Yeah, but… what *is* a Metaverse?
Here’s my one sentence answer. It took me 6 months to write it.
The metaverse is a collective virtual shared space.
Why was that so hard? Because the metaverse is limitless, and the only restrictions are development time, energy and cost. Where something offers limitless possibilities: virtual real estate, digital art galleries, re-shaping e-commerce, interactive concerts… the list goes on… it is near impossible to describe it in a single way that captures what it means for any individual, and any one point in time.
Think of it as as a boundless digital universe where creativity and innovation can thrive, operating on advanced technologies like VR, AR, and blockchain. Yes, the foundations of the metaverse exist now, but it’s still very much in its infancy.
For me, right now, it as an opportunity to leverage the potential of blockchain technologies to create unique, fun, social and value-driven experiences for the community that I move in, but I believe more widely that metaverse will revolutionise industries. Think fashion, for example, where virtual clothing lines with differing rarities, designers and special editions, could become as coveted as physical ones.
But in 5 to 10 years, I think the metaverse will be more immersive, accessible, and integral to our daily lives that we can begin to imagine now. We could see the development of new ideas, products, and solutions that emerge solely because of the limitless nature of metaverse. So how can anyone try and tell you what the metaverse is now?
For me, the metaverse’s personal significance, and potential are clear, but it is also clear that it is still very much in its infancy, and surrounded by huge misunderstanding and lack of awareness about its essence.
If we are ever to see the metaverse’s full potential and promised benefits we will need a hefty shift in openness to embrace it. I’m not sure how ready we are to back sustained efforts to challenge and change existing perceptions which cover (amongst others) the technical, legal, ethical, and societal challenges in the metaverse. These alone are going to demand a collaborative, interdisciplinary approach, money and er.. effort.
As I go deeper into trying to understand these new worlds, I can’t help feel that we have an opportunity to reassess and refine our strategies for a, dare I say it, better digital future if we do this right.
We can choose to create an environment that fosters creative technological innovations, supports strong governance structures, upholds ethical standards and has equitable access etc., etc. but finding the way to achieve this remains an unresolved challenge. But surely such an environment is crucial if we want to change public perceptions and attitudes towards the metaverse and could also lead to a much wider reevaluation of our interactions with digital tech.
My updated (already, you see the problem?) definition would be: the metaverse is a digital realm of exploration, constructive debate, e-commerce and play.
So it seems this path towards demystifying the metaverse is more than just understanding how to describe it right now. It’s about carefully and actively shaping it as we try to give it a form, through actions and discussions, harnessing imagination to create something profoundly transformative for society.
