Metaverse: The Future of the Digital World

Is anyone else wondering “what is the Metaverse” or “what change is it going to bring to me?”

Let's face it, a few years ago we wouldn’t have believed half the things we can do now with technology.

So we thought we would try to give your fingers a rest from searching Google for answers and break it down a little.

What is Metaverse?

The metaverse is a new name given for online areas where people can live their lives, do their jobs, meet people and have fun. Think Ready Player One!

Interesting fact for you: 

Metaverse is not a new thing. It was a model that already existed. It was first conceptualized by Neal Stephenson in his science fiction novel ‘Snow Crash’ and it has been brought to life through virtual reality technology.

In the 1990s, VR pioneer Jaron Lanier coined the term “metaverse” as he imagined how people might use these digital spaces as their home. It will be a parallel universe that is made up of virtual reality (VR) and augmented reality (AR). 

In Metaverse, people can create their own digital identities and interact with others in a virtual space. Metaverse is powered by blockchain technology, which allows for secure and transparent transactions between users.

Although Metaverse is not yet fully functional, many projects are trying to make this idea a reality:

IBM-backed Vivoxo platform for social communication; Unity – gaming engine used by 30% of all developers worldwide; High Fidelity allowing users to create avatars within an online world without blockchain or cryptocurrency.

What it can do?

One of the key features of Metaverse is its ability to bridge the gap between the physical world and the digital world.

With Metaverse, we can seamlessly move back and forth between these two worlds. This will enable us to use VR and AR technologies to improve our lives in the physical world. For example, we can use VR to train for dangerous tasks or surgery; or we can use AR to overlay digital onto the physical world, thus enhancing our universe that allows for different types of interactions between users.

These interactions can include but are not limited to social networking, online shopping, financial transactions and even gaming. In Metaverse, users are represented by avatars and humans in the future.

How will it change the world?

One of the most significant changes that Metaverse will bring is the ability to conduct financial transactions securely and transparently. With blockchain technology, users can be assured that their transactions are safe and cannot be tampered with. In addition, Metaverse will also allow for micropayments – payments that are small enough to be made on a per-transaction basis. This could revolutionize how we pay for goods and services. For example, instead of having to enter our credit card information every time we want to buy something online, we could simply make a micropayment using our Metaverse wallet.

This would not only make shopping more convenient, but it would also help reduce fraudulent activities online. Another benefit of using Metaverse for financial transactions is that it will help reduce the need for intermediaries such as banks and credit card companies. This could potentially save businesses billions of dollars in transaction fees every year.

The changes that Metaverse will bring are far-reaching and exciting and we can only begin to imagine the possibilities. How will we deal with these changes? How will they affect our lives? Only time will tell. 

What could be a problem?

As technology evolves and we become more connected through these virtual spaces, all of us need to think about the impact they will have on our lives and how best we should prepare ourselves for them. 

What steps can be taken so that everyone has equal access without creating a digital divide between those who can afford such technologies and those who cannot? How do we ensure cybersecurity while making sure there is no loss of privacy as personal information becomes even easier to distribute across different platforms Who regulates future tech companies like Meta?

How can we prepare ourselves?

Well, speaking as a Change Management company, we should be prepared for the disruption and initial exclusion this will cause amongst colleagues. 

I too feel anxious about such a world and I sense the resistance in myself of it not being healthy, mentally and physically for People. The impact on peoples daily lives will be vast, and so its extremely important for companies who are embracing the metaverse in the future, to ensure they have a very carefully planned adoption strategy to plan and support their colleagues as much and early as possible to ensure that they receive a more positive outcome from the change this will bring.

Learn more about Change Adoption here.