential to revolutionize various industries, including tourism, real estate, concerts, and entertainment. However, it must also address safety concerns and avoid becoming a tool for online crimes and unhealthy escapism. The future of the Metaverse remains uncertain, but its impact on the internet is undeniable.