The future of the metaverse

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Tiếng Việt

The future of the metaverse

The debate surrounding the “death” of the metaverse has gained considerable attention in recent discourse. But is it really the end of this visionary concept?

The advent of the metaverse a few years ago was meant to mark the beginning of a new era in social connectivity.

The metaverse can take the form of a fully virtual world – resembling a virtual reality (VR) system, or a partially virtual world that integrates augmented reality (AR) into real-world contexts.

Serving as a digital twin of the physical world, the metaverse encompasses various aspects of life, including work, learning, entertainment, economic activities, political engagement, and even the replication of natural disasters.

However, the shutdown of several big projects recently has sparked debate on whether the metaverse has come to an early end.

In March 2023, Microsoft closed its virtual workspace platform AltSpaceVR after laying off 100 members of its industrial metaverse project. Disney also shuttered its metaverse division in March. And Mark Zuckerberg, one of the most vocal supporters of the metaverse previously, is reportedly shifting the focus of his company to AI and away from the metaverse.

The metaverse can take the form of a fully or partially virtual world. (Image: Gorodenkoff – stock.adobe.com)

According to Dr Vo Thi Hong Diem, Lecturer of Blockchain Enabled Business at RMIT University, the metaverse has encountered several challenges since its inception.

“One primary issue revolves around technological limitations. The current state of technology may struggle to deliver a fully immersive and seamless experience due to constraints related to computer processing power and bandwidth,” Dr Diem said.

“Moreover, the accessibility and affordability of the necessary hardware, such as VR/AR headsets and high-speed networks, may act as barriers to the widespread adoption,” she added.

Another critical challenge is the risk of fragmentation within the metaverse, as Dr Diem explained:

“Platforms may develop their own versions, resulting in isolation and interoperability issues that hinder the realisation of a unified virtual universe. Industry leaders and tech giants have recognised this concern and been advocating for open standards and interoperability to ensure a cohesive experience.”

Meanwhile, RMIT Associate Lecturer of Blockchain Enabled Business Ha Xuan Son highlighted the identity-related issues that have caused apprehensions among potential users, further impeding widespread adoption.

“The concept of identity in a digital world, where users often interact through avatars, raises questions regarding legal rights and digital citizenship. Concerns about privacy, surveillance, and addiction have also surfaced in relation to the immersive nature of the metaverse,” Mr Son said.

RMIT lecturers in Blockchain Enabled Business Dr Vo Thi Hong Diem (pictured left) and Mr Ha Xuan Son (pictured right)

However, proponents argue that reports of the metaverse’s demise are greatly exaggerated. They point to ongoing technological developments, industry interest, and the potential to reshape how people interact with digital spaces. Rather than being a dying concept, the metaverse is seen as being in its nascent stages, requiring further exploration and development.

“The conflicting viewpoints on its demise highlight the need for continued research, innovation, and a thoughtful approach to addressing ethical considerations,” Dr Diem remarked.

“As the metaverse continues to evolve, it becomes imperative to navigate the aforementioned challenges and criticisms in order to realise the full potential of the metaverse.

“Concurrently, user empowerment through education and digital literacy is essential to maintaining a safe and user-centric environment,” she said.

Mr Son added: “The obstacles and criticisms the metaverse currently faces are not unlike those faced by many emerging technologies in their formative years. There exists a vast landscape of possibilities yet to be explored and harnessed.”

“The metaverse is going through a necessary period of reassessment and adjustment. By addressing the challenges and rethinking the possibilities, we may yet see the emergence of a metaverse that is not only technologically feasible but also socially beneficial,” he concluded.

A version of this story first appeared in the Vietnam Investment Review.

Masthead image: athitat – stock.adobe.com | Thumbnail image: Digilife – stock.adobe.com

Story: Ngoc Hoang

Business and management

Media Release

04 July 2023