Metaverse technology, despite its immaturity, will be universally adopted within three decades.
Crypto.news recently had a conversation with David Shrier, the author of the book ‘Basic Metaverse,’ to discuss the future of the virtual world. According to recent reports, the global metaverse market has the potential to reach a revenue of $1,237 billion by 2030. However, there are concerns about security and privacy that may hinder the market’s growth.
During the discussion, Shrier explained that the metaverse is not just Meta, the company run by Mark Zuckerberg. It encompasses a much wider range of ways to interact with technology, including augmented reality and three-dimensional browser-based metaverses like Roblox and Minecraft. Although there has been a correction in the NFT market, viable products in this space are still healthy and liquid.
Shrier also addressed the failure of Mark Zuckerberg’s metaverse idea, stating that it was too early for the technology to succeed. Virtual reality, which is just one aspect of the metaverse, still faces challenges such as motion sickness and high manufacturing costs. However, Shrier believes that these issues can be addressed in the future.
The conversation then shifted to the potential impact of the metaverse on various aspects of life, such as dating and medicine. While this future is fascinating, there are concerns about privacy and deepfake technology. Shrier emphasized the importance of establishing unique digital identities and using artificial intelligence to detect and defend against deepfakes. He also mentioned that in the near term, most metaverse use cases are likely to be corporate, such as virtual training environments.
The discussion touched on the adoption of metaverses in developing countries, where people are more technologically optimistic and see this technology as a solution to their problems. However, there are concerns about the dominance of metaverse technology by dictatorial governments and the potential for spreading disinformation through these platforms.
When it comes to defending against disinformation, Shrier suggested setting up detection and takedown groups, as well as using AI technologies to flag suspicious content. He also highlighted the importance of open-source technology and the development of commonly accepted standards to promote interoperability.
In terms of regulation, Shrier emphasized the need for principles-based regulation that supports innovation while protecting consumers. He criticized certain regulations, such as the New York State BitLicense, for stifling innovation. Instead, he suggested incorporating standards from multiple nations and allowing regulations to evolve alongside technological advancements.
Finally, Shrier discussed the future evolution of access to the metaverse, which includes lighter, cheaper, and faster devices, as well as invisible technologies like contact lenses and implantable solutions. While he personally wouldn’t implant anything in his brain right now due to the immaturity of the technology, he believes that in the future, implants could have significant medical benefits. He also mentioned that completely immersive experiences in augmented reality are on the horizon.
Overall, Shrier believes that cryptocurrencies will be used in the metaverse in the future, as they allow for portable identities and the movement of money. He noted that cryptocurrencies are becoming more accepted in mainstream financial services, as evidenced by the launch of ETFs by firms like BlackRock and Fidelity.
In conclusion, the future of the metaverse holds immense potential, but it also comes with challenges related to security, privacy, and regulation. However, with the right approach and technological advancements, these challenges can be overcome, paving the way for a transformative virtual world.
