Facebook CEO Mark Zuckerberg discussed the metaverse’s benefits to our lives. Thanks to the metaverse, we no longer need to be in the exact location to play games, go to meetings, or hang out with pals. Our perception of space has already started to shift due to Web 2.0. In addition, Zuckerberg suggests that the metaverse will fundamentally alter how we see time and place. He claims that screens cannot capture the full range of human expression and interaction. In actuality, Facebook began developing this idea years ago. In 2014, Facebook paid $2 million to acquire Oculus, a manufacturer of virtual reality goggles and has since created Horizon. In a comment in July, he anticipated that Facebook would transition from being primarily a social network company to becoming a sort of fictional universe firm in the following five years. The virtual universe is how Zuckerberg refers to the next evolution of virtual communication. We will proceed to this stage using a virtual reality headset, where the line between virtual and reality will eventually vanish.

The term “metaverse” has recently been on practically everyone’s lips, from science fiction books to the real world. In actuality, the idea is not new. It was first introduced to us in 1992 when we read “Snow Crush” by Neal Stephenson. This idea, which first appeared in the book about 30 years ago, is made up of the words “universe” and “meta,” which both signify beyond. In other words, virtual worlds incorporate elements of the actual world. A brand-new set of virtual worlds outside of our own. How then did this idea resurface 30 years later? In reality, science fiction films, television shows, and books have been preparing us for these virtual worlds for a long time. At times, developments pertaining to this virtual reality were on the schedule, but they were quickly forgotten. Technology firms, on the other hand, have been treating this problem seriously for years. To become leaders in this sector in the future, they hurried to begin their studies in this subject. Facebook is still trying to keep up its advantage in what feels like a corner game.  It has set aside a sizeable amount of its budget for this purpose.

The world is transitioning quickly to digital.

If you enjoy playing video games, you are aware that the concept of virtual universes is not new. One of these universes is the online game Second Life, which was created as a result of the 2003 publication of the science fiction book “Snow Crash.” This three-dimensional virtual universe has its social structure, cultural framework, and economic system. Users can build their avatars, meet new people, shop, and engage in social activities simultaneously in this virtual environment that offers users a second life. Researchers claimed that when Second Life first appeared, it represented the direction of communication. It has produced a virtual world in the shooter game Fortnite. But a long time ago, the game stopped just being a game. On its website, an online rap concert was viewed by almost 12 million people the previous year. By following these advances, the art world and the gaming industry began to digitize. A crucial milestone for digital art was made on March 11, 2021. An entirely digital piece by “Beeple” artist Mike Winkelmann, “Everdays-The First 500 Days,” was auctioned off at Christie’s and brought in $69.3 million. It was offered using a non-fungible token (NFT), which enables the exchange of certain digital assets and the blockchain-based provision of proof of ownership. The art world is already changing due to digitalization, which began in many spheres of life. Although virtual worlds have already begun to exist in our daily lives, the metaverse offers us much more.

.@INSEAD‘s W Chan Kim, Renée Mauborgne and @michael_olenick are the authors of the first May featured case.

The trio explore whether @Meta‘s metaverse is likely to be a blue ocean utopia for people and society at large or some form of dystopia. 🌊

👉 https://t.co/sk4JVepbsr pic.twitter.com/AgWWKodquc

— The Case Centre (@TheCaseCentre) May 11, 2022

What will the future hold for the virtual world?

Our daily lives undergo significant changes with each technological advancement. Web 2.0 was considered a considerable revolution. Users have increasingly actively engaged on the internet thanks to the entrance of social media into our daily life. Technology kept introducing new items into our lives even as we adjusted to these advancements. The metaverse is being discussed as a significant revolution right now. Based on the same-titled novel by Ernes Cline, Steven Spielberg’s film “Ready Player One” was released in 2018. The movie’s story is about a virtual world that has long been portrayed in sci-fi films, television shows, and books. In the movie, numerous issues are facing the globe, like poverty, shortages, nuclear wars, and climate change. However, a virtual world named “OASIS” is developed where individuals can dodge these issues, be whatever they want, and live wherever they want. And the majority of individuals pass their time in this world.

This is how it is in the virtual world that Zuckerberg introduced. In addition to our work meetings, a world where we can socialize, travel, and engage in many other activities is provided. A virtual environment that we can access using VR glasses. Many people believe that this is the future we will have. It is thought to be social media’s future. So, will it have the same effect on society as social media?

The real issues with the digital age

Since social networking applications don’t charge users fees, their use has multiplied. These apps now have the power to influence a wide range of current events. Our daily lives now include a significant amount of social media use. Participating in the world, we made there is what comes next. However, we must buy the required tools before we may travel into this universe. It will be very challenging to reach all societal groups as soon as social media applications. This circumstance has the potential to create social injustices. Although it seems thrilling in principle, it is improbable that it will cause us to live in heaven as promised.

Protection of our data

While there have been recent debates regarding Facebook’s security, we know that social media programs use our data. Additionally, confidence in Facebook has declined in recent years. We will give tech companies more data with the avatars we design for the metaverse realm. We’ll track and assess how we enter each metaverse world. Later on, this will serve as an advertisement for us. However, the data in the hands of a single business will be the most concerning aspect of this.

Also, read – The’metaverse’ is a new utopian boondoggle for tech billionaires

Online disparity

A new industry will emerge as a result of the metaverse. We will need money to customize our avatars, add more features, and buy future improvements. Your position in the virtual world may depend on the calibre of your hardware. And as a result, inequality in the real world will also exist in the virtual one. Additionally, this will lead to socioeconomic inequity in the metaverse. If action is not taken immediately, future issues like starvation, poverty, and global warming will be faced. And those most impacted by them will live in developing nations without advanced technologies. Some facets of society will experience an escapism utopia thanks to the metaverse, but the rest will live in a dystopia.