What are the possibilities of the metaverse? Explanation of future expectations and issues

Byblockchain

The Metaverse has been getting a lot of attention lately, but do you think it has the potential or future potential to change the world in a big way?

The  is not only for people who like games, but it will greatly change the business of companies and personal lives in a wide range of fields. However, there are many problems in the development of the Metaverse, and it is necessary to solve each problem one by one in order to spread it to the general public. In this article, we will analyze the possibilities and future potential of the Metaverse as it stands, It explains the current business model and issues for the development of the Metaverse. Please read to the end and use it as a clue to know the possibilities and future of the Metaverse.

What is the Metaverse?

Metaverse is generally thought to be working or playing through avatars in a virtual space on the Internet, but the actual definition is still unclear. The concept of the metaverse is broad, and the definition changes depending on where the metaverse aims. For example, some people define the Metaverse as a 2D game world in which many players can participate. In addition, some people think that the Metaverse is a world in which avatars, who are their alter ego, are active in a virtual space with a sense of immersion using VR devices. Also, some people have a negative view of the Metaverse, criticizing the costly and heavy weight of wearing VR devices. Not only is the definition ambiguous like this, but the current state of the Metaverse is that some people have a negative view.

What are the possibilities of the Metaverse?

In order to understand the possibilities of the Metaverse, it is necessary to grasp the current situation and opportunities due to the development of the Metaverse as follows.

  • Expansion of market size
  • A place for people from all over the world to interact
  • Utilization in a wide range of fields such as medicine
  • Expanding personal business opportunities

Let’s take a look at them one by one.

・Expansion of market size

The potential of the is expected, and the market scale is expanding year by year. In fact, major companies that invest in the Metaverse business are appearing one after another. The former Facebook, which changed its company name to “Meta’’ in 2021, has declared that it will invest about 1 trillion yen in the VR/AR field. Efforts on the Metaverse are also in Japan, and there are the following companies’ efforts in anticipation of the possibilities of the Metaverse.

  • Pasona Group: In January 2022, announced full-scale entry into the Metaverse business in human resource services
  • Sanrio: Virtual music festival to be held in December 2021
  • Nissan: In April 2022, “Environmental Tour with Nissan Aria” will be open to the public on VRChat

In this way, the expansion of the Metaverse market is expected to continue.

・Become a place for people from all over the world to interact

People from all over the world can join the Metaverse, spending time together and interacting in a real virtual world. At the moment, the Metaverse is mostly used for games, so you might think of it as a place for people who like games to interact. However, Metaverse is expected to be used not only for live performances and events, but also for business scenes such as training sessions and conferences. In addition, townscapes such as parks and roads in the real world are also reproduced in the Metaverse.

In other words, you can interact just like in the real world. In addition, advances in VR technology have made it possible to conduct activities in virtual spaces with a sense of immersion and to communicate using gestures. It can be said that the progress of this VR technology has made it easier for people to interact with each other through activities that are close to reality.

・Use in a wide range of fields such as medicine

The Metaverse is expected to be used in a wide range of fields, not just for business and people-to-people exchanges. One of them is the medical field. From April 2022, IBM Japan and Juntendo University will conduct joint research and development of medical services using Metaverse technology.

The contents of research and development are as follows.

Medium- to long-term theme

  • Verification of mental health-related diseases: Academic verification of improvement by activities in the metaverse

Short-term theme

  • Construction of Juntendo Virtual Hospital: Virtual experience of the hospital in the  before coming to the hospital
  • Construction of a community square: Inpatients who have difficulty going out interact with their families outside the hospital in the Metaverse

In this way, I feel the potential of the Metaverse in its use in academic fields.

-Expanding personal business opportunities

The Metaverse is a business opportunity not only for large companies and large organizations, but also for individuals such as artists and people who want to live and work in rural areas. Metaverse is characterized by being able to operate in a virtual space without worrying about time and place restrictions. The Metaverse Office allows you to meet and communicate with your superiors and colleagues just like you would in a real office. Also, for artists, the sales method itself will change, such as customer service and sales of works in the Metaverse. Furthermore, if you use a VR device, you can actually hold the work in your hand and try it on.

What are the challenges of the Metaverse?

In order to make the Metaverse more promising, we have to solve various problems.

Metaverse issues that can be considered at this stage are as follows.

  • Development of laws and rules within the Metaverse
  • Popularization of VR equipment
  • Metaverse dependence and lack of communication in the real world

Let’s check it out to judge the future potential of the Metaverse.

  • Maintenance of laws and rules within the Metaverse

There is a point that the development of laws and rules has not caught up with the issues of the Metaverse.

Under current laws and regulations, property rights reside in things that physically exist, and commercial transactions in virtual spaces such as those in the Metaverse are not envisaged. Therefore, it is difficult to take legal action in the event that the paid goods are not delivered within the Metaverse.

However, there is also a movement to develop such laws and rules for the Metaverse.

In November 2021, the “Virtual Consortium” was established to solve problems and disseminate information by utilizing the experience of operating “Virtual Shibuya”. For the development of the Metaverse, the Virtual Consortium is developing rules for commercial transactions and guidelines such as compliance.

  • Diffusion of VR equipment

In order for the  to develop to a level that many people will be satisfied with, it is necessary to have a VR device that provides a sense of immersion, but at present it is not widely used. The current VR device is a price that is difficult for the general public to purchase. The list price (including tax) of the latest model “Meta Quest 2” as of May 2022 sold by Meta is 37,180 yen for 128GB and 49,280 yen for 256GB. VR devices are not necessary for daily life like smartphones and personal computers, but some core layers have them. In order for general users to use it, ease of use, such as affordable prices and development of convenient apps, is required.

・Dependence on the metaverse and lack of communication in the real world

Problems that can arise from the development of the Metaverse include dependence on the Metaverse and lack of communication in the real world. As the Metaverse develops, more people will find it more enjoyable and meaningful than in the real world. In the same way that games, the Internet, and SNS are fun and depend on, we depend on the Metaverse, and we become more concerned about ourselves in the Metaverse than in the real world. Especially since the Metaverse is highly compatible with games, more and more people may become addicted to games within the Metaverse. Also, relying on the metaverse reduces interaction in the real world. You may talk to many people in the Metaverse, but in the real world there may be many who do not talk to anyone.

The hidden possibilities of the Metaverse are endless

The Metaverse is full of possibilities that will change the world.

Companies are quickly realizing the future potential of the Metaverse and are investing in it, and medical institutions are also moving to utilize the Metaverse. At present, there are many business models that utilize the Metaverse, and it is expected that there will be more in the future. The use of the Metaverse seems to be going smoothly, but there are many challenges. However, there are moves to solve these problems, and it seems that the situation where we cannot turn our eyes away from the Metaverse will continue.